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.
What is qualifying employment?
Qualifying employment for the PSLF Program is not about the specific job that you do for your employer. Rather, it is about who your employer is. Employment with the following types of organizations qualifies for PSLF:
- Government organizations at any level (federal, state, local, or tribal)
- 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 provide certain types of qualifying public service
- Some examples of qualifying employment are medical professionals, teachers & police officers.
Serving in a full-time AmeriCorps or Peace Corps position also counts as qualifying employment for the PSLF Program.
The following types of employers do not qualify for PSLF:
- Labor unions
- Partisan political organizations
- For-profit organizations
- Non-profit organizations that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code and that do not provide a qualifying service
If you would like to see if you're eligible for PSLF that includes Forgivness, contact us at (844) 499-5626