Posted 03/24/2009 - 1:48pm
The College Cost Reduction and Access Act, passed into law in 2007, provides incentives for lower-income older workers who want to get more training, but don’t want to be saddled with long-term debt. Those who work in public service may have part of their loans forgiven. Key provisions include:
- Pell Grant increase – It increases the maximum federal grant to $5,400 by 2012.
- Income-based repayment – It assures past, present and future students with federal loans that their payments will be manageable and will not extend indefinitely.