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> College Cost Reduction & Access Act of 2007
bld08
post Jun 25 2009, 09:34 PM
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From: Somewhere Wondermous
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not sure if this is old news to everyone, but for those of you with a ton of loans and not enough to pay, some of the changes to this act, set to go in effect on Wednesday, July 1st, may help you. I have included a few links that explain it. I think the most beneficial change is the repayment structure being income based.

"Loan payments will be limited to 15 percent of a borrower's discretionary income or 15 percent of the amount that a borrower's (and spouse's if applicable) adjusted gross income exceeds 150 percent of the poverty line, divided by 12. Unpaid interest and principal are capitalized and any outstanding loan balance is forgiven after 25 years of repayment"

http://www.nasfaa.org/publications/2007/G2...mary091007.html

Another site with helpful info:

http://thenewservice.wordpress.com/2009/04/14/ccra2007/

Hope this helps someone. I know, when it comes time for me to repay, it will help me.


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Googie
post Jun 25 2009, 09:34 PM
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The MoneyMaker

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From: Mountain Home, CA Member No.: 1


 
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