Loan repayment

As a result of the CCRAA (College Cost Reduction Access Act) of 2007 and amendents built into the recent Health Care Reform Bill, there are now easier ways for students to repay their student loans. The IBR or Income Based Repayment Plan is for students who choose to work in careers with salaries are not high. Many of these careers could be in public service. Often students would shy away from careers in these public service fields because they don't pay well, even though they would have gained much personal satisfactionf from these jobs. This repayment plan evaluates students' ability to pay based on their salaries rather than on the amount borrowed.

Additionally, students who work in public service could be elgibile for the Public Loan Forgiveness Program. Students who work in public service and make 120 payments on their loan while working in public service could have the remaining principle of their loan forgiven after their 120th payment. For students who are on the standard repayment schedule, this might not be advantageous as the standard repayment plan is 10 years long. But for students in the payment plan above, may very well benefit from this program!!