The College Cost Reduction and Access Act, passed by Congress and signed by President Bush in 2007, provided for loan forgiveness on Federal education loans in exchange for public service employment. To be eligible, Federal loan borrowers are required to make 120 loan repayments on their Federal loans while employed in eligible employment, after which any remaining balance on their loans will be forgiven.
Eligible loans repayments are those repayments made under one or any combination of three repayment plans: Income Based, Income Contingent or the Standard (ten-year) Repayment Plan.
Another aspect of the College Cost Reduction and Access Act was to lower monthly repayments on student loans by adding an Income Based Repayment (IBR) option to the repayment plans available to borrowers of Federal loans. Under IBR, a borrower’s monthly loan repayments are capped at 15% of discretionary income
So the question is...If you want to be a career prosecutor (or any public interest job) does it matter how much debt you have? Should you just go to the best school you get into in the area you want to work in?
My personal situation is that I have close to full tuition at BU, 1/2 tuition at USC, tiny scholarship at Fordham. Would like to work in NY as a prosecutor, but would not rule out CA if I could get a job there (I hear it is very tough to get an assistant da gig). I have NY ties and experience working closely with one of the prosecutor offices in the 5 boroughs.
No one will be an expert on this, but I would like to get some opinions.