Does anyone else know exactly what this means for any of us starting dental school and doing the HSCP? If we do 10 years of military service can we get our loans forgiven through this plan? Thanks in advance.
Loan Forgiveness (Public Service):
Beginning July 1, 2008, individuals who pursue public-sector careers (military, law enforcement, firefighting, nursing, public defenders, librarians, early childhood teachers, etc.) can have the balance on their student loans forgiven after 10 years of service and loan repayment. The law does not require that the 10 years of public service be continuous. However, before the borrower can qualify for accelerated debt forgiveness, they must: (i) have made 120 payments under some combination of IBR, ICR or standard repayment; (ii) served full time in a public service job; and (iii) hold a public service job when the debt forgiveness occurs.
Only direct student loans or loans consolidated under the government's direct-loan program are eligible for the debt forgiveness. The end result will be the total repayment of only one-fourth to one-third of the loan debt.