New Federal Repayment Option May Help College Graduates Who Face First Student Loan Payments this Month
This month, students who graduated from college in May are facing their first monthly student loan payments. Federal student loans have a grace period that gives most borrowers six months to get a job and figure out their finances. But graduating into a recession can make it hard to keep up with payments.The newest and least known option for making student loan payments manageable is Income-Based Repayment, which caps federal student loan payments at an affordable level based on you income and family size.
