Last week, the White House issued a Presidential Memorandum that will make it much easier for federal student loan borrowers to enroll in Income-Based Repayment (IBR). By the end of September, students be able to electronically transfer your IRS income data directly into the IBR application and submit it online. But people need to know about IBR before they can benefit from this major improvement to a process that can currently take weeks or even months. (For more information, see the White House’s fact sheet.)
Last week, the White House also announced that 10 colleges and university systems committed to include several crucial and comparable pieces of information about costs, aid, and student outcomes in their financial aid packages for 2013-14 and beyond. And last month, Senator Al Franken (D-MN) introduced the “Understanding the True Cost of College” Act, which would require all colleges to use a standardized, user-friendly financial aid award letter.