As many of you know firsthand, student loan obligations follow you around for 20 years after graduation, often at very low interest rates (I was fortunate enough to consolidate mine in 2003 or 2004 into one 2.675 percent loan for 20 years). But the debt drag can haunt you.
And for those paying 6 or 7 percent, the repayment can be onerous.
Enter the government. H.R. 2669 (passed into law by President Bush's signing on September 27, 2007)
Allows loan forgiveness for employees who have made 120 monthly payments on student loans while employed in public service (Sec. 401).So, if you're so inclined, you can cut your payoff time from 20 years to 10 years by working as a public servant. Not a bad way to recruit. (Well, it is a bad way to recruit if you don't publicize this provision.)
It's worth checking out. It seems our government is hellbent on growing to the point where every working age citizen works for a government entity, so you might as well get a head start on the process now.