The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Federal Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Created under the College Cost Reduction and Access act of 2007.
Qualifying employment for the PSLF Program is not about the specific job that you do for your employer. Rather, it is about who your employer is. Employment with the following types of organizations qualifies for PSLF:
*Serving as a full-time AmeriCorps or Peace Corps volunteer also counts as qualifying employment for the PSLF Program.
You must be enrolled in an income-based repayment plan:
*If you are enrolled in a Standard repayment plan and then go to one of the income based plans you can combine the Standard and income-based together.
A qualifying monthly payment is a payment that you make:
*You can make qualifying monthly payments only during periods when you are required to make a payment. Therefore, you cannot make a qualifying monthly payment while your loans are in an in-school status, the grace period, a deferment, or a forbearance.
You can also check out this tool that can help you fill out your forms.
If you have any questions or need additional assistance, our financial education coaches will be able to assist you. Please contact us at email@example.com or phone 212-998-4227.