NAICU - New law to help in paying back college loans

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New law to help in paying back college loans

CNN.com

June 24, 2009

The new Income-Based Repayment program was signed into law in 2007 to help make student loan payments more manageable. However, the Department of Education warns that making smaller loan payments may actually increase the amount that borrowers will need to pay back in the long run because interest will accrue for a longer period of time. On the other hand, if the borrowers meet certain criteria, their remaining student loan debt can be dropped after 25 years.

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