Sage-Tips

What is the public loan forgiveness program How do you qualify for this and what will it allow you to do?

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Who qualifies for PSLF forgiveness?

PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments while working full-time for a qualifying employer. Only payments made under certain repayment plans (primarily income-driven repayment plans) qualify for PSLF.

How do I know if I am eligible for PSLF?

Regardless of whom you work for, the best way to determine if your employer is eligible for PSLF is to submit an employer certification form. Borrowers who complete the employer certification form will receive a count of the number of qualifying payments they have made towards the required 120.

How long does it take to be approved for PSLF?

The processing time for a PSLF form varies, but the majority of borrowers can expect to know the results of their processing within two weeks of submitting the form, according to the Department. The agency recommends using the PSLF Help Tool for the speediest processing.

Do nurses qualify for student loan forgiveness?

Eligibility requirements — To qualify for forgiveness, you must work a minimum of two years (full- or half-time) as a registered nurse or nurse practitioner, at a clinical practice in a Health Professional Shortage Area, or HPSA. Or, you can work as nurse faculty at a qualifying nursing school.

Does working for the post office qualify for student loan forgiveness?

Government. Pursuing a government job is the easiest way to qualify for the Public Service Loan Forgiveness Program. Teachers, military, police officers, postal workers, accountants, planners, recreation workers, emergency personnel, office staff – any job at any level of government! – qualifies you for the program.

Are nurses eligible for student loan forgiveness?

Licensed nurse practitioners can qualify for student loan repayment assistance through the National Health Service Corps (NHSC) Loan Repayment Program. Eligible nurses can receive up to $50,000 to repay their student loans. Both federal and private student loans are eligible for this repayment assistance program.

Do nurses qualify for PSLF?

Nurses who work for a nonprofit or the government may qualify for Public Service Loan Forgiveness. You don’t have to be a certain type of nurse to be eligible for PSLF, i.e., a registered nurse or a nurse practitioner. Your employer qualifies you for the program, not your job.

What qualifies as public service?

Jobs with federal, state, local or tribal government organizations, public child or family service agencies, 501(c)(3) non-profit organizations, or tribal colleges or universities should be considered “public service jobs.” Government employers include the military and public schools and colleges.

Can you pay off public service loan forgiveness early?

Paying extra won’t make you eligible to receive PSLF sooner. You may prepay, or make lump-sum payments, which would apply to future months, for up to 12 months, or when your next income-driven repayment (IDR) plan is due.

How much does PSLF forgive?

Depending on the payment plan selected, your forgiveness with PSLF would be up to $24,150.

Which jobs qualify for Public Service Loan forgiveness?

Jobs and careers that qualify for student loan forgiveness include: emergency response work (such as police, fire, EMTs) government work library work education work (including teachers and administrators) social work legal assistance work public health work (including nurses, medical technicians, and doctors)

Is my employer eligible for Public Service Loan forgiveness?

What Employment Qualifies for Public Service Loan Forgiveness? Your employment is eligible for the PSLF program so long as you work full-time for a qualifying employer. Your job title or role doesn’t matter. You can be a university employee, a police officer, a teacher’s aid, a nurse, a janitor, etc.

What is a public service loan forgiveness?

Public Service Loan Forgiveness (PSLF) The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 (CCRAA) to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.

What is public service forgiveness?

Public service loan forgiveness is a Government sponsored program whereby employees who work in an institution or organization that serve the needs of the public, as mandated by the Government, are eligible for their loans to be forgiven, that is, written off. You can also see the Sample Will Forms.