student loans
I was reading this on the times and came across this passage.
My god...finally some relief is in the air.
I wonder if this will apply retroactively?
Now, I need to go and fill out a new promissary note because my Uni will only work with the Dept of Education federal student loans and have dropped banks providing student loans (since the govt is finally pulling out of that program (paying banks to provide federal student loans is such a good idea).
I'm not sure how this will effect my current loans with Co-Step which is my guarrantor for my undergrand student loans and this years grad loans.
Alternate Repayment If you have taken a low-paying job and don’t expect your salary to jump significantly, experts suggest one of the alternate repayment plans. Starting on July 1, all federal loan borrowers will be able to consider the “income-based repayment” program, which limits your monthly payment to 15 percent of discretionary income (or income above 150 percent of the poverty line) and forgives the remainder after 25 years of payments. For government or nonprofit employees, any remaining debt will be forgiven after 10 years. And if you earn less than 150 percent of the poverty level, you won’t owe any money — and it will count as a repayment, said Lauren Asher, acting president of Project on Student Debt. To qualify, your debt needs to be high enough relative to your income.
My god...finally some relief is in the air.
I wonder if this will apply retroactively?
Now, I need to go and fill out a new promissary note because my Uni will only work with the Dept of Education federal student loans and have dropped banks providing student loans (since the govt is finally pulling out of that program (paying banks to provide federal student loans is such a good idea).
I'm not sure how this will effect my current loans with Co-Step which is my guarrantor for my undergrand student loans and this years grad loans.