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August 13, 2012
Easing Student Loan Repayments

Are you having trouble paying off student loans? Find out about programs that can help reduce your monthly payments.

Transcript

Are you having trouble paying off student loans? If so, check out a government program called Income-Based Repayment. The IBR program can be especially helpful for low-income, unemployed and public service employees, like teachers.

If you qualify, monthly payments are capped at an affordable level relative to your income, family size and where you live. If your income increases, so will your monthly payment. Also, under IBR, the government will forgive any debt still owed after 25 years of consistent repayment; or after 10 years for public servants. Eligibility rules are complicated, and you'll need to provide proof of income each year.

Bottom line: Before your student loan debt gets out of control, explore all your repayment options.

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