President Obama Streamlines Students’ Access to IBR
President Obama Steamlines IBR Enrollment
Early last week, President Obama issued a presidential memorandum to improve repayment options for student loan borrowers. Effective September 30, 2012, student loan borrowers will find it easier to enroll in Income-Based Repayment (IBR) programs by being able to electronically transfer their income data directly from the Internal Revenue Service into their IBR application. This welcomed change removes a cumbersome step in the current process that requires borrowers to submit a signed copy of their most recent income tax return, thereby enabling them to submit their application online in one step.
In addition to streamlining the process, the memorandum calls for the creation of a series of integrated online and mobile tools for borrowers to improve their understanding of the federal resources available to them so as to assist them in making better financial decisions.
Finally, the president directs federal direct loan servicers to make their borrowers aware of IBR options available to them before students leave school and again prior to entering repayment.
As many of you know, Heather has been a fierce advocate for increased awareness and education about IBR opportunities and resources for borrowers and offers a myriad of tools for them to consider right now.
By emtwo | Category:
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