College graduates who find themselves stretching to pay school loans in the bad economy are getting a break. A new program announced by the U.S. Department of Education allows anyone with federal student loans to cut a hefty chunk out of their monthly payments, with the unpaid balance forgiven after 25 years. And graduates working in public service, including almost any federal government job, can write off their loans as paid in full in just 10 years. The new Income-Based Repayment program links loan payments directly to income, and went into service July 1 -- one day before the announcement that the U.S. unemployment rate had climbed to 9.5 percent, bringing the total of jobs lost since this recession started in December 2007 to a total of 7.2 million. Read more at:
http://www.detnews.com/article/20090713/BIZ01/907130308/1026/rss06
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