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Loan forgiveness for public service employees under the William D. Ford Direct Loan Program / David P. Smole.
- Format:
- Book
- Government document
- Author/Creator:
- Smole, David P., author.
- Series:
- CRS report for Congress.
- CRS report for Congress
- Language:
- English
- Subjects (All):
- Public service employment--United States.
- Public service employment.
- Student loans--United States.
- Student loans.
- Physical Description:
- 1 online resource (5 pages).
- Place of Publication:
- Washington, District of Columbia : Congressional Research Service, 2008.
- Summary:
- The College Cost Reduction and Access Act of 2007 (CCRAA; P. L. 110-84) establishes a new loan forgiveness provision for borrowers of loans made under the William D. Ford Direct Loan (DL) program who are employed in public service jobs for 10 years during the repayment of their loans. [...] Also, while in most instances borrowers of Consolidation Loans are ineligible to reconsolidate their loans under either the FFEL or DL programs, effective July 1, 2008, borrowers of FFEL Consolidation Loans are eligible to reconsolidate their loans into Federal Direct Consolidation Loans for purposes of using the DL program loan forgiveness provision for public service employees. [...] Borrowers of PLUS Loans are not eligible to repay according to the ICR plan; however, PLUS Loan borrowers may consolidate their loans and repay a DL Consolidation Loan according to the ICR plan. [...] On the basis of these requirements, it appears that for borrowers to make 120 payments on their loans and still have an outstanding balance available to be forgiven after the completion of those payments, borrowers will need to make at least some of their payments according to either the ICR or IBR plans. [...] Borrowers are required to be employed full-time in a specified public service job at the time of loan forgiveness and for the period during which they make each of the 120 monthly loan payments required for loan forgiveness.
- Notes:
- Description based on publisher supplied metadata and other sources.
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