Public Service Loan Forgiveness Program
U.S. Department of Education
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.
- Recipients must be employed full-time for a government organization (at any level: federal, state, local, or tribal); or for a 501 (c)(3).
- Recipients cannot be employed by a labor union, political organization, for-profit organization, or a non-profit that is not a 501(c)(3). (Meaning that CAPS members would still be eligible.)
- Recipients must have received a federal student loan under the William D. Ford Federal Direct Loan Program.
-If they received one of a Federal Family Education Loan or a Federal Perkins Loan, they are ineligible. They may be able to become eligible if they consolidate those loan types into a Direct Consolidation Loan.
- In order to qualify, recipients must have made 120 qualifying monthly payments after October 1, 2007
-Qualifying monthly payments are made:
*For the full amount due;
*No later than 15 days after the due date; and
*While the recipient is employed full-time by a qualifying employer.
-The qualifying monthly payments do not need to be consecutive.
- It takes 10 years of on-time, full-amount loan payment to qualify for PSLF.
- Applicants may submit an application once they have made 120 qualifying monthly payments. The program officially starts in October 2017.
Please visit https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service for additional information.