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A federal program called Public Service Loan Forgiveness (PSLF) aims to persuade students to pursue occupations that may not be highly compensated, such as teaching, firefighting, government service, nursing, public interest law, the military, or religious work.
As long as you work for the government or a nonprofit organization and make 10 years’ worth of monthly payments—that is, 120 payments total—your remaining student debt will be forgiven tax-free if you are eligible for PSLF and enroll in the program. Additionally, an income-driven repayment (IDR) plan will be implemented for you, capping monthly expenses at a predetermined percentage of your income.
Using the PSLF Help Tool on the federal student aid website, you can determine your eligibility depending on your employer and the types of loans you have.
As long as you were employed by a qualifying employer at the time of repayment, a larger range of previous payments will be forgiven for PSLF seekers thanks to the payment recount. After the recount is applied, PSLF borrowers who have made at least 120 payments will have the remaining amount forgiven, and other borrowers will get closer to the forgiveness finish line.
By the end of 2023, if you wish to apply for PSLF under these lenient payment count guidelines, you must do so.
The public service loan forgiveness (PSLF) time-limited changes expired October 31, 202
You might be qualified to have all of your student debt forgiven if you have worked for ten years or more in public service (federal, state, local, tribal, or nonprofit organizations), even if not all of those years were spent in that capacity. If you have not yet served ten years, it is now, for a brief period of time, simpler than ever to obtain that forgiveness or credit toward forgiveness. But you must apply before October 31, 2022.
Use Our Simple Tool to See If You Are Eligible Am I Eligible?
- Federal Family Education Loans (FFEL)
- Federal Perkins Loans
- Federally Insured Student Loans (FISL)
- National Defense Student Loans (NDSL)
- Supplemental Loans for Students (SLS)
- Health Education Assistance Loan (HEAL)
Great, you may qualify for the program but you need to apply to consolidate your loans into the Direct Loan program and apply for PSLF by October 31, 2022. You can learn more about consolidation from the Department of Education here.
Click on the next button to find out if you fulfill the remaining requirements.
Great, you may qualify for the program but you may need to apply to consolidate your non-Direct Loans into the Direct Loan program and apply for PSLF by October 31, 2022. You can learn more about consolidation from the U.S. Department of Education here.
Click on the next button to find out if you fulfill the remaining requirements.
It seems you may not have any federal student loans originated or administered by the U.S. Department of Education. For more information about eligibility, please visit the U.S. Department of Education’s PSLF site.
Visit Aid Summary, you’ll be asked to log in to your account in order to view this page. Once logged in, scroll down to the Loan Breakdown section, there you will see a list of each loan you took out. Select Expand Loan Views then View Loan Details, there you will be able to see the name of the loans. Still unsure, call the Federal Student Aid Information Center 1‑800‑433‑3243.
It seems your current or previous employer might not qualify but please use the FSA Employer Search Tool to be certain.
You might be eligible for Public Service Loan Forgiveness! Please log-in to the PSLF Help Tool and begin your PSLF form right away.
Please Note: You’ll need to apply to consolidate your loans into the Direct Loan program and apply for PSLF by October 31, 2022. You can learn more about consolidation from the Department of Education here.
Please Note: You may need to apply to consolidate your non-Direct Loans into the Direct Loan program and apply for PSLF by October 31, 2022. You can learn more about consolidation from the U.S. Department of Education here.
You might not be eligible at this time. Please visit the U.S. Department of Education’s PSLF site for more information or call 1‑800‑433‑3243 and speak to a PSLF support representative.
Understand the Benefits and Drawbacks of Consolidation, Including How it Impacts Eligibility for One-Time Debt Relief
Meet Elena, the Psychiatrist
Elena has spent the last four years as a psychiatrist at a state hospital in upstate New York. She had previously spent seven years working for a nonprofit hospital in New York City. She attended medical school and completed her undergraduate degree with Federal Direct Loans, which she has been repaying on time for her entire career. Should Elena apply for PSLF right now?.
Yes, and for what reason? – Elena is eligible to get credit for any past payments made, even if they were made late or for less than what was due. This is because of the temporary adjustments. Elena would be granted forgiveness through the limited-time modifications if she had paid 120 installments each month.
Meet Vishal, the Teacher
Vishal has spent the last three years working as an elementary school teacher in Lexington, Kentucky. Prior to this, he spent three years working for a non-governmental organization (NGO) that focused on educating and reaching out to nearby farmers. Vishal obtained a Federal Perkins loan to finance his undergraduate studies, and ever since he graduated, he has consistently made his payments on schedule each month. Should Vishal apply for PSLF right now?.
