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New Plan Ties Reduced College Loan Payments to Income

For the first time in years, there is good news for college students who borrow to pay for their education. Starting Wednesday, the federal Education Department will begin offering a repayment plan that lets graduates reduce their loan payments, based on their income. Also on Wednesday, the interest rate on new federal Stafford loans, the most widely used federally guaranteed student loan, will drop to 5.6 percent, from 6 percent. By 2012, the rate will fall to 3.4 percent, under a schedule mandated by Congress. Read more…



Publish date: July 5, 2009