Public Interest Law Loan Updates

Special thanks to my friend Michael for forwarding me the following two websites. They detail (or, at least outline) two new programs going into effect starting July 1, 2009.

The College Cost Reduction & Access Act has two parts that will be of interest to public interest lawyers. One, after making loan payments for 10 years on government-backed loans, the government will forgive the loan balance for qualifying borrowers. And two, there's a new, income-based repayment system in place: monthly loan payments will be capped at an amount relative to the borrower's income and after 25 years, the federal government will forgive any remaining loan debt.

For further info check out the following:

Student Loan Relief on the Way for Law Grads
and
The National Law Journal

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