Have Student Loans? Check out the USDE's Income Based Repayment Plan

If you're worried about graduating with a lot of student loans (and really, who isn't these days?!), the Department of Education has just announced a new repayment plan that might be of interest: the Income Based Repayment Plan. According to the USDE website, the plan "is a new repayment plan for the major types of federal loans made to students. Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size."

Whether you've just graduated or you're signing loan papers to take your first college courses in the fall, you may want to check out the IBR Plan page for more information. Additionally, the Income-Based Repayment Calculator can help you figure out the specifics of your situation.

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