Income-Based Repayment: Tell Us Your Story!
Last week, President Obama issued a Presidential Memorandum that will streamline the application process for “Income-Based Repayment” (IBR), a way for borrowers to cap their monthly student loan payments at 15% of income. The President has also taken action to lower this cap to just 10% by the end of 2012, likely reducing monthly student loan payments for over 1.6 million responsible student borrowers.
Have questions? Here’s everything you need to know about IBR.
Have you already taken advantage of IBR since the program launched in 2009? Has IBR allowed you to pursue your dream career, perhaps as a teacher or entrepreneur? Share your story below!