Columbus School of Law

Financial Aid >Post Grad >CCRAA

This is a very brief overview of the College Cost Reduction and Assistance Act (CCRAA) and is intended to give the reader a general sense of whether this Act has or will have relevance to his or her particular situation. The two provisions of primary interest to students are: Income-Based Repayment (IBR) and Loan Forgiveness. Explore the links below. If you have any questions, feel free to contact our office: (202-319-5143) or fin-aid@law.edu.

Income-Based Repayment (IBR): Beginning July 1, 2009, the CCRAA extends to all borrowers of Federal Loans (Stafford, PLUS, Perkins, and Federal Consolidation Loans) the opportunity for a repayment plan that is determined by the borrower's AGI (adjusted gross income). This will allow borrowers to pay according to their income and not based on their total loan debt. Review our IBR information page to see if this could be helpful to you.

Loan Forgiveness after 10 Years: The CCRAA offers loan forgiveness for Federal Loans (Stafford, PLUS, Perkins, and Federal Consolidation Loans) after 10 years of on-time payments and 10 years of Public Service Employment. Review our Loan Forgiveness after 10 years information page to see if you qualify. Read carefully all considerations before making a decision.

Loan Forgiveness after 25 Years: The CCRAA offers a loan forgiveness for Federal Loans (Stafford, PLUS, Perkins, and Federal Consolidation Loans) after 25 years of on-time payments regardless of employment (i.e., employment in a Public Service position is not required). Review our Loan Forgiveness after 25 years information page to see how you can take advantage of this program.

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Related Links

Speaker Nancy Pelosi: www.speaker.gov/legislation?id=0085

Equal Justice Works: www.equaljusticeworks.org/files/ccraa_update_4-18.pdf

NASFAA: www.NASFAA.org

FinAid.Org: www.finaid.org/loans/publicservice.phtml