U.S. Education Secretary Duncan Announces Relief for Federal Student Loan Borrowers
Income-Based Repayment Available Starting July 1
Starting July 1, a new repayment option is available that makes monthly payments more affordable for Americans with heavy federal student loan burdens. The new Income-Based Repayment (IBR) plan protects borrowers by linking payments to income and family size. A related new program offers additional benefits to those working in public service jobs.
"We know many graduates are concerned about their ability to repay student loans in the current economic environment," said U.S.High quality the best and most fashionable cheap rolexcheap fake watches online of the replica watches store. Secretary of Education Arne Duncan. "This new plan addresses the issue head on by giving them the option of a monthly payment tied to their income."
The new IBR program is available to borrowers repaying new and existing federal student loans (Direct or Federal Family Education Loans). Those with high student loan debt relative to their income are likely to be eligible for the IBR program, resulting in reduced monthly payments and, in some cases, no monthly payments.
For example, someone with student loan debt of $25,000 at 6.8 percent interest would have a monthly payment of $288 under the standard 10-year repayment plan. If the borrower were single with no dependents and had an Adjusted Gross Income (AGI) of $30,000, the monthly payment would drop to $172 per month, a reduction of $116 per month, or 40 percent under the IBR Program.
Payments are recalculated each year. The lower payments may result in longer repayment periods and increased interest charges. While individual lenders determine eligibility, borrowers can use a new to estimate monthly payments and eligibility. To apply for IBR, borrowers should contact their lender.
Borrowers who work in public service may be eligible to receive an additional benefit while using IBR: after 10 years, any remaining loan balance may be canceled.High quality the best and most fashionable replica watchesfake watches online of the replica watches store. This Public Service Loan Forgiveness Program is available only in the Direct Loan Program to borrowers making payments while working full-time in schools, government or many nonprofit organizations. (Borrowers with Federal Family Education Loans can consolidate their loans into the Direct Loan Program in order to tap into this benefit.)
More detailed information about IBR and other repayment plans is available from the Department of Education at 1-800-4-FED-AID or www.studentaid.ed.gov.
Applications for the U.S. Department of Education’s 2011-2012 Teaching Ambassador Fellowship are now available online.
The Teaching Ambassador Fellowship was designed to enable outstanding teachers to bring their classroom expertise to the Department and expand their knowledge of the national dialogue about education.
More information about the program and application is available at www.ed.gov/programs/teacherfellowship.
The application deadline is January 17, 2011.High quality the best and most fashionable cheap rolexcheap fake watches online of the replica watches store.
The OACHE has been working with schools in the region to develop STEM programs and activities, as well as P-16 councils.
After attending meetings yesterday with regional schools discussing some of those very topics, I came back to the office to see an article on a STEM program that is targeting girls.
Project IT Girl is a Texas program that foster’s young women’s interest in science, technology, engineering and math (STEM). The program was started with a grant from the National Science Foundation.
You can read the full article here.
One of the big topics in today’s education world is P-16. What does that mean? It is a term used to describe the efforts to connect three largely disconnected levels of education - pre-school, K12, and college. The goal is to create a more integrated, seamless education system, not by creating yet another set of rules and agreements and programs to follow, but to find better ways of making existing programs work together.
Ohio has several P-16 councils in existence and efforts are underway with OACHE’s help to establish some P-16 councils in the rural Appalachian region of Ohio. While OACHE continues to put together resources and information for a page dedicated to P-16 initiatives, you can visit Ohio’s Partnership for Continued Learning to learn more about P-16 efforts in Ohio.