There are several types of student loan forgiveness programs, each with its own set of eligibility criteria and requirements. The most well-known program is the Public Service Loan Forgiveness (PSLF) program, which forgives the remaining balance on Direct Loans after the borrower has made 120 qual...
Parent PLUS loans may only be eligible forPublic Service Loan Forgiveness (PSLF)if they've been consolidated into a Direct Consolidation Loan and are being repaid under an income-driven repayment plan. The Income-Contingent Repayment Plan is the only income-driven repayment plan available to parent...
Another benefit of federal student loans is that you may qualify for student loan forgiveness if you work full-time for a government agency or eligible not-for-profit organization while meeting other eligibility criteria. The Public Service Loan Forgiveness (PSLF) program requires you to make 120 ...
1. Public Service Loan Forgiveness (PSLF) The PSLF program is designed specifically for people who work in public service jobs for either the government or a not-for-profit organization. You may also be able to get all or part of your loan forgiven due to specified volunteer work, military...
To be clear, this is for income-driven loan forgiveness. Public Service Loan Forgiveness, or PSLF, would still be on a 10-year timeline for all borrowers. Read more about PSLF here. What else is in the proposal? I focused on the key points here, but there are some other aspects of ...
Since the graduated repayment plan isn’t eligible for PSLF, your payments made on graduated repayment won’t go towards forgiveness if you enroll later. How to switch to the graduated repayment plan If you’re on an income-driven repayment plan and want to switch to a graduated repayment ...
An important distinction between the PSLF and the above IDR plans is that if you enroll in PSLF, you will qualify for forgiveness in ten years rather than the 20 to 25 years associated with most IDR plans. Stay up-to-date on the latest changes to IDR programs atstudentaid.govandwhitehous...
On the other end of the spectrum is a free college education. How can you go to college for free? You can commit your time instead of your money. Most white coat investors are now familiar with thePublic Service Loan Forgiveness (PSLF) program. If you work full-time for a nonprofit and...
Qualifying for PSLF as a nonprofit employee If you’re employed by a nonprofit, the general rule is that it needs to be tax-exempt under Section 501(c)(3) of the Internal Revenue Code. However, there’s a chance you could be eligible for PSLF even if your organization is not a 501(...
Enrolling in an IDR plan can help you reduce your payments while setting you up for cancelation after you meet the Public Service Loan Forgiveness (PSLF) requirements.11 Student Loan Refinancing It's also possible to refinanceyour loans privately. If you have good credit, you might be able to...