You may know of someone who needs help paying off big student loans long after they’ve graduated from college. If so, tell them about the Public Service Loan Forgiveness Program to help relieve the drain on their bank accounts. Individuals must first find out if they qualify for student loan forgiveness under the Public Service Loan Forgiveness Program (PSLF). In addition, a person must be working full-time for a qualifying employer at the time applications are submitted for federal loan assistance – employers must be providers of the following public services:
If your application to PSLF was previously denied because not all of your payments were qualified, there is a reconsideration program called Temporary Expanded Public Service Loan Forgiveness. Check out the link for details.
This program is funded through and serviced by the U.S. Department of Education (DOE). PSLF is intended to help people get out from under the burden of hefty college student loans – both undergraduate and graduate. The Public Service Loan Forgiveness Program forgives the remaining balance on Direct Loans after at least 120 qualifying monthly payments have been made under a qualifying repayment plan. Individuals can apply now or in the future.
If eligible for the program, an Employment Certification form must be completed and verified by the employer. These forms must be forwarded to the DOE FedLoan Servicing office in Pennsylvania for consideration. All questions regarding the program should be directed to the U.S. Department of Education.
Quick Links:Public Service Loan Forgiveness QÆible LoansHow Do I Apply for PSLFApplication Process