Student-loan changes now in effect

Interest rates and other terms for student loans change each year on the first of July.

What's new this year? Income-Based Repayment is now available for the first time, Pell grants have gotten bigger, and interest rates on new Subsidized Stafford loans and existing variable-rate loans have gone down.

Details here from the Project on Student Debt.

Also, this article from the Washington Post notes that "people working in public service jobs - all levels of government work, teachers in public schools and universities, employees of public hospitals, and anyone working for a 501(c)(3) nonprofit would all qualify" for the new Income-Based Repayment.
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Joseph Slife is a contributing author and editor for SMI. Visit www.soundmindinvesting.com to learn more.