Sen. Kennedy Urges Students to Take Advantage of Income Based Repayment

7/2/09Senator Ted Kennedy has sent out a letter to all Massachusetts college presidents urging them to make sure that their students are aware of the new act passed to assist college students with their loans. The College Cost Reduction and Access Act of 2007 or IBR (Income Based Relief) went into effect on July 1, 2009 and protects students from having payments exceed 15% of the students disposable income.

One of Kennedy's major concerns is that college is not affordable and is preventing students from opportunities. In his letter Kennedy wrote, "I'm hopeful that this new option will make college more affordable for more students, and college graduates' employment decisions will not be dictated by the terms of their student loans."

Kennedy advises students to contact their lenders' of their student loans and apply for the Income Based Relief.