Finally, Federal Loan Forgiveness!!

“We must make the choices that enable us to fulfill the deepest capacities of our real selves.” ~Thomas Merton

For professionals and students heading into not-for-profit or government jobs, one of the most exciting developments ever to happen in educational legislation was the College Cost Reduction and Access Act (CCRAA), signed into law in September 2007. Basically, it ensures a manageable income-sensitive repayment schedule and a full FORGIVENESS of the balance after 10 years (or 120 payments) in a public interest, government or not-for-profit job (defined in the act). Note, these need not be just law-related, but ANY, including teaching, law-enforcement, social work, you name it.

The details are complicated, and still have some wrinkles; the final forgiveness is still a taxable event until lobbyists get their way in the form of an amendment. But if you anticipate being in public service for the next ten years, it is an amazing deal. For more information, see the following links.

UB Law Links Article
Equal Justice Works Resource Site
Law Review Article by Georgetown Professor Philip Schrag
IBR Info: A non-profit information resource regarding the CCRAA

The Federal Direct Consolidation loan application is here.

Just another great tool to help you on your way to your dream job!