More than two decades ago, the student loan income dependent repayment plan was created to help stem the rising number of defaults. in a nutshell, the plan allows borrowers to make payments of anywhere from 10 to 20 percent of discretionary income (defined as income earned over 150 percent of the poverty level adjusted for household size) with the promise of forgiveness for any remaining balance after a period of 20 to 25 years. Sounds great, however, so far only a couple dozen borrowers have … [Read more...]
Archives for October 2019
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Peoria Lags Behind Job Gains in State
Despite the fact that unemployment in Illinois has dropped over the last 12 months, with job gains seen in many metro areas across the state, both Peoria and Kankakee have lost hundreds of jobs in the same period. In 2018, Peoria unemployment rates were at 4.1 percent with an estimated 7,300 Peoria residents unemployed. The lack of job growth over the last 12 months puts a further financial strain on residents in Peoria and surrounding areas. Some job losses in the area coincided with the … [Read more...]
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