Good news for career planners looking at education options and financing their next career move. If you have or will have U.S. government guaranteed student loans, your repayment plan may be based on your income level. What a concept! – and hard to believe it has taken this long to implement. You can learn more about the new plan and eligibility at the studentaid.ed.gov website. Jonathan Glater also wrote an excellent article about the new plan in The New York Times today.
And please make sure you max out your federal loan eligibility before turning to higher interest private loans.
Yes, there may be more paperwork to fill out but if you want to go to school, you’d better be able to fill out paperwork. Maybe that should be a foundation skill!
You can learn more at The Career Key website about resources for financing your education – and also at the Career Key Canada website. Canadians: After checking on CanLearn's section on repayment, it doesn't look to me as if Canada has a similar income based option for repaying loans. Please let me know if I'm wrong about that. Thanks!