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Income-Based Repayment

In September 2007 the College Cost Reduction and Access Act became Public Law 110-84. This law includes an Income-Based Repayment (IBR) program modeled on a proposal developed by the Project on Student Debt. The purpose of the program is to ensure that students who invest in a college education do not later find themselves unable to pursue public sector careers, raise a family, save for retirement, or contribute to their own children's college goals.

IBR, which became available July 1, 2009, can help borrowers keep their loan payments affordable with payment caps based on their income and family size. For most eligible borrowers, IBR loan payments will be less than 10 percent of their income - and even less for borrowers with low earnings. IBR will also forgive remaining debt, if any, after 25 years of qualifying payments. The program is available to anyone with federal student loans, whether they borrowed in the past or are current or future students.

For more information, see IBRinfo.org, a comprehensive resource that provides borrowers with answers and information about IBR and Public Service Loan Forgiveness. IBRinfo.org has updated information and a mailing list to keep you informed about important developments.

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