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September 19, 2007
College Cost Reduction Act
Great news! Debt relief! Yay! On September 7, 2007, Congress passed the College Cost Reduction Act and the White House announced that President Bush will sign it. The Act will make it more feasible for law students interested in public service who also have significant educational debt to take nonprofit and government jobs. Among the provisions in the bill: an annual ceiling on loan payments for borrowers with high educational loan debt compared to their incomes and the ability for such borrowers to make affordable monthly payments for ten years while in public service, after which the federal government will forgive the remaining obligation.
The text of the bill is available at http://kennedy.senate.gov/imo/media/doc/HR2669_conf_report.pdf.
Posted by smp20 at September 19, 2007 02:59 PM