RICHLAND, Wash. - If you're one of the many who have the burden of paying off expensive student loans, there's a new repayment option to help keep you from breaking the bank.
Senator Patty Murray announced Wednesday that a student loan repayment option will soon by available to students in Washington State and across the nation.
It's called the income based repayment plan or IBR. It allows students or graduates pay less on monthly loan repayments depending on how much money they make. This applies to new federal loans as well as existing loans.
The goal is to give students or graduates a break in this tough economy.
"A lot of young people are finding it very difficult to afford their loans, given their income right now. This again, provides a cap based on that income so their payments are affordable each month," said Matt McAlvanah with Senator Patty Murray's office.
The Obama administration and the Department of Education announced the Free Application for Federal Student Aid, or the FAFSA forms, will be simplified and easier to understand.
The plan is to shorten the online application and ask congress to pass legislation removing more than half of the financial questions.
Many students said they didn't apply for federal aid because the application process was too long.