How To Qualify for Public Service Loan Forgiveness (PSLF): 4 Things You Need to Know


If you work for the government
or a nonprofit organization, you may be able to qualify for Public
Service Loan Forgiveness, or PSLF. Public Service Loan Forgiveness is a
government program that erases the remaining balance of your
student loans after you’ve made 120
qualifying payments. The payments don’t have to be
consecutive. You can track your payment
count every year by submitting an
Employment Certification Form. While you’re working toward
Public Service Loan Forgiveness, you should submit a
ECF every year and every time you
change public sector jobs. Filling out your ECF
annually is the best way to verify that you’re
on track for PSLF. To help you fill out your
ECF each year, we’ve created new PSLF tool. Our tool will assist you in completing your
part of the form. Afterwards, print it out, get your
employer to sign it and send it. And don’t forget to save a copy. We’ll review your ECF
to make sure you meet all of the
program’s qualifications. The first Public Service
Loan Forgiveness qualification is about who you work for not about what you do. Qualifying employers
include these government and nonprofit organizations. To make sure your
employer qualifies, submit an Employment
Certification Form every single year. This is a critical step. The second qualification for
Public Service Loan Forgiveness is loan type. Remember, Direct Loans
are the only kinds of loans that qualify for PSLF. If you don’t have Direct Loans, you can consolidate some
types of ineligible loans into a Direct Consolidation
Loan to qualify. The third qualification for
Public Service Loan Forgiveness is your repayment plan. These plans are based
on your income, and they’re the only plans that
qualify for PSLF. If you’re on any other plan or
just starting repayment, switch to one of these plans to ensure you’ll qualify
for forgiveness. The fourth qualification for
Public Service Loan Forgiveness is all about your payments. Remember, you must make 120 qualifying
payments to qualify for PSLF. So make your payments on time
every time, and follow all the requirements throughout the
repayment process. Here’s a quick checklist to recap the basic Public
Service Loan Forgiveness
qualifications. Most importantly, and we can’t
stress this enough, submit your Employment
Certification Form each year. This is essential. You most likely won’t get
forgiveness without doing this. For more information,
visit StudentAid.gov.

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