While the following information does not directly relate to Veterans, it does in that the new GI Bill, which is not the rigging that the Montgomery GI was, will not leave a veteran with a heap of debt after completing their studies. The previous GI Bill, which needed to be trashed years ago, supplied just enough assistance to send you straight to the bank to subsidize paying the tuition. It was as much a banking gimmick as it was an educational catalyst.

And, one may recall that many of the Universities were engaged in kickbacks for guiding the nubile young students to the local bank. The new GI Bill along with repayment relief should clean up the underground world of educational profiteering.

Some Relief On Student Loans

Repaying a student loan could soon be a little less painful.

Starting this week, anyone with a federal student loan can apply for a new Education Department program, which caps monthly payments based on income and which forgives remaining balances after 25 years. Those agreeing to public service work could have loans forgiven after 10 years.

Eligibility for income-based repayment is determined by a person’s income and loan size. A calculator at http://www.ibrinfo.org can help borrowers determine their eligibility for the plan, which becomes available Wednesday.

The program stems from the College Cost Reduction and Access Act, signed in 2007, which authorized the creation of an income-based repayment plan for some types of loans.

Payments would amount to less than 10 percent of income for most of the estimated 1 million people expected to enroll, experts say. Payments would never exceed 15 percent of any income above about $16,000 a year (or 150 percent of the poverty level). Those who earn less than $16,000 would not have to make any monthly payments.