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Latest News: National Service Legislation

New Legislation Includes Student Loan Forgiveness for Nonprofit Workers

Thursday, September 13, 2007  
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from "Maryland Nonprofits"
 
H.R. 2669 - the College Cost Reduction and Access Act -   On Friday Sept. 7,  both Houses of Congress approved a conference committee report including employees of 501(c)(3) organizations as 'public sector' employees for purposes of a new loan forgiveness provision.

Among numerous other provisions (see below), the legislation defines employment by 501(c)(3) tax exempt organizations as a  'public sector job' making the individual eligible for loan balance forgiveness after 10 years of payments under an income contingent repayment plan.   The text of the bill as agreed to by both Houses is now available - the loan forgiveness provisions begin on page 17 of this printing.
 
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