More and more Americans are finding the cost of paying for a college education more burdensome than ever before. Families are losing incomes, benefits and jobs and all the while the cost of earning a college degree is steadily climbing. The average college grad graduates with more than $22,000 in debt, including federal and private student loans.
Given all of this, it is imperative that college students are aware of some new benefits that took effect July 1st, 2009.
On July 1st, interest rates on subsidized federal student loans decreased from 6 percent to 5.6 percent. Also a new Income-Based Repayment program was put into effect that caps a borrower’s monthly loan payments to just 15 percent of their income.
The maximum Pell Grant scholarship has increased by $600 for the 2009-2010 school year.
This is great news for many students and their families. There are other great things to take advantage of including becoming eligible for loan forgiveness after ten years by performing a public service career. These types of career include teachers, public defenders, firefighters, nurses and more. If you have any questions about these benefits mentioned here, speak to your school counselor.
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