A recent law with changes in the requirements about student loan repayments make it easier to meet the gap if based on your income.
View video here.
This is especially helpful if you could not find a job, or your hours have been cut or you recently lost your job, but still have outstanding student loans.
Are you a teacher? Serve in the Peace Corp or Americorps?
On July 1, 2009 Income Based Repayment or IBR became law. What is this loan forgiveness law? Under certain circumstances -- any remaining debt after 25 years will be forgiven... or after 10 years if you work for a non profit.
Do you qualify? The income based section is based on the amount you earn and the number of people in your family. The public service portion depends upon where you choose to work after graduation.
Here's the link to the IBR calculator -- income based repayment calculator. Punch in your numbers for a quick look. Here's the link to the 29 pages of fine print & government bill that lists the jobs that qualify ((including licensed or regulated child care, Head Start, and State-funded pre-kindergarten, nurses, nurse practitioners, nurses in a clinical setting and full-time professionals engaged in health care practitioner occupations and health care support occupations as such terms are defined by the Bureau of Labor Statistics.)
Student Loan Forgiveness
Here are links about student debt repayment information and the new law. It's been in the works for a while. Here's some important and helpful links for learning more about how to get forgiveness on your student loans based on your income.
Retrieve your amount of student loan debt here.
Find out more about student loan reduction qualifications here at this financial aid site
December 3, 2009 IBR Final Rules and Application Help
October 20, 2009 Update on Loan Forgiveness and Private Loans
August 6, 2009 Make Your Voice Heard and Learn More About IBR
July 10, 2009 Answering Your IBR Questions
June 30, 2009 IBR Applications Now Available
June 19, 2009 Take Action for Real Loan Forgiveness!
June 11, 2009 New IBR Video -- Ditch Your Debt Gremlin
May 26, 2009 Great News, Plus Q & A Update
April 8, 2009 New Podcast and a Chance to Help
February 27, 2009 IBR Calculator updates and new FAQ section
December 17, 2008 Fighting for Fairness and Access