The U.S. Congress has approved legislation creating a new student loan forgiveness program for full-time professional fire fighters and other public safety employees who have served their communities for at least 10 years. The College Cost Reduction and Access Act, HR 2669, passed the
House 292-97 and the Senate 79-12.

President Bush signed the bill into law on September 27.


Under the new program, fire fighters who have made 10 years of payments on eligible federal direct loans while employed in a public service job will be entitled to the cancellation of such loans' remaining balance and principal. The benefit does not apply to privately financed student loans.

Championed by Chairman George Miller (D-CA) in the House and Chairman Edward Kennedy (D-MA) in the Senate, HR 2669 also increases student aid and reduces the national debt by $750 million.

For more information please check out the following website:

http://www.finaid.org/loans/publicservice.phtml