Released: June 29, 2008

Public service can wipe out student loans

Source: Kathy Kristof, Los Angeles Times (Free Registration)

If you’re facing years of student loan payments but aren’t making much money because you’re working in public service, the federal government has some good news for you. A law that takes effect Tuesday could allow you to have some of your college debt forgiven.

The debt-forgiveness provision of the College Cost Reduction and Access Act, enacted last fall, is designed to encourage college graduates to enter - and stay in - public service careers that many people might spurn in favor of better-paying jobs. Here’s how it works:

The program will erase any student loan debt - including principal and interest - that a public service worker has after making monthly payments for 10 years.

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