President signs federal student loan forgiveness bill

President Bush signed The College Cost Reduction and Access Act (H.R. 2669) into law on Sept. 27, 2007. The Act became effective on Oct. 1, 2007.

For us working for nonprofits and cause-relaed 501(c)(3) organizations, the impact of the Act is substantial, including forgiveness of all remaining federal student loans after 120, ontime payments (10 years). A detailed explanation of the public service loan forgiveness section of the bill can be found here.