Here is some great news for law students and law school graduates entering public interest law jobs (government, non-profit, etc.).
This includes public defenders, city prosecutors, federal government lawyers, attorneys at non-profit and charity organizations, and a variety of similarly situated law school graduates.
In short, this new law will provide law school loan repayment assistance to students taking public interest jobs.
The following was provided by Philip G. Schrag of the Georgetown University Law Center:
This morning, President Bush signed the College Cost Reduction and Access Act of 2007 (H.R. 2669), which includes two provisions that will make it much easier for law students who graduate with high educational debt to have long-term public service careers. The bill includes a section creating an income-based repayment (IBR) plan that enables graduates to make much smaller monthly payments when their incomes are low: the IBR formula caps repayment at 15% of (AGI minus 150% of the federal poverty level). Interest not paid » FULL STORY