You got the degree, but not the job to pay back loans. Now there's help.
Here's the dilemma: you (or your parents) borrowed so you could get a college degree, but with the poor job market, you cannot find a job that will let you pay off the loans.
There's help! IBR, the Income-Based Repayment pland, caps payments at 15% of the borrower's discretionary income, to help manage debt. It applies to Federal Direct Loans or Federal Family Education Loan (FEEL) programs. It's designed to help student borrowers avoid default, and maintain credit standings (defaulted college loans do not get erased from credit profiles!) while still leaving some cash out of the paycheck.
Is it right for you? Check the federal website. In New York State, HESC (the Higher Education Services Corporation) also has loan help and information. HESC also has a presence at the State Fair (check the Center of Progress booths)
