My cousin sent me a link to this on Facebook the other day. I'd like to share it with non-Facebook users. (Please note that this content is in the original form which I received it. I make no guarantees as to what is stated here.) Here you go my friends....
LOAN FORGIVENESS FOR PUBLIC SERVICE EMPLOYEES
The College Cost Reduction and Access Act (CCRAA) enacted in October 2007, created a new loan forgiveness option for borrowers who hold public service jobs, including certain mental health and school counselors. Borrowers who meet requirements outlined in the law may be eligible to have a portion of their student loan debt forgiven.
The CCRAA creates a new loan forgiveness program for Federal Direct Loan (only) borrowers who work in public-service fields for 10 years. The legislation now allows the Department of Education to cancel the balance of any interest and principal due on any Federal Direct Loan - including Direct Stafford, Direct PLUS, or Direct Consolidation Loan - that is not in default for borrowers who:
• Have made 120 monthly payments (i.e., 10 years) on a Direct Loan after October 1, 2007, AND
• Are employed in a "public service job" and have been employed in a
public service job during the 120 payment period (i.e., 10 years).
A public service job is defined as a full-time job in:
• public health, (e.g., licensed professional counselor),
• public education, (e.g., school counselor),
• emergency management,
• government,
• military service,
• public safety,
• law enforcement,
• social work,
• public interest law services,
• child care,
• public library sciences, or
•any other job at an organization that is described in section 501(C)(3) of the Internal Revenue Code of 1986.
ACA has developed an FAQ on the public service loan forgiveness program, available at: http://www. counseling. org/Files/FD. ashx?guid=1a69f339-3596-4a98-810a-1e00261b80f2.
Since the earliest that borrowers can take advantage of public service loan forgiveness is 2017, application procedures may not be immediately available. Borrowers should visit the U.S.
Department of Education’s Web site for more information at:
http://studentaid. ed. gov/students/attachments/siteresources/LoanForgivenessMarch18. pdf
Borrowers may also visit the U.S.
Department of Education’s Direct Loan Servicing web site at:
https://www. dlssonline. com/borrower/BorrowerWelcomePage. jsp, or call (800) 848-0979 or (315) 738-6634, FAX: (800) 848-0984, TDD: (800) 848-0983.
NOTE: I discovered that the web address for the US Dept. of Ed's Direct Loan Servicing site has changed to: https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp
