Public Service Loan Forgiveness: Your Guide to Student Loan Debt Relief
Unlocking Forgiveness for Federal Borrowers
Eligibility Requirements
To qualify for Public Service Loan Forgiveness (PSLF), federal borrowers must meet the following criteria:
- Work full-time for a qualifying public service organization (e.g., government agencies, non-profit organizations)
- Make 120 on-time payments while employed by a qualifying employer
- Repay your loans based on your income through an income-driven repayment plan
Qualifying Employment
Qualifying employers include those that are:
- Federal, state, local, or tribal government agencies
- Non-profit organizations that provide public services
The specific job title or role is irrelevant, as long as you are employed full-time by a qualifying organization.
Timeline for Forgiveness
The PSLF program offers forgiveness in as little as 10 years for borrowers who make 120 qualifying payments while working for a qualifying employer. The PSLF clock starts ticking once you enter into an income-driven repayment plan and apply for PSLF.
Benefits of PSLF
PSLF provides significant benefits for eligible borrowers, including:
- Forgiveness of federal student loan debt
- Reduced monthly payments
- Tax-free forgiveness
If you work in public service and have federal student loan debt, PSLF may be a valuable option for you. Consult with a financial aid advisor or visit the Federal Student Aid website for more information.
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