Help!! I need information about College Cost Reduction and Access Act, public service loan forgiveness?
I need information about the new CCRAA and the public service loan forgiveness; the one where you work 10 years in a public service job to forgive the 120 loan payments. I have been searching the internet for the last few weeks. All I can find out is information about it. No where will tell me how to apply fo the loan, where I get it, or anything like that. I even went to my college’s Financial Aid office, and they couldn’t help me. I know it is a very new act and everything, but there has to be something out there that says how to get it.
It is not “work 10 years in public service to forgive the 120 loan payments.” You have to make 120 months (10 years) worth of ON TIME payments while working in public service to have the remaining balance of your loan forgiven.
No one can tell you how to apply for the loan because it is not a loan. I believe that no one can tell you how to get “into” this program as well because it is not in effect yet. I imagine that there will be an application on the department of education or Direct Loan website when it is available.
Please read the article below, it is a good explanation of the program.
