What is Public Service Loan Forgiveness?

The Public Service Loan Forgiveness (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. It was created under the College Cost Reduction and Access act of 2007.

What do I need to qualify?

To qualify, you must:

Who is a qualifying employer?

Who your employer is matters, not the specific job that you do for that employer. Employment with the following types of organizations qualify for PSLF:

  • Government organizations at any level (U.S. federal, state, local, or tribal), including the U.S. military
  • Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code
  • Other types of not-for-profit organizations that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code, if their primary purpose is to provide certain types of qualifying public services
  • Contractors: You must be directly employed by a qualifying employer for your employment to count toward PSLF. If you’re employed by an organization that is doing work under a contract with a qualifying employer, it is your employer’s status, not the status of the organization that your employer has a contract with, that determines whether your employment qualifies for PSLF. For example, if you’re employed by a for-profit contractor that is doing work for a qualifying employer, your employment does not count toward PSLF.

What is full-time employment?

Full-time employment for the PSLF program is if you meet your employer’s definition of full-time or work at least 30 hours per week, whichever is greater.
If you are employed in more than one qualifying part-time job at the same time, you will be considered full-time if you work a combined average of at least 30 hours per week with your employers.

Which type of loans qualify?

  • Direct Loans
  • Any loan received under the William D. Ford Federal Direct Loan (Direct Loan) Program

Which type of loans don't qualify?

  • Student loans from private lenders
  • Loans from these federal student loan programs don't qualify for PSLF: the Federal Family Education Loan (FFEL) Program and the Federal Perkins Loan (Perkins Loan) Program.

What counts as a qualifying payment?

For your monthly payment to qualify, it must be made:

  • After Oct. 1, 2007;
  • Under a qualifying repayment plan;
  • For the full amount due as shown on your bill;
  • No later than 15 days after your due date; and
  • While you are employed full-time by a qualifying employer.

Remember, these payments do not have to be consecutive, but you have to meet all of the other qualifying rules.

Where do I send my information?

NYU Administrators           NYU Langone           
To submit your Employment Verification, HR must complete the form. Reach out to PeopleLink.
Contact Human Resources at 212-404-3618 (Recruitment and Staffing)

Extended Student Loan Payment Pause

On August 24, 2022, the Biden Administration extended the student loan payment pause through Dec. 31, 2022.

What’s Next?

Public Service Loan Forgiveness can be confusing, especially when trying to tackle it on your own. If you have questions, you can check out iGrad for some useful webinars and articles to learn more.

If you have any questions or need additional assistance, our financial education coaches will be able to assist you. Please contact us at financial.education@nyu.edu or make a 1:1 appointment. Remember, you need to meet all the requirements to apply and qualify for forgiveness and the ultimate determination of forgiveness is with the Federal government.