In today's Chicago Sun-Times, Terry Savage's Savage Truth column brings great news for recent college graduates.
Additional benefits that start on July 1 from the College Cost Reduction and Access Act include:
Starting July 1, there will be new help for recent grads -- or those who have been out of school for a while and are struggling to repay student loans. The new federal Income-Based Repayment program will allow those with low incomes to pay as little as zero on their student loans, as long as they qualify based on income and amount of debt.The rules are a little complicated, but you can visit www.IBRinfo.org. to use their online calculator to see if you are eligible.
Additional benefits that start on July 1 from the College Cost Reduction and Access Act include:
- increase in Pell Grants
- reduction in interest rates on federal loans from 6.0% to 5.6%
- TEACH grants for qualified undergraduate students who commit to teaching in public schools in high-poverty communities or high-need subject areas.
- Loan forgiveness after 10 years for public servants
