law.virginia.edu wrote:Under the new Virginia Loan Forgiveness Program (VLFP II), graduates who take public service jobs that pay less than $75,000 per year will be eligible for loan assistance. The new program will cover the entire annual loan payments for graduates who make $55,000 or less.
“The changes are designed to enable even more of our graduates to participate in the program with the goal of allowing students to pursue the careers they want regardless of educational debt,” said Dean Paul Mahoney.
Interesting thing about this new program: It requires that you put your loans into IBR to participate. That makes sense, since the resulting lower payments will give them the ability to pay loans for more people, resulting in the cap increase. They'll pay for the full 10 years (as long as you stay in PI) and then the government will forgive the remainder under IBR.
This is big news for both current and future UVA students.