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New Program Offers a Chance to Cut Payments on Federal Student Loans

My colleague Jonathan Glater has some good news for college students and recent graduates who have taken out federal loans. Under a program that begins Wednesday, they can reduce their monthly payments, depending on their income and family size.

Moreover, after 25 years if the borrower still owes money on student loans the balance is forgiven. People who work in public interest jobs, including jobs in government, public schools or colleges and nonprofit organizations, can have their loans forgiven after 10 years.

In addition, as of Wednesday, the interest rate on new federal Stafford loans will drop to 5.6 percent, from 6.8 percent. Read more…


Publish date: June 29, 2009