Student debt in the six figures is certain to rank low on anyone's list of things that give them the warm and fuzzies, probably falling somewhere between guys that flip their collars up and Speidi.
But that attitude toward debt may change, at least for some borrowers, come July 1 when a new Perkins, Stafford and Grad PLUS loan program takes effect.
While the new policies won't eliminate debt completely, they could possibly turn someone's scary, monstrous, burdensome debt beast into something more manageable and possibly more cute and cuddly, according to a Project on Student Debt video that explains some of the changes.
If you were too caught up in the adorableness of the debt monster - I know I was - here are the basics.
According to a Bargain Babe interview with Bill Penn (who gives career advice to students at Lewis & Clark Law School), the change is twofold.
For starters, rather than paying back loans at a fixed rate, some borrowers can get something called income-based repayment, which allows lenders to cap payments at 15 percent of the buyers income. Under previous rules, this would have meant even more years of debt. Under the new program, however, whatever is not paid back after 25 years is forgiven.
The news is even better for those who go into public service. You can have your loans forgiven after just 10 years.
Find out more about what these loans could mean for you at the Project on Student Debt website. Also, check out the Project on Student Debt's Facebook page for information on the June 17 and June 24 webinars conducted by Equal Justice Works.