College Cost Reduction and Access Act (CCRAA)
Office of Financial Resource Management

The College Cost Reduction and Access Act of 2007 (CCRAA), was signed into law on September 27, 2007. The CCRAA contains two new programs that may enable more graduates to pursue public service law.

1. The Income Based Repayment Plan (IBR) allows borrowers to repay their loans based on their income at the time of repayment (lower monthly payments.)
    

2. The Loan Forgiveness provision states that the federal government will then forgive (cancel) the remaining debt of borrowers who spend ten years in a qualifying public service job and who make monthly payments on their Federal Direct loans.

We offer the following brief overview that highlights the provisions of this act.

• The College Cost Reduction and Access Act of 2007 (PDF)

For more information please visit:

Equal Justice Works
http://www.equaljusticeworks.org/resource/ccraa

NASFAA (National Association of Student Financial Aid Administrators http://www.nasfaa.org/PDFs/2007/FAQPublic.pdf