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New Call Center for the College Cost Reduction Act of 2007

The U.S. Department of Education has created a new call center for borrowers to obtain
information about the College Cost Reduction Act of 2007 (H.R. 2669). The number for the
Federal Student Aid Information Center is (800) 433-3243. The law forgives outstanding
education debt for those persons that meet the eligibility requirements.  Those that would
benefit are employees that have made 120 monthly payments on their loans while serving
full-time in social work in public child or family service agencies, government, nonprofit,
military, education, and others areas. The loan forgiveness provisions became effective on
October 1, 2007. It is important to note that payments made after October 1, 2007 on an
existing loan can count towards the 120 payments if the loan meets certain criteria. 

For more information on the new law click here