WASHINGTON: ARMED FORCES LOAN FORGIVENESS PROGRAM EXTENDED

            PHILADELPHIA, June 26 – The Armed Forces Loan Forgiveness Program has once again been extended, according to state Sen. LeAnna Washington (D-Philadelphia/Montgomery).

            “I’m pleased that our servicemen and women are being given this extension, given their choice to serve this country following the September 11^th terrorist attacks,” Washington said. “I thank those men and women for their service, and I urge them to apply for this extended program.”

            The loan forgiveness program, administered by the Pennsylvania Higher Education Assistance Agency (PHEAA), provides up to $2,500 in a one-time loan forgiveness payment for student borrowers who served in the Armed Services in an active duty status between Sept. 11, 2001 and Dec. 31, 2007, provided they have an eligible loan and meet eligibility requirements.

            Eligible loans include PHEAA-guaranteed, AES-owned and/or AES-services Stafford, Consolidation, PLUS and SLS loans that were disbursed on or before Dec. 31, 2007. The loan cannot be in default.

            The Armed Forces Loan Forgiveness Program was introduced in 2003 to recognize the bravery, dedication and loyalty of our servicemen and women who served in the aftermath of the September 11^th attacks on our nation.

            Since its inception, nearly 7,500 student loans worth nearly $17.5 million have been forgiven.