1. Public Service Loan Forgiveness (PSLF) Program
Forgives the remaining balance on your Federal Direct Loans after 120 qualifying payments (10 years).
View complete program details at StudentAid.gov/publicservice.
Here are some highlights:
- This program has the broadest employment qualification requirements of the federal programs listed—it doesn’t require that you teach at a low-income a public school, or even be a teacher. Most full-time public and private elementary and secondary school teachers will meet the employment requirements.
- You must have Direct Loans. If you have other types of federal loans, like FFEL or Perkins Loans, you must consolidate in order for those loans to qualify. To check which types of loans you have, log in to StudentAid.gov.
- You should repay your loans on an income-driven repayment plan if you want to get the most value out of the program. You can apply for an income-driven repayment plan on StudentLoans.gov.
- In order for payments to count toward the 120 needed to get forgiveness, they need to be full payments, made no more than 15 days late, and made after October 1, 2007.
- Loan amounts forgiven under PSLF are NOT considered taxable by the IRS.
To confirm whether you qualify for the program, submit this form ASAP.