Make Your Voice Heard and Learn More About IBR
Take Action Now for Real Loan Forgiveness
In addition to lowering monthly student loan payments, Income-Based Repayment (IBR) forgives any remaining debt -- including interest -- after 25 years of payments. Most borrowers will pay off their debt before then, but under current law, if there's anything left after 25 years, the amount forgiven would be taxed as income to the borrower.
A bipartisan bill in the U.S. House of Representatives, H.R.2492, would prevent debt forgiven through IBR from being taxed as income. Loan forgiveness is supposed to wipe the slate clean for responsible borrowers, not create a new financial obligation.
Many of you have already taken action, helping to persuade over 20 Members of Congress to sign on in support of the bill. We need your help to bring more on board! If you haven't already, please take a moment to urge your representative to support H.R. 2492.
Got Private Loans? Share Your Story.
Private student loans are risky and expensive, and they aren't eligible for IBR, Public Service Loan Forgiveness (PSLF), or other important consumer protections that come with federal student loans. Policymakers and the press are starting to pay attention to the plight of private-loan borrowers, so now is the time to make your voice heard! If you're interested in sharing your experience with private student loans, please fill out our Borrower Spokesperson form. Reporters and legislative staff frequently ask us about specific types of borrowers, and we'll connect you when there's a fit.
New August Webinars
Equal Justice Works, an IBRinfo partner, has added new webinars to their "Student Debt Relief" series. Topics include "Getting Your Student Loans Forgiven: How Government and Nonprofit Employees Can Earn Public Service Loan Forgiveness," a must for anyone with high student debt working for the government or a nonprofit, and "Counseling Students and Graduates about Income-Based Repayment and Public Service Loan Forgiveness," designed specially for school professionals including financial aid officers, student advisors, and career counselors.
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