Taking advantage of income-based student loan repayment plans

Crippling college loans make it tough to make ends meet. But now, a record number of student loan borrowers are taking advantage of repayment plans to dig themselves out of debt.

One in four borrowers who took advantage of the federal family education loan program are eligible for income-based repayment plans to help avoid default. The number of borrowers taking advantage of the program is up over 20% from a year ago, according to a new report from the global credit rating agency, DBRS Morningstar.

The Dept. of Education’s, StudentAid.Gov, is one of the best tools to navigate repayment. You can see if you qualify for a repayment plan, or if you already have one, you can change it.

Reporter:Therese O'Shea
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