Just a quick recap on program:
The College Cost Reduction and Access Act, which includes provisions to allow students better access to college and an improved ability to pay off post-education debt, is now fully in place. Although George W. Bush signed the act into law in 2007, many pieces of the act became active only in July 2009.
Much of this information is still being developed, and students are largely unaware of the significant financial benefits now available to them. Campus Compact has created a guide to help members navigate the details of this law, including summaries of key provisions, tips to help students get the most out of the plans, and helpful links for further information.
Briefly, the act includes two debt forgiveness plans, one based purely on the financial ability to pay and one based on career choice. The Income Based Repayment plan, which became active on July 1, 2009, is arguably the best loan-repayment plan available today for students with a high debt-to-income ratio. The Public Service Loan Forgiveness plan allows for total loan forgiveness after 10 years of payments for students working for nonprofit or governmental organizations.
For more information see (here)