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.
If you work in public service, you already know that feeling of self-fulfillment that comes from helping others, but you might not realize a potential added benefit of your public service work: federal student 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. I know what you’re thinking … “qualifying” is used a lot of times in that sentence. How would you possibly know if you qualify? You don’t have to guess; there’s an easy way to determine your eligibility for Public Service Loan Forgiveness.
Submit an Employment Certification Form (sometimes called an ECF).
1. What’s an ECF and why should I submit it?
An ECF is a form that you can complete and submit to keep track of your progress toward loan forgiveness under the Public Service Loan Forgiveness Program. It requires you to provide some basic information about you (the borrower) and your employer. Both you and your employer are required to certify that the information on your ECF is true, complete, and correct. Once you submit your form, the PSLF servicer will determine if your loans are eligible for PSLF and if your employer qualifies. Qualifying public service employment can include government work, teaching in a public school, or working at a non-profit organization.
I bet many of you have seen ads on Facebook that sound something like this:
“Want Student Loan Forgiveness in Two Weeks? CALL NOW!”
“Apply for Obama Loan Forgiveness in 5 minutes!”
Usually, if something sounds too good to be true, then it probably is. There are countless ads online from companies offering to help you manage your student loan debt…for a fee, of course. While the U.S. Department of Education (ED) does offer some legitimate student loan forgiveness programs and ways to lower your student loan payments, they are all free to apply for. Don’t pay for help when you can get help for free!
If you’re a federal student loan borrower, ED provides free assistance to help: