Educational Debt Relief Information and Resources for Employers
Equal Justice Works believes that educational debt should lead to opportunities for happiness and success in choosing to pursue public service careers -- not stand in the way of this service.
Printer-friendly versionLearn about available relief to help recruit and retain valuable employees and to help them qualify for relief and forgiveness programs. If you take steps to secure relief for your employees, you'll help them overcome the substantial barrier caused by high educational debt and remain at your organization serving the public interest.
The College Cost Reduction and Access Act of 2007 (CCRAA)
Equal Justice Works was a leading advocate for the passage of the College Cost Reduction and Access Act of 2007. If your employees borrowed federal student loans, the CCRAA may help ease their educational debt burden.
The CCRAA created a historic Public Service Loan Forgiveness Program (PSLF), offering loan forgiveness after ten years of work in qualifying public service employment. For borrowers with federal student loans that have high debt relative to their income, the CCRAA also created a new repayment plan -- Income-Based Repayment -- which can help lower monthly payments by calculating the amount due monthly based on income rather than the amount owed.
Look through our information on Public Service Loan Forgiveness and Income-Based Repayment. Then sign up for an informational webinar to learn how these programs can work together to help ease the burden of educational debt.
Loan Repayment Assistance Programs (LRAPs)
These programs available from schools, employers, states and the federal government can help manage educational debt by providing funds to make monthly payments. Often, LRAPs may be used in conjunction with IBR and PSLF by providing funds to make lowered monthly payments in IBR for ten years until Public Service Loan Forgiveness is earned.
You may be able to provide employees LRAP benefits that will enable them to remain in public interest work.
Read about what LRAPs are and how they work. Then sign up for an informational webinar to learn what you should look for and how LRAPs can work with IBR and PSLF to significantly reduce the burden of educational debt.