The new payment option Income-Based Repayment (IBR) for federal student loans can help the borrowers to keep their loan payments affordable with payment caps based on their income and family size. IBR loan payments for most eligible borrowers will be less than 10 percent of their income and much smaller for the borrowers with low earnings. If there is any remaining debt after 25 years of qualifying payments, IBR will forgive that also.

Eligibility for IBR

Federal student loan borrowers who borrowed whether Direct or Guaranteed or FFEL loans programs are eligible for IBR. Income-Based Repayment (IBR) covers most types of federal loans made to students. But it doesn’t cover the federal loans, which are made to parents. Read the full story

Nowadays, there are many ways to get a larger house if you want one. Lenders are now making it much easier to get larger amounts of money for a mortgage. But the question is however, that whether it is this good practice, and is it safe or not?

There are several types of mortgages available and you will have to decide which one suits you best.

Interest Only Mortgage

Some mortgages allow you to buy a larger house without having an increase in your income. This is typically called the ARM category, or balloons. An interest only mortgage, is also in this category. Actually, an interest only option can be attached to any mortgage, not just to an ARM. Howsoever, the interest only option will lower initial payments, but they will be raised to compensate later, which could be a big jump.

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