The following information is for nonprofit employees.
College Cost Reduction Act
The CCRA helps professionals in the nonprofit sector by offering a loan forgiveness program for those who apply and qualify. Read an overview of student loan forgiveness here.
If you meet three criteria, the CCRA will cover the remaining balance (principal and interest) on your student loans after you’ve made 120 payments. The three key parts of the program require that you have eligible loans, make qualifying payments and work for a qualifying public service organization.
Equal Justice Works has some great webinars, worksheets and presentations which offer both a broad overview and some specific information about the CCRA:
Here are some more helpful resources:
- Department of Education’s Financial Student Aid Office: http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
- Full Text of H.R.2669 — College Cost Reduction and Access Act: https://beta.congress.gov/crec/2007/09/06/CREC-2007-09-06-pt1-PgH10168.pdf
- Full Text of H.R.4872 — Health Care and Education Reconciliation Act of 2010: https://beta.congress.gov/111/bills/hr4872/BILLS-111hr4872enr.pdf
- Fact Sheet from the Department of Education: http://studentaid.ed.gov/students/attachments/siteresources/LoanForgivenessv4.pdf
- Information from the Department of Education about Public Service Loan Forgiveness (PSLF): http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp
- Information from the Department of Education about Federal Student Aid Loan Consolidation: http://loanconsolidation.ed.gov/
- Income-Based Repayment Info from the Department of Education: http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp
- IBR Resources (calculator, fact sheet, training resources): http://ibrinfo.org/
- FinAid.Org Calculators and Worksheets: http://www.finaid.org/calculators/