The government hopes a new loan forgiveness program will give students an incentive to consider a career in public service. In exchange for 10 years on the job in a field of public service such as public safety, education, or social work, the Department of Education will erase certain borrowers’ remaining federal student loan debt.
As a result of the string of rate cuts made by the Fed over the last year, most parent and student borrowers who have existing variable-rate federal student loans will see their interest rates drop by 3 percent on July 1, 2008 — the biggest rate drop in the history of the federal student loan program.
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