Student Loan Forgiveness...

While looking at numerous government jobs, I have come to the conclusion that government jobs just don't pay a lot. But that's okay. One of the reasons is because of this new student loan forgiveness plan that was just signed into law. All the details have no been ironed out yet because the forgiveness doesn't start until 10 years after you graduate. And you have to have to have started paying on your loans after October 2007, so there won't be any forgiveness until 2017... But, anyway, Here is some information on it:

"On September 7, both the U.S. Senate and House of Representatives
overwhelmingly approved a college tuition assistance bill that
establishes a student loan forgiveness program for public service employees,
including people who work at nonprofits for 10 years. The votes came two days
after a Congressional conference committee, which included Sen. Richard Burr and
Rep. Virginia Foxx of N.C., met to work out differences in the House and Senate
versions of a college tuition assistance bill. President Bush signed the
legislation into law on September 27.
This legislation is an important
victory for the nonprofit sector, because it will make nonprofit jobs a more
attractive option for talented young college graduates! It also may provide a
measure of loan forgiveness to some current nonprofit employees.

The N.C. Center for Nonprofits strongly supports the student loan
forgiveness program that the conference committee approved. This summer, the
Center sent letters to Sen. Burr, Rep. Foxx, and Massachusetts Sen. Edward
Kennedy, the sponsor of the Senate student aid bill, explaining how the loan
forgiveness program will benefit the nonprofit sector.

Effective Date

The loan forgiveness program is effective for student loan payments
made after October 1, 2007. Nonprofit employees will be eligible for loan
forgiveness after making 120 monthly payments after this date, while employed by
nonprofits or in other public sector jobs. This means that the nonprofit
employees will be eligible for loan forgiveness beginning in October 2017.

Eligible Student Loans

Eligible student loans include Federal Direct Stafford Loans,
Federal Direct PLUS Loans, Federal Direct Unsubsidized Stafford Loans, and
Federal Direct Consolidation Loans. In addition to Section 501(c)(3) nonprofits,
public service jobs eligible for loan forgiveness including positions in
government, the military, public education, emergency management, law
enforcement, public health, social work, and public library service.

How Loan Forgiveness Works

Loan forgiveness means that the the federal government will cancel all
student loan debt that remains after 10 years of public service. Loan
forgiveness does not include reimbursement for any loan payments that have
already been made, including payments made during the 10 years of public
service. Borrowers eligible for loan forgiveness do not receive a check from the
federal government for the outstanding loan balance, but rather this debt is
cancelled.

Applicability to Existing Student Loans

Current nonprofit employees who are making student loan payments may be
eligible for forgiveness of their existing student loans. To be eligible, these
employees would need to make 120 payments on their students loans after October
1, 2007 while they are employed by a nonprofit or in another public service job.
Here's an example of how this can work:
Sally Student graduated from college
in 2002 with a 30-year federal student loan, meaning she is scheduled to make
360 monthly payments between 2002 and 2032.

Sally began working for a 501(c)(3) nonprofit in 2002 and has continued
to work there for the last five years. Sally has been making monthly
payments on her student loan over the past five years and is not in default on
this loan. Beginning October 1, 2007, Sally's monthly student loan payments may
count toward the 120 payments needed as a prerequisite for loan forgiveness.
Consequently, if Sally continues working for a nonprofit – or in another
public service job – for the next 10 years, while continuing to make her monthly
student loan payments, her outstanding student loan balance would be cancelled
effective October 2017. "