To stem the tide of overwhelming student debt, the Federal Government has come up with a number of programs that can ameliorate the borrower’s level of pain. Some entail public service based efforts which when a stipulated period of service is completed, the balance of the loan is forgiven. Another attractive offering is the IBR or income based repayment.
This program, which was established in 2012, allows the borrower to pay a percentage of their discretionary income to meet their monthly payment obligation and can reduce the budget squeeze of a much larger payment as per the original loan agreement. On […]