While highlighting some of the
other benefits that started yesterday, both
the Washington Post and
the Daily Texan pay specific attention to the public service loan forgiveness program under the
College Cost and Reduction and Access Act.
The
Washington Post explains how this benefit works:
Under the Public Service Loan Forgiveness Program, the Obama administration announced yesterday [although this provision was enacted 2 years ago by Congress], people with student loans can have their debts erased after 10 years of public service. Let's say Dr. Feelgood graduates from medical school with a mountain of student loan debt. Her heart, and a little angel on one shoulder, tell her to work in a clinic serving a low-income community on tribal lands, but that little devil on her other shoulder says to become a plastic surgeon in Beverly Hills. And the little devil is holding her empty pocketbook as evidence to back his case.
If the doctor follows her heart and makes 120 payments -- one a month for 10 years -- on her student loan, Uncle Sam will tell her to forget the rest of the money she owes.
and the
Daily Texan speaks to a student who will benefit from the new provision because she is entering public service.
Elisheba Evans, a former UT English student who transferred to the University of North Texas, is paying off her UT-Austin student loans.
She said the program’s forgiveness clause will benefit her in her career choice as a science teacher.
“It’s good that there is a system in place to reward people going into [public service] because you aren’t making that much at all,” Evans said.
Learn more about
public service loan forgiveness (pdf) and
read other blog posts on the benefits from the
College Cost Reduction and Access Act.
