The NYtimes article (
http://www.nytimes.com/2009/06/30/ed...llege.html?hpw) about this program provides more details and discusses accrued interest etc. It sounds like a good program to me. It will give relief to those that really need it and if you enter public service a little boost to make up for the lower earnings in that sector. Hopefully my S and D (in college/starting college) won't need to use this - but its nice to know there is some backstop if the going gets rough.