Income-Based Repayment

From: http://www.ed.gov/offices/OSFAP/DirectLoan/index.html 

Income-Based Repayment (IBR) is a new way to make your federal student loan payments more manageable starting July 1, 2009.  And if you're a teacher or work in government or at a nonprofit (501(c)(3)) organization, you might qualify for a new type of public service loan forgiveness after 10 years of eligible payments and employment.

IBR will be available to borrowers starting July 1, 2009, and the clock is already ticking for public service loan forgiveness.

On October 23, 2008, the U.S. Department of Education posted the final regulations for how each program will work in the Federal Register. However, some of the operational details of the programs are still unclear. Register with your email address and we'll make sure you get any new information as it becomes available.