Update, July 1, 2009! Check out this post about applying for Income-based repayment from your lender!

This July 1st, the College Cost Reduction and Access Act (CCRAA) of 2007 will take effect and includes provisions to make undergraduate and graduate education more affordable for aspiring social-impact professionals.

The CCRAA is a complicated piece of legislation that, if you take advantage of it, can help you retire college and grad school debt early.

The main programs that the CCRAA has created include:

Income-Based Repayment (IBR) — Caps monthly direct and guaranteed (FFEL) student loan payments based on the borrower’s income and family size. According to IBRinfo, “For most eligible borrowers, IBR loan payments will be less than 10 percent of their income – and even smaller for borrowers with low earnings. IBR will also forgive remaining Continue reading →