For those students interested in learning more about the College Cost Reduction and Access Act, the recent press release from Equal Justice Works should be on your reading list. The release indicates that The Department of Education has released the final regulations that govern the Public Service Loan Forgiveness and Income-Based Repayment programs of the College Cost Reduction and Access Act. Although the final regulations are significantly similar to the previously issued proposed rules, there are some important clarifications and changes which are outline in the Release. Some changes include:>> The Department rejected suggestions for annual certification of eligibility, but stated that “we will continue to examine ways to assist borrowers who are interested in, or already employed in public service, to determine and document their eligibility for the loan forgiveness program.” Equal Justice Works continues to advise borrowers to collect and retain records that support the borrower’s eligibility for Public Service Loan Forgiveness.
>>The Department announced its intention to develop a form for borrowers to use to apply for the public service loan forgiveness which will include “all the information the borrower and the borrower’s employer need regarding the eligibility criteria, applicable definitions, and procedures for applying for the loan forgiveness benefit.” Equal Justice Works will work with the Department to develop clear and simple administrative procedures.
>>The Department revised the definition of full-time to apply the ... to continue reading the entire press release, click HERE.
