WE –
the Public Service Student Loan Forgiveness Program (PSLF) provides loan forgiveness to individuals who work for a federal, state, local, or tribal government or nonprofit organization.
Eligible debtors can have their loan forgiven after 120 monthly payments have been made while working full-time for a qualified employer.
Qualifications include:
- Employed by the U.S. federal (including military), state, local, or tribal government or nonprofit organization
- Full-time employment status
- Direct loans (or other federal loans consolidated into a direct loan)
- 120 qualifying payments made
Typically, the qualifications also require repayment to be made under an income-driven repayment plan. Thanks to the PSLF waiver, the requirement was waived until October.
Every year, or when you change employers, file a Public Service Loan Remission and Temporary Expanded PSLF Application and Certification Form. The information provided is used to track eligible payments.
Payments suspended due to COVID-19 will not count toward qualifying payments. Instead, debtors will receive credit through the hold as if they had paid through a qualifying plan.
Once all the conditions are met, the student loan balance can be canceled.
