Student Loan Amendment question...

[vaberella]

I'm aware within the new student loan amendment, which is part of the reconciliation package that Obama will sign this week that we are too see student loan repayment income based. That would mean based on what I make per year there is a certain percentage coming out of my pay check, right?! If that is the case, what is this percentage?! Does anyone know? I need a bit more specifics and I'm not 100%.

Thanks guys. By the way Happy Passover!!! (<---Jewish Holiday!!)

*Edited to add*----I just realized this might not be the right thread..my apologies. Any Mod who sees this if you can move this to the GD section, it would be appreciated.

[Cha]

1. I don't know the answer to your question

but thought I'd give it a kick..and it's President Obama related, isn't? He did make this possible.:)

[QC]

2. Currently, income-based repayment takes 15% of discretionary income.

The new plan would take 10%, but only for people who consolidate their loans after some time in 2014. Everyone else, presumably, remains in the present setup.

For people with big loan balances, income-based repayment is a lifesaver. I would probably have had to leave the country by now if not for it.

[vaberella]

3. Thank you for that statement. n/t

[QC]

4. You are more than welcome. I hope that information is helpful. n/t