NEW YORK (7/1/09)--There's good news on the student loan front, but the new income-based repayment option isn't the be-all-end-all for all college graduates (CNNMoney.com June 24).
To qualify for the Income-Based Repayment Program (IBRP), you must have a Stafford, Graduate PLUS, or consolidation loan with either the Direct Loan or Federal Family Education Loan (FFEL) programs. Students who carry private student loans or loans taken out by parents to help fund their child's education through the FFEL or Direct Loan parent PLUS Loan programs don't qualify. Also, your total debt must exceed 1.5 times gross income.
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Courtesy of cuna.org