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Old 06-26-2009, 10:44 PM   #1  
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Question Reduced Student Loan Payments

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.
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Old 06-27-2009, 03:17 PM   #2  
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Oh this is great- i have to definitely look into it, I begin my federal student loan payments in August.
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Old 08-13-2009, 07:31 PM   #3  
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Default Key Bank Alternative Loans

Any idea about Key Bank loans. I am trying to find some information about my loan. Are they eligible to bankrupt?
Quote:
Originally Posted by pocho View Post
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.
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Old 08-14-2009, 03:02 AM   #4  
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This is the forum were those of us who actually have to pay for these programs post.

WW
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