Moaning about massive student debt is a time-honored tradition among law school graduates.
Some members of the class of 2009 will have less to complain about, however. A new federal program intended to help borrowers manage their student debt goes into effect on July 1. The legislation — called the College Cost Reduction & Access Act — will cap monthly loan payments according to income and forgive student debt balances after designated periods of time. For attorneys, the main beneficiaries will be those who go on to have long-term public interest careers. But the program will also make loan payments more affordable for all attorneys with high debt loads and relatively low incomes.
