Hey guys. I wasn't sure where to post this, but I figured this would be the most approprate forum.
I learned about a program on another message board earlier today about
Income-Base Repayment (IBR) for those with federal student loan debt. It goes in effect July 1st. Those with private loans are not eligible. From what I understand, these IBR loan payments are capped based on your income and family size. It would best benefit those with low income who are buried in student loans, particularly pilots, who may have $100,000+ in loans and not make much a year.
If you are eligible and make qualifying payments for 25 years, the remaining balance is then "forgiven". If you have a public service job, it would be forgiven in 10 years.
Here is an
article describing it in detail, and one from the
usatoday.
Not really sure how this would work, but I think it would definitely help a lot of people if it is legitimate. What do you guys think? Interesting nonetheless.