Help for Grads Drowning in Student Loan Debt

In an effort to help offset financial uncertainty, the Obama Administration has released an Executive Order to change the timetable for President’s Bush Income Based Repayment (or IBR) student loan repayment option. The existing law had set the cap at 15% of the borrower’s Adjusted Gross Income, extended the repayment period up to 25 years, and forgave any debt remaining after 25 years. The new version, starting in 2012, will lower monthly payments to 10% of AGI and forgive the debt after 20 years. Find out if this new plan can help.

Renee