MUSTO PLEASED BY ARMED FORCES LOAN FORGIVENESS EXTENSION

            HARRISBURG, June 26 – State Sen. Raphael J. Musto (D-Luzerne/Carbon/Monroe) today announced that the Armed Forces Loan Forgiveness Program has been extended.

            “This program is a great opportunity for our servicemen and women,” Musto said.  “I am pleased to note its extension and to see our country’s finest receiving much-deserved help.”

            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.

            “I urge all of those who delayed their educations to defend our country to take advantage of this program,” Musto added.