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PSJD: A NALP Initiative

Debt Basics

Student loan repayment is tough on a public interest salary.  But, the College Cost Reduction and Access Act (CCRAA) was designed to make it easier.  It has two distinct components - loan repayment options and loan forgiveness options.  They are separate, but can work together to help you repay your loans at a level  you can manage, and pursue the public interest job you desire.  The two main repayment plans you should investigate are Income Based Repayment (IBR) and Pay As You Earn (PAYE).  Additionally, if you borrowed prior to 2011, you should take a look at the Revised Pay As You Earn (REPAYE) plan. Separate from your repayment options is the federal Public Service Loan Forgiveness Program.  IBR, PAYE, and REPAYE repayment options are open to anyone regardless of employer.  They are repayment options based on income.  The federal Public Service Loan Forgiveness Program requires you to be employed by a qualifying employer for 10 years of full-time work and make 120 qualifying loan payments in order for you to be eligible for loan forgiveness.  Making your repayment options work with loan forgiveness has stumped folks since the CCRAA passed.  Below are resources to help you navigate this confusing area and give you ways to manage your debt.