Student Loan Forgiveness for Fire Fighters Approved

September 10, 2007 – 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.

The president is expected to sign the bill into law in the near future.

“The rising costs of higher education have made it more difficult for many individuals with student loan debt to pursue a career in public safety,” says IAFF General President Harold Schaitberger. “By making the burden of student loans more affordable, this program will not only reward those who commit their lives to serve their communities and protect their neighbors, but encourage more young people to do so.”

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.