10:46 am
Fri July 3, 2009

New Student Loan Income Based Repayment Plan Debutes

Chris Taylor v Haley Chitty

Washington D.C. – A new federal law that went into effect July 1 could help cap your remaining student loans at 15% of your adjusted gross income. What's more is if you work in public service for ten years after signing up for the program, you could see the remainder of your debt wiped clean. It's called the College Cost Reduction and Access Act. Signed into law in 2007, it created the new Income-Based Repayment program designed to help make student loan payments more manageable. Chris Taylor talks to Haley Chitty, the Communications Director for the National Association of Student Financial Aid Administrators to clear up some specifics.