New Income-Based Repayment Provisions

Abstract:

The College Cost Reduction and Access Act (P.L. 110-84), signed into law on Sept. 27, made a number of key changes to the student aid programs. The law created an income-based repayment (IBR) program. The IBR program is similar to the current income contingent repayment (ICR) program but has several notable differences that make it more generous. This article offers an overview of key elements of the IBR program, as outlined in the new statute, and highlights differences between IBR and other repayment plans.

The full article was originally published in NASFAA’s Today’s News on 10/22/2007.