As a result of far-reaching changes in financial aid grant and loan programs low-income students and recent college graduates may reap dramatic gains which will begin form July 1st.
While attention has been received by some of the gains such as a significant hike in Pell Grants. Among all other changes one of the most significant changes is the introduction of income-based repayment. With these incomes based repayments students can considerably reduce their monthly payments which are based on their earnings. This has been done to help particularly the graduates in low-paying public service jobs.
It has been said by Edie Irons who is the spokeswoman for the Project on Student Debt in Berkeley, Calif that it is estimated by them that hundreds of thousands will take advantage of this, but it is not automatic, students shall have to apply to avail this.
