Loan Deferral and Forgiveness Program
While we continue this program, we are now able to do more for recent and future graduates.
The federal College Cost Reduction and Access Act (CCRAA), signed into law in September 2007, established income-based loan repayment and a public service loan forgiveness program for law graduates. This program allows law school graduates to make lower monthly payments on federal loans, based upon ability to pay, with those who go into public interest and public service careers eligible for full federal loan forgiveness after making payments for ten years.
All Northeastern graduates pursuing careers in public interest law and public service are eligible to participate in this program. Because the CCRAA applies only to federal “direct” loans, all students who intend to enter public interest careers are encouraged to consolidate their student loans.
We are pleased to report that our recent graduates are able to reduce their monthly payments using the income-based repayment formula under the CCRAA, and the School of Law is now able to meet much more of their need. For example, in our 2012 funding year, the School of Law covered 76 percent of the debt obligations of 2010 and 2011 graduates in the program.
The 2014 Round One Deadline is October 31, 2013. The Round Two Deadline (for those applicants who obtain employment after the Round One) is May 31, 2014.