As part of the College Cost Reduction And Access Act, college graduates can find relief from their student loan debts by working for the Federal government. After ten years of service, all remaining student loan debts will be forgiven. It sounds good, but there are plenty of gotchas to go around.

First, the Feds are interested in relieving student loan debts only for certain professions. You can get student loan relief if you plan to work as a police officer, firefighter or emergency services, serve in the military, or work as a public school teachers. The pass also applies to employees of tax-exempt, nonprofit organizations and those working in public interest law, public childcare, a health care profession or in a social work profession.

You have to put in a full ten years to be eligible for the relief. There is no credit for a partial service term, and the relief only applies to Stafford and PLUS loans, and student loan consolidations made through the US Department of Education.

The astute student might note that on a standard repayment plan, Federal student loans would be paid off in ten years anyway.  That's true, but many students consolidate their Federal college loans and opt for longer repayment plans. This is especially true among student borrowers who opt for low-paying professions. In addition, the new student loan legislation provides income-based repayment plans, so the standard ten-year term may not apply.

In addition, all student loan payments made on Federal loans after October 1, 2007 count toward the 120-month repayment requirement. If you currently work in a qualified profession, you could be on your way to student loan freedom in less than ten years.