Most loan companies offer Income-based repayment (hereafter IBR) only on their federal loans, and have stringent policies concerning the repayment of their private loans, which can often have higher interest and in some cases higher balances than their federal loans.
The option of IBR is a concession on the part of the government that a person fresh out of college may not find a well paying job within their first six months after graduating. The IBR makes it possible for many people to go into worthwhile and fulfilling careers even if those careers may not be among the nation’s highest earners.
We call upon the US government to require all lenders to offer IBR on all private student loans.
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