Help for Law Grads with Debt

The news from the federal government to new law graduates is that help is on the way. The National Law Journal reports that, effective July 1, the College Cost Reduction & Access Act "will cap monthly loan payments according to income and forgive student debt balances after designated periods of time."

Specifically, those working in public interest positions will have the remainder of their government-backed loans forgiven if they work for 10 years in public service and make payments on the loans during that time.

Another way borrowers may have debt forgiven is to make monthly payments on the loans capped at 15% of their income for 25 years; after that, the government will forgive any remaining debt.

Read more about this plan and about what law schools are doing to help their students understand this new legislation at Law.com.