College Cost Reduction and Access Act
In response to the increased growth in student loan debt, Congress passed the College Cost Reduction and Access Act of 2007 (CCRA). One of the provisions of the Act is the Public Service Loan Forgiveness (PSLF) Program, which allows for qualified borrowers to have their Federal student loan balances to be forgiven.
The law is complex, and the required paperwork to maintain eligibility is complicated, as the U.S. Department of Education’s Loan Forgiveness for Public Service Employees Fact Sheet shows.
So what are the key criteria to qualify for the PSLF Program?