Hot fucking diggity! Good news for college students! Thank you Mr. President!

[lonestarnot]

http://www.azfamily.com/news/3oys/stories/phoenix-3oys-news-071709-costs-of-college.4e546330.html

"...a new government program aims to alleviate concerns and help families, like the Kings, get through these tough financial times.

The program called the income based repayment plan, seeks to cap monthly payments at an amount considered affordable based on income and family size.

“This allows you to stretch out your loan to 25 years? Yes,” certified financial planner Michelle Evard said.

Certified financial planner Michelle Evard explains another big part of the plan.

“If you make payments for 10 years, if you are working in social services for the government in some way shape or form in 10 yrs your loan will be forgiven.”

[lonestarnot]

1. kick

[Mnemosyne]

2. KnR for my daughter. n/t

[lonestarnot]

4. Remember one of the first motherfucker things bushitler did when he siezed power was cut pale.

[progressoid]

5. K/R for mine too. n/t

[lonestarnot]

6. How many pugs will jump on this do you think?

[Mrs. Overall]

3. Thank God! Wonderful News!

[CoffeeCat]

7. I pay $1,200 per month...

...on my student loans.

This doesn't help me at all--because I just want to get the sucker paid off and out of my life.

But I do appreciate that Obama is trying to help lower payments for others...

[handmade34]

8. despite this

I will be responsible for student loans until I die. I plan on taking classes until I am too old to read and think and therefore have a student deferment.

[intheflow]

9. Unless your loan is already in default due to your own financial difficulties.

then there's no relief and you're fucked.

How do I know this? I made about $11K last year and my student loan went into default. Never mind that I've been underemployed and working in the public sector for over a decade, which of course the government knows since they have my tax returns for the same time period. No, instead it's just fine that the private banks which hold my federal loans charge me crippling surcharge fees and I become further and further in debt at an astonishingly quick rate of speed. How quick? Before my loan went into default in March I owed $70K. Now, just four months later, I'm up to about $95K I owe. That is fucking criminal, and this plan offers NO relief for me.

[Maru Kitteh]

10. Halley loooooo YAH!

Teh awesome news indeed.

[armyowalgreens]

11. As a sophomore undergrad...

this makes me feel better about my future.

[Buddyblazon]

12. Will this be retroactive?

Or will this only apply for new loans?

[lonestarnot]

14. I don't know. Sorry. But there are phone numbers listed. Call and see what they know about it.

[Orsino]

13. > $0.10

This is change.

[lonestarnot]

15. What is that supposed to mean?

[Orsino]

18. More than that famous "dime's worth of difference." n/t

[niceypoo]

16. This is wonderful timing for me

I just graduated this june. Already got my email from them on this.

[datasuspect]

17. ICR has been in effect for many years.

My loans started coming due in 1996. there was an ICR option back then.