The Income-Based Repayment (IBR) Program

I wanted to share some information with AFCPE members about the Income-Based Repayment (IBR) plan that might be useful to members and their clients who are repaying federal student loans.

The Income-Based Repayment (IBR) program was part of the 2007 College Cost Reduction and Access Act and the program goes into effect as of today, July 1, 2009. Here are a couple of references I think provide useful information about the program:

* Federal Student Aid (FSA) – Income Based Repayment Plan: 
http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

* IBRinfo: http://www.ibrinfo.org/index.php

~ Gerald Buchko, MA AFC 
Financial Counselor & Personal Finance Coach