I teach Leadership and Change to working adults pursing graduate degrees in public administration and nonprofit management at George Mason University. They are a great group and one of the students shared the following information regarding the federal student loan debt forgiveness program for those who worked for nonprofits for ten years. You probably haven’t head about it, but you want to! The bill has just been reported out of committee and is headed to the White House. Let’s hope that the President will sign it.
This is the latest information on the forgiveness program.
H.R. 2669: The College Cost Reduction and Access Act – Courtesy of Maryland Nonprofits
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.
Senator Barbara Mikulski was a member of the conference committee that accepted the House’s inclusion of 501(c)(3) employees, and Representative Sarbanes was a sponsor of the expanded loan forgiveness provision and inclusion of nonprofit employees, and Representative Van Hollen also co-sponsored the legislation.
In addition, Senator Cardin, and Representatives Gilchrest, Ruppersberger, Wynn, Hoyer and Cummings joined in voting for the conference report.
The nonprofit community across the country faces a serious challenge with the onset of “baby-boomer” retirements from its management and professional ranks. At the same time, costs of college and advanced education have skyrocketed, and many young people otherwise interested and committed to public service in nonprofit organizations are effectively forced to seek higher compensation elsewhere in order to repay college debt that rivals the cost of home-ownership just a decade or two ago.
At the same time, there is heightened concern among the public and in Congress itself with the effective and ethical operation of tax exempt organizations.
H.R. 2669 is described by the House Education and Labor Committee as “The largest investment in higher education since the GI Bill…”. In addition to loan forgiveness for public service, it includes:
- Interest rate reductions on subsidized student loans,
- Caps on required repayments based on available discretionary income,
- Increase in Pell Grant amounts and eligibility.
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What if you have paid back some years already
Nancy brings up an interesting question regarding those who have been paying on their student loans for a while, and whether the new law applies to these people. I would recommend reading the signed law. Further, the legislation will identify a controlling agency, you can contact that agency. The easiest thing is to contact your congressional representative – House rep. or senator. Please come back and post what you learn. Good luck!
Now that this has become law, do you know how we can take advantage of this? I’m graduating in May and I’m going into a non-profit. I have lots of debt and am expecting a low salary.
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I immigrated from India and I started my education at the age of 35 while in United States. While working as a clerk, I completed my BS degree. I then learned of the program by Ross University’s medical school and of the availability of US student loan to its students and I joined the program. Unfortunately, after the basic science, I was dropped from the program for I did not pass one subject. I managed to join the Unversiad Ibero Americana and completed the program. The total expense was through loan which I thought, I could repay.
I now found admission to residency is a gamble and took one year additional course in nursing, this too through student loan. In fact I I am deep the loan. I also had two children and had to educate them. My only choice was forbearence to manage the loans and home mortgage. Though I was making regular payments, from next month, I should pay $ 650.00 per month in addition to $ 250. 00 I pay to Sallie Mae. The total amount, approximately $122,000.00. I would very much appreciate your assistance to reduce the loan and monthly payment. I would very much appreciate your help.
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I am planning on graduating in 3 years from college. I am only going parttime and I currently work in a nonprofit organization. I am hoping to advance in this organization. I am maxed out on my student loans and am wondering how working for a nonprofit can help me with my loans. Can you help me? Thank you!!!!
I am a 67 year old graduate of Roosevelt University in Chicago, IL! I have always been promoting Student Loan Forgiveness for our Students. I pray that some group organize and call a membership drive to support Student Loan Forgiveness. I remember x-President Clinton forgave Debt for other Countries when he was in office! So why not forgive Student Loan Debt for our young people and people who try to further their Education.
I never paid for my Education i.e. Courses or Books…not one cent. I went on a Illinois State Scholarship during the era of Affirmative Action. The only requirement to keep getting this Scholarship was to maintain a C Average!!! I went to College and worked most of the time as a Legal Secretary! I thank God for my education. Many people went to college free during this period! As a matter of fact, that’s why I went because it would be paid for and the only requirement was to maintain a C Average. To me, I could not ignore such an advantage even though I was successfully employed! I think it’s a shame my children have to pay for their Education, and especially those students who are out of College and unemployed! The ones graduating will probably be unemployed for a while. ONE WAY OUR GOVERNMENT CAN SOLVE THE EDUCATION PROBLEM IS TO FORGIVE STUDENT LOAN DEBT! It should be like in was in the late 60’s and 70’s….Affirmative Action for our Children! HEAR ME AMERICA…THIS IS ONE WAY TO HELP …WE THE PEOPLE! IF AMERICA CAN FORGIVE OTHER COUNTRIES DEBT THEN THEY CAN FORGIVE STUDENT LOAN DEBT OF OUR AMERICAN PEOPLE!
I still promote Student Loan Forgiveness whenever I have an opportunity like now!. I am Director of the International Prolife (better life) Federation…and we are also against Roe v. Wade. however we have other social service programs! We are initially a political non-violent n/f/p social service NGO organization for men, women and children of all ages and cultures, irrespective of religion! For those who read my post and wish to help me continue promoting this Student Loan Forgiveness as one of our organization’s mission please contact me at Loudproductions5050@yahoo.com or at 773-606-9264!
Ms. Ernestine Standberry, Director of the
International Prolife Federation and CAN-TV Producer
I went back to school in 1985 through 1992. I have now paid on student loans since 1992. I have been paying for these loans and still have 50,000 outstanding with interest for when I wasn’t working because of health.
I am now going to be 65 years old. I worked in a non profit from 1992 until 2007. Am I eligible for forgiveness, and who pray tell do I turn to. I see all the elibiblity, but no one says where to apply. Help, at this rate I will be working till I am 80 years old. CJ from Duluth, MN
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