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.
High school seniors and undergraduates seeking licensure to teach mathematics and science in grades 7- 12 are encouraged to apply for a CAT scholarship to help build a community of mathematics and science teachers for southeastern Ohio.
CAT scholarships can be awarded for up to four years at $4,000 per year at Ohio University’s Athens campus, Marietta College, Muskingum University, Shawnee State University and the University of Rio Grande. A modified version of the scholarship, which awards up to two years at $2,500 per year, is available at all five of Ohio University’s regional campuses (Chillicothe, Eastern, Lancaster, Southern and Zanesville).
Unlike traditional scholarship programs, CAT is a seven-year commitment. After graduating, CAT scholars have the opportunity to engage in a three-year professional induction program in one of the 29 Appalachian counties of Ohio.High quality the best and most fashionable cheap rolexcheap fake watches online of the replica watches store. The scholars will receive additional mentoring from university faculty during this time to help them set and reach professional development goals as beginning teachers.
Further details and an application form can be found at the following website: www.cehs.ohio.edu/CAT.
Ohio Governor Ted Strickland declared March 2010 as Ohio STEM (Science, Technology, Engineering and Mathematics) Education Month and to celebrate hosted a statewide STEM conference in Columbus on March 2. Regional STEM conferences were scheduled to occur all across the state to continue the Governor’s charge to recognize STEM. The final Regional STEM Conference in Ohio was hosted in Portsmouth at Shawnee State University on May 21, 2010. Serving Ohio’s southeast region, the conference enjoyed attendance from over 150 participants representing education, business, civic and philanthropic sectors and served as a first step in the southeast STEM Initiative Planning Grant.
Co-hosted by Ohio Appalachian Center for Higher Education, South East Ohio Center for Excellence in Mathematics and Science, Foundation for Appalachian Ohio, and Shawnee State University with support from the State of Ohio, the Ohio STEM Learning Network and the National Governor’s Association, the conference was a unique opportunity for engaged and committed leaders from all sectors to gather in celebration of successful STEM efforts at work in the region and join in discussion to shape the vision of what a STEM Hub for southeastern Ohio will mean and how it can best equip our students with the 21st century skills necessary for success in a global workplace. With the exciting work of the planning grant ahead, the conference was a launching point for discussion between leaders from diverse, but related sectors, and emphasized the need for collaboration throughout the region to best serve our students and the region’s economy.
The Southeat Ohio Regional STEM Conference is being held at Shawnee State University on Friday May 21, 2010. Save the date.
Congratulations to the 2009 recipients of the TG Grant. The winners were announced at the 16th Annual OACHE Conference hosted by Ohio University-Chillicothe.
John Roush accepting from Whiteoak High School, Highland County.
Joy Padgett accepting on behalf of Coshocton City Schools, Coshocton County.
Jim Arcuragi accepting from East Liverpool City Schools, Columbiana County.
Rick Edwards accepting from Eastern Local Schools, Meigs County.
Tim Amburgey accepting from Northwest Local Schools, Scioto County.
Cathleen Daniher accepting from Steubenville City Schools, Jefferson County.
Colette McFadden accepting from Switzerland of Ohio School District, Monroe County.
Sandy Myers accepting from South Point Local Schools for South Point Local, Lawrence County and Valley Local School District, Scioto County.