How To Tackle Your Loans
Free Online Course- Lesson 3
This course will take you from confused and frustrated on how to tackle your student loans to a clear goal!
Continue this course and watch video 3 below!
What is Public Service Loan Forgiveness?
Public Service Loan Forgiveness is student loan forgiveness after 10 years if you work in qualifying position, full time with qualifying loans and if you pay your required payments in full and on time.
PSLF Requirements
- Work 10 years, full time
- Have direct loans (can get consolidated to create direct loans)
- Work for a public sector facility such as a hospital or school
- Pay required payments in full and on time
Pros and Cons:
Pros: Forgiveness with no other monetary obligations after 10 years
Cons:
- Need to work 10 years in this setting
- You have to work in a public sector position
- PSLF may no longer be getting approved
- Uncertain if you will be approved 10 years from now
Is This Option Right For You?
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If you have a high loan amount then PSLF may be a good choice
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If you have a lower loan amount then you may want to look into other options
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If you enjoy working in a school or hospital then PSLF may be a good choice
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If you want to work in outpatient, sports or private sector then you may want to look into other options
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If you are going to be staying in one spot then PSLF may be a good choice
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If you are likely going to be mobile and changing jobs then you may want to look into other options
