Thursday, December 6, 2007

Improvement to the College Cost Reduction Act

This just in from Heather Jarvis at Equal Justice Works:

Great news! The House just passed a technical amendments bill, S2371, that eliminates the "marriage penalty" under the income-based/contingent repayment options. Having already been approved in the Senate, it goes next to the President without a need for a conference.
The fix works like this: if a married spouse files a separate income tax return, the spouse's income will be entirely excluded from the borrower's when calculating repayment terms.

You can find information about the CCRA here.

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