Good News If You’re Trying to Payoff Your Student Loan.
SACRAMENTO, CA – Good news if you’re trying to pay off a student loan. Starting Wednesday, some college grads will be eligible for lower payments. A new government plan looks at your income, family size and debt..setting caps on your monthly payments. The government may even forgive remaining balances after 25 years. And those in public service may have their loans dismissed after only ten years. But there are some downsides. You pay more in interest over the life of the loan. And, reduced payments usually extend the time you have to pay your loan back. Borrowers can visit www.ed.gov for information about the program, and to use a calculator that will help them determine if they qualify and what their new payments might be under the program. KXTV/News10
