www.SanTanSun.com
Youth
June 20 - July 3, 2009 51
Student loan debt relief
Gilbert resident Coach of the Year
RECOGNIZED: C.L.A.S.H. (Character, Leadership,
by Lauren Asher
Attitude, Stature and Heart) named Daniel Contreras
Countless articles offer SanTan Sun area families helpful tips on how to cut costs of Gilbert Arizona Coach of the Year. Contreras, who
and save money in a recession: bring your lunch to work, change your own oil, cut
played semi-professional ball with the Milwaukee
your own hair …
Brewers as a second baseman, began coaching
his younger brother’s Little League teams while
It’s all good advice – assuming you know how to cut your own hair – but if
still in high school and has been at it ever since.
you’ve trimmed all the fat from your budget and that monthly student loan bill
Although he specializes in young player development,
is still tipping the scales, get ready for some good news: Two new government Contreras says he works with all ages and thoroughly
programs could save you some serious money and lower your monthly student
enjoys teaching the fundamentals of baseball or
loan payments.
what he considers “the greatest game ever played.”
Contreras lives with wife Laura and their three
The fi rst new program is Income-Based Repayment, a new repayment option
children, Matt, Ryan and Jordyn.
for federal student loans that becomes available July 1. It caps monthly payments
at an affordable level based on your income and family size and forgives any debt
Submitted photo
and interest that remains after 25 years.
That means if you’re underpaid, underemployed or just plain unemployed,
your student loan payments won’t break the bank. If you owe more on your
federal student loans than you earn in a year, you probably qualify. The lower
your income, the lower your monthly payment will be – some cases, as low as $0.
Income-Based Repayment covers almost all federal loans – past, present, or future
– made by any lender, whether for college or graduate school. our art
The second program is called Public Service Loan Forgiveness. If you work in a
government, nonprofi t or other public service job, you could have your remaining
student loan debt forgiven after just 10 years of Income-Based Repayment, or
certain other payments. Your loans have to be in the federal Direct Loan Program
to qualify, but the 10 years don’t have to be consecutive. You just need to make a
total of 120 payments while working full time for a public or nonprofi t employer,
starting on or after Oct. 1, 2007.
These programs are only available to people with federal student loans. Private
or “alternative” student loans, PLUS loans for parents and consolidated loans that
include PLUS loans are not eligible for these programs.
More information about Income-Based Repayment and Public Service Loan
Forgiveness is available at
www.IBRinfo.org. The site has a simple calculator you
di Sciacca’s granite roly poly collection
can use to estimate your eligibility and monthly payment and answers to many
frequently asked questions.
Lauren Asher is acting president of the Institute for College Access & Success, an independent,
nonprofi t organization working to make higher education more available and affordable for people
of all backgrounds. For more information visit
www.ticas.org.
81 west boston street - chandler, az 85225 -
info@disciacca.com - 480.855.9888 -
www.disciacca.com
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