A new form of student loan help will soon be available to some borrowers.
The Income Based Repayment Plan is available after July 1st. As the name suggests, your loan payments may vary depending on your income. With job losses and a tough economy, more and more borrowers may be eligible.
The program allows you to pay less and extend your loan if you meet the criteria. However, depending on how things work out the help you get today could cost you more over time. You'll probably pay more in interest if you take longer to repay your loan.
For some borrowers, a loan may be forgiven altogether after 25 years.
To qualify for the program, you must have certain government issued loans in good standing. Get the details at www.studentaid.ed.gov, or contact your lender.
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