who qualifies for pslf loan forgiveness

If you have any Perkins Loans, you may be tempted to consolidate them into the Direct Loan Program in order to make them eligible for PSLF. Quick Facts About Public Service Loan Forgiveness (PSLF) • PSLF was passed into law in 2007to encourage borrowers to enter and remain in the public sector for at least 10 years by promising to forgive their remaining federal debt at that time. Jobs that qualify for Public Service Loan Forgiveness include: Volunteering full-time for the AmeriCorps or Peace Corps also counts as qualifying employment for PSLF. PSLF is accessible to any laborer in a government association at any level, and tax-exempt associations or profit-driven associations with qualifying service. List of Qualifying Employers for Public Service Loan Forgiveness; Do Charter School Employees Qualify for PSLF; How to Qualify for Nonprofit Student Loan Forgiveness; How PSLF payments are calculated. If you reach your 120 qualifying payments during the payment suspension period, you can still apply for and receive PSLF at this time. A not-for-profit, tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. So long as your employer qualifies for the PSLF program, your employment qualifies. What is Public Service Loan Forgiveness (PSLF)? Make and complete ten full years of qualified payments. 529 Savings Calculator for Private K-12 Tuition, Revised Pay As You Earn Repayment Calculator, Public Service Employment Certification Form, Government (excluding time served as a member of Congress), Public Health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations, as such terms are defined by the Bureau of Labor Statistics), Social Work in a public child or family service agency, Public Interest Law Services (including prosecution or public defense or legal advocacy on behalf of low-income communities at a nonprofit organization), Early Childhood Education (including licensed or regulated childcare, Head Start, and State funded prekindergarten), Public service for individuals with disabilities, School-based library sciences and other school-based services, Teaching as a faculty member at a Tribal College or University, Teaching as a faculty member in a high-need subject area or shortage area (including nurse faculty and foreign language faculty), For-profit government contractors (as opposed to directly working for a government agency), Religious organization (unless the job is unrelated to religious instruction, worship services or proselytizing). It has been updated to include new resources for borrowers who were unable to qualify for Public Service Loan Forgiveness. Editor’s Note: This article was originally published on September 26th, 2018. However, you must be working for a qualifying employer at the time you submit the PSLF application and at the time the remaining balance on your loan is forgiven. Public Service Loan Forgiveness (PSLF) is a program that forgives the remaining balance on Direct Federal Loans if you are employed full time by a U.S. federal, state, county, local or tribal government or not-for-profit organization. Full-time work requires working at least 30 hours per week. Public Service Loan Forgiveness: What Every Dental Student, Resident and Fellow Should Know . Understanding the Public Service Loan Forgiveness program. After the borrower has made 120 qualifying payments for a period of ten years, any remaining balance of the borrower’s eligible student loan is forgiven without any tax implications. 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