Yes, and for what reason? – Vishal is able to count the six years’ worth of monthly payments toward forgiveness by combining his Perkins and Direct loans into one under the temporary adjustments. However, Vishal needs to apply by October 31 to both the PSLF program and to consolidate. He will need to make monthly payments for four more years after consolidating, provided he keeps up his full-time job at a public or private non-profit employer, before he is forgiven.
Meet Carlos, the Grants Manager
Following his graduation from college, Carlos started a full-time job in his hometown of Mobile, Alabama, at a bank. He made payments on his Federal Direct Loans during his five years of employment there. After quitting the bank, Carlos started working full-time as a grants manager for the City of Mobile, a position he has held for the past ten years. He is unsure of the total number of payments he made over the course of his tenure, but he is aware that he didn’t always make all of them and that he didn’t always pay the entire amount due. Should Carlos apply for PSLF right now?.
Yes! Why? – Carlos should still apply even if he hasn’t made 120 payments because he has been employed by an eligible company, and thanks to the temporary adjustments, he can still count a large number of his previous payments toward forgiveness even if they weren’t made in full or on time. Carlos might not be too far from forgiveness, but in order to benefit from it, he must apply by October 31.
Meet Daniel, the Veteran
After earning his college degree in 2012, Daniel enlisted in the US Army. He made timely payments on his student loans under the Federal Family Education Loan (FFEL) program while serving in the military. In 2020, Daniel made the decision to leave the Army and started working for a privately held manufacturing business in Billings, Montana. He is still in debt from his school loans and wants to know if he qualifies for PSLF. Should Daniel apply for PSLF right now?.
Yes! Why? — Daniel’s eight years of service in the United States may qualify him for PSLF credit. S. Army. By October 31st, he must apply for PSLF and to consolidate his loans into the Direct Loan program in order to fully benefit from the temporary changes. However, Daniel will not be eligible for forgiveness just yet because the privately held company he currently works for does not meet the requirements of a qualifying employer. However, Daniel would only need to make payments for two more years in order to receive full PSLF benefits if he decided to return to the public sector.
Meet Alicia, the Scientist
Following her time at the University of Chicago, Alicia relocated overseas to work for a U.S. S. -based non-governmental organization (NGO) for six years. She was making monthly payments on her Direct Loans while she was away. She went back to the US to complete her master’s degree, during which time she continued to make loan payments even though she was unemployed. After earning her master’s degree, she accepted a position as a scientist with the State of Colorado, where she has been employed for the past four years while continuing to make loan payments toward her education. Should Alicia apply for PSLF right now?.
Yes! Why? Alicia’s six years of service with a U.S. government qualify her for forgiveness today. S. -based NGO and her four years of Colorado State service Under the temporary adjustments, she would be eligible to receive the full benefit of PSLF after making 120 payments while working for both qualified employers, regardless of whether she was on the incorrect payment plan or did not make the minimum, on-time payments. Alicia should make sure she applies by October 31, 2022.
Any U. S. For the purpose of the PSLF Program, any federal, state, municipal, or tribal government agency is regarded as a government employer. This includes employers such as the U. S. military, public colleges and universities, public child and family service agencies, public elementary and secondary schools, and special governmental districts (which include organizations like housing authorities, water and bridge districts, and public transportation)
You can visit our Public Service Loan Forgiveness (PSLF) Help Tool, which will help you determine if an employer is considered a qualifying employer under the PSLF Program.
It doesn’t matter what kind of work you do as long as you are employed by an eligible company. If you work full-time for a public school system, for instance, then your employment would satisfy the PSLF requirements regardless of your position (support staff, teacher, administrator, etc.). ).
Yes. However, you must submit a PSLF Form showing that you were employed full-time by a qualifying employer at the time you made each of the required 120 payments.
AmeriCorps or Peace Corps volunteer service does count. However, no other full-time volunteer service is eligible. You have to be employed full-time and paid by an approved employer.
Yes, under the temporary changes you are eligible for PSLF but you must apply before October 31, 2022.Learn about some PSLF rules being waived for a limited time
No. Private school loans cannot be consolidated into a Direct Consolidation Loan or be eligible for PSLF.
Defaulted Direct Loans are not eligible for PSLF. However, a defaulted loan may become eligible for PSLF if you resolve the default. Learn how to resolve the default through rehabilitation or consolidation.
Yes. Direct PLUS Loans are qualified for PSLF just like regular Direct Loans are. Direct PLUS Loans are made to graduate and professional students. It might be necessary to consolidate parent-issued Direct PLUS loans.
Please visit The Department of Education’s Office of Federal Student Aid’s FAQ page.
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FAQ
Is it too late to apply for public service loan forgiveness?
Yes, you are still eligible for PSLF under the temporary changes, but you have to apply by October 31, 2022.
Is there a PSLF online application?
Read More :
https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
https://studentaid.gov/sites/default/files/public-service-application-for-forgiveness.pdf