Are there any loan forgiveness programs or repayment plans that I might qualify for as an AmeriCorps member?

On September 27, 2007, President Bush signed the College Cost Reduction and Access Act of 2007 (“CCRAA”) into law. In addition to other amendments to the Higher Education Act of 1965, the CCRAA created two new federal programs: a new Public Service Loan Forgiveness program and a new Income-Based Repayment plan (IBR) for the repayment of federal loans. The new Income-Based Repayment plan helps to make repaying education loans more affordable for low-income borrowers, such as an AmeriCorps member living on a stipend; AmeriCorps service is also recognized as equivalent to a public service job for the purposes of the Public Service Loan Forgiveness program.

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