Students get a break on loan payment

WEST LAFAYETTE, Ind. (Exponent) - At the end of 2012, graduating students who qualify will have the opportunity to adjust their loan payments based on family size and income.

Students will have the option through the income-based repayment plan to repay their loans at a monthly price that depends on their situations, taking family size and income into account. Ted Malone, executive director of the division of financial aid, said the discretionary loan repayment isn’t static like options for the standard repayment plan.

“They set (the) discretionary income based on the amount you earn above 150 percent of the poverty line for your family size, which obviously could change over the years,” he said. “When you first get out you could be a family of one and a few years down you might be a family of four.”

You can read the rest of this story at the Purdue Exponent website .