As of July 1st of this year, the College Cost Reduction and Access Act will go into full effect. The basis of this act is to make college loans less burdensome for students who are interested in going into public service. This can happen in two ways: if after school you are employed full time in a non-profit job (government, 501 c 3, etc.) and still have debts (certain types of student loans) after 10 years, the remainder of your loans may be forgiven. Secondly, there is the Income-based Repayment Plan which can significantly reduce your monthly loan repayment amount. There are many stipulations about what kinds of loans and what kinds of employment qualify to be eligible for these programs, however, they're worth learning about if you are dedicated to service. Learn more about it at Equal Justice Works.
Wednesday, April 22, 2009
Non-Profit Work and Loan Forgivness
As of July 1st of this year, the College Cost Reduction and Access Act will go into full effect. The basis of this act is to make college loans less burdensome for students who are interested in going into public service. This can happen in two ways: if after school you are employed full time in a non-profit job (government, 501 c 3, etc.) and still have debts (certain types of student loans) after 10 years, the remainder of your loans may be forgiven. Secondly, there is the Income-based Repayment Plan which can significantly reduce your monthly loan repayment amount. There are many stipulations about what kinds of loans and what kinds of employment qualify to be eligible for these programs, however, they're worth learning about if you are dedicated to service. Learn more about it at Equal Justice Works.
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