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HARRISBURG, Aug. 10 – State Rep. Babette Josephs, D-Phila., is alerting recent college graduates about a new loan repayment plan that took effect in July.
The Pennsylvania Higher Education Assistance Agency has created a new repayment plan to better accommodate student loan borrowers who may be having trouble making payments.
"Students are graduating from college today and are unable to find the jobs they seek. This plan will help borrowers adjust to repaying their loans, especially with the economy the way it is," Josephs said.
The income-based repayment plan is available to students with Stafford, Graduate PLUS and Federal Consolidation loans, provided a Parent Plus Loan is not included in the consolidation.
Under the IBR program, monthly installments are determined by the borrower's income, amount of debt and the number of people within the household. The new plan offers loan forgiveness to borrowers who have completed 25 years of qualifying payments.
In order to take advantage of this new repayment plan, loan borrowers must speak to a PHEAA customer service representative at 1-800-233-0557 to determine their eligibility for the IBR plan.
For more information about loan repayment programs, students and loan borrowers can visit Josephs' Web site at www.pahouse.com/josephs, or call her office at 215-893-1515.
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© 2006 - 2007 State Representative Babette Josephs. All Rights Reserved. 215-893-1515 | 717-787-8529