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Sunday, June 28, 2009
Student Loan Bailout. Sort of.
There's a new federal load program for people with Stafford and Grad PLUS loans. It's taking the place of the current system. Most b school classmates of mine used Stafford loans. These new rules will reduce your payments and also make you eligible for loan forgiveness after 10 or 25 years. The former if you work in the public/government sector. It will also generally reduce your monthly payments and prevent compounding of interest accrual if you're on deferral.
The payments are based on your earnings and how they related to the poverty level. Even people with six figure salaries could qualify, so it makes sense to check it out.
You should contact your lender to see if you qualify. You can read more details here.
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The government released two initiatives which would help struggling students to better plan their college loans. I think Obama's administration is really focusing on helping the students.
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