Kathy Kristof: Going into public service could win student-loan forgiveness

Personal Finance by Kathy Kristof Tucson, Arizona | Published: 07.27.2008 If you're facing years of student-loan payments but aren't making much money because you're working in public service, the federal government has some good news for you: A law that took effect July 1 could allow you to have some of your college debt forgiven. The debt-forgiveness provision of the College Cost Reduction and Access Act, enacted last fall, is designed to encourage college graduates to enter — and stay in — public-service careers that many people might spurn in favor of better-paying jobs. Here's how it works: What does the provision do? The program erases any student-loan debt — including principal and interest — that a public-service worker has after making monthly payments for 10 years. What's the catch? You must remain in a qualifying... [read full story]