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If you didn’t get a chance to hear it yet, checkout the interview I did for ID Radio about the 2nd Edition of CliffsNotes Graduation Debt.
Federal student loan borrowers who are already in default will benefit from one of the biggest changes in decades to the federal student loan program: income-based default rehab. The change will take place on July 1. With as little as $5 per month, borrowers will have the option to make nine payments to get out of student loan default in a 10-month period and have the default removed from their credit reports. Once these payments have been made, borrowers can request to be returned to repayment status and have a choice of regular repayment plans.
This is great news for defaulted borrowers who could potentially get their wages garnished, miss out on government job opportunities, lose eligibility for new federal student loans to return for grad school, or lose professional licenses.
I’m so honored Michelle Singletary chose CliffsNotes Graduation Debt 2nd Edition as June as book of the month again. The 1st edition was picked in June of 2010. Click here to read the column announcement, and join us for live chat at noon Eastern on July 3 at washingtonpost.com/discussions.