05/19/2009 - What's worse than graduating from college with no job and no prospects of finding one anytime soon?
Graduating from college with no job, no prospects and thousands of dollars in student loans.
That's the grim outlook for thousands of graduates who are looking for work in a take-no-prisoners job market. The average undergraduate leaves college with more than $22,000 in debt. Many graduate and professional students leave with loan balances of $100,000 or more.
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Starting July 1, borrowers will have a new option: a repayment program that caps monthly payments based on income. It targets borrowers who would have a hard time paying basic living expenses if they had to make standard monthly payments on their loans, says Lauren Asher, acting president for the Project on Student Debt.
Read the full article Graduates Get Option to Repay Student Loans Based on Income on USA Today's Web site.
Pew is no longer active in this line of work, but for more information, visit the Project on Student Debt Web site or visit the The Project on Student Debt on PewHealth.org.