Loan Forgiveness Application and the Steps You Need to Take
by DebtFreeEmma | Sep 23, 2017
THE PUBLIC SERVICE LOAN FORGIVENESS APPLICATION PROCESS AND THE STEPS YOU NEED TO TAKE:
So, I’ve found out that the process of even getting accepted into the 10 year public service loan forgiveness program is very arduous and time consuming. There is so much paper work and it takes forever!
As soon as I got accepted into my non profit job, I researched how to begin the process of public service student loan forgiveness.
This is the government run website that provides the key questions and answers to many student loan questions.
This is the other government run website. This will be your new loan servicer if you qualify for the forigvenss program.
This website provides an invaluable fact sheet. However, I have also provided this fact sheet below.
DOUBLE CHECK TO MAKE SURE YOU QUALIFY FOR FORGIVENESS:
Once you have read this fact sheet from stduentaid.ed.gov, make sure that your potential public service job or current public service job fulfills the following requirements otherwise your application will be denied:
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Full time (more than 30 hrs/week)
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Qualifying position aka non profit/government position (see below fact sheet for more information)
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Qualifying direct loans (not that they must also not be in default or forbearance for your payments to count toward forgivness”
IF you have any further questions, you can go to studentaid.ed.gov or myfedloan.org to find further information and to contact perspective loan servicer’s.
“What is the Public Service Loan Forgiveness (PSLF) Program?
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Program encouraged to work full time in public service jobs
What federal student loans are eligible for forgiveness?
The Direct Loan Program includes the following loans:
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Direct Subsidized Loans
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Direct Unsubsidized Loans
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Direct PLUS Loans—for parents and graduate or professional students
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Direct Consolidation Loans
How can other federal student loans become eligible for loan forgiveness?
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If you do not have direct loans, you can consolidate into a direct consolidation loan. Only then will your payments count!
The following loans may be consolidated into a Direct Consolidation Loan:
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Federal Family Education Loan (FFEL) Program loans, which include
the following:
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Subsidized Federal Stafford Loans
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Unsubsidized Federal Stafford Loans
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Federal PLUS Loans—for parents and graduate or professional students
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Federal Consolidation Loans (excluding joint spousal consolidation loans)
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Federal Perkins Loans
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Certain Health Professions and Nursing Loans
What are the borrower eligibility requirements for loan forgiveness under the PSLF Program?
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You must not be in default on the loans
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You must be employed full-time by a public service organization during your application for forgiveness and throughout payments and even during the process of being approved for forgiveness and once the loans are forgiven.
What are the specific loan repayment requirements for loan forgiveness under the PSLF Program?
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120 monthly payments made after Oct 1, 20107
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Must be a “direct loan”
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Payments must be on time (within 15 days of scheduled) and in full payment
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Payments don’t have to be consecutive
For more information about the repayment plans available in the Direct Loan Program, please visit StudentAid.gov/repay
What types of public service jobs will qualify a borrower for loan forgiveness under the PSLF Program?
You must be employed full-time (in any position) by a public service organization, or must be serving in a full-time AmeriCorps or Peace Corps position. Here are the types of organizations that meet the definition of
“public service organization” for purposes of the PSLF Program:
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A government organization (including a federal, state, local, or tribal organization, agency, or entity; a public child or family service agency; or a tribal college or university)
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A not-for-profit, tax-exempt organization under section 501(c)(3) of the Internal Revenue Code
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A private, not-for-profit organization (that is not a labor union or a partisan political organization) that provides one or more of the following public services:
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Emergency management
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Military service
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Public safety
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Law enforcement
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Public interest law services
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Early childhood education (including licensed or regulated health care, Head Start, and state-funded prekindergarten)
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Public service for individuals with disabilities and the elderly
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Public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
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Public education
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Public library services
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School library or other school-based services
What is full-time employment?
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at least 30 hrs per week or what your employer views as “full time”
How can I keep track of my eligibility?
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Fill out the ” Employment Certification for Public Service Loan Forgiveness form (Employment Certification form)” which then enables you to use the governments monitoring system to track your progress to PSLF. Submit this form to FedLoan Servicing (PHEAA), the PSLF servicer, at the address listed in Section 6 of the Employment Certification form.
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