Good News for Those with Student Loans

2009-06-29 14:01:04 (GMT) (WiredPRNews.com - Business, Education, News)

Student loan borrowers may get relief from payments with new Department of Education program.

Student loan borrowers may be able to get some relief with a new program.

Wired PR News – Those drowning in student loan debt may be able to get some relief with the aid of a new program. As reported by the Associated Press (AP), the Department of Education run program will provide for caps on student loan payments depending on income. Some borrowers may also have their balances forgiven after 25 years, or 10 years if they obtain a public service position.

As noted by the AP, the program will be open for anyone with a student loan to apply for next week. Lauren Asher with the Institute for College Access & Success is quoted in the report as stating of the measure, which is said to have derived from the Education Department’s College Cost Reduction and Access Act, “It’s a way to borrow for college without going to the poor house.”

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