PUBLIC SERVICE LOAN FORGIVENESS (PSLF)
ARE YOU ELIGIBLE FOR FEDERAL STUDENT LOAN FORGIVENESS?
For informational purposes only.
PSLF ELIGIBILITY
If you work for a non-profit agency or the government, you may be eligible for federal student loan forgiveness after 10 years of repayment.
PSLF PROGRAM
This program does not apply to any non-federal loans made or held by RISLA. For the most complete and up to date information, please visit Federal Student Aid.
This page is for informational purposes.
PSLF PROGRAM
The Public Service Loan Forgiveness (PSLF) program forgives the remaining portion of your qualifying federal direct student loans after 120 qualifying payments under a qualifying repayment plan while working for a qualifying employer. So what exactly does that mean?
QUALIFYING LOANS
Direct Loans
Only Direct Loans, including Subsidized and Unsubsidized, Stafford, Graduate PLUS, and Consolidation loans are eligible for this program.
Your loan(s) must not be in default.
Plus Loans
PLUS loans are only eligible if consolidated under the Federal Direct Consolidation Loan program.
Federal Family Education Loan Program
Federal student loan issued prior to July 1, 2010, may have been made under the FFELP loan program. FFELP loans do not qualify for PSLF. However, you may consolidate these loans under the Direct Consolidation Loan program to become eligible for PSLF.
See PSLF Limited Waiver for additional details for qualification of FFELP payments.
Federal Student Loans
Find out what kind of federal student loan you have at My Federal Student Aid.
QUALIFYING PAYMENTS
Payments After Oct. 01, 2007
Qualifying payments must be made after Oct. 1, 2007, must be for the full amount due, and must be within 15 days of the due date. Only payments made under a qualifying repayment plan while you work for a qualifying employer are eligible.
Payment Timeline
Qualifying payments do not need to be consecutive, for example if you have a period of employment with a non-qualifying employer and then return to a job with a qualifying employer.
Ineligible Payments
Payments made while you are in school, grace, deferment or forbearance are ineligible.
Automatic Payments
It is recommended enroll in autopay to ensure your payments are sent each month on time.
QUALIFYING EMPLOYERS
PSLF is less about what you do, and more about who you work for. Working full-time for any of the below types of employers may qualify you for PSLF:
Federal, state, local or tribal government organizations.
501(c)(3) tax-exempt not-for-profit organizations.
Not-for-profit organizations that provide certain types of qualifying public services, but are not tax-exempt under Section 501(c)(3).
If you work full-time as AmeriCorps or Peace Corps volunteer, you may also qualify.
HOW TO APPLY
Helpful steps when applying for PSLF Public Service Loan Forgiveness.
Employment Certification Form
Submit the Employment Certification Form.
US Dept of Education notes, too many borrowers wait to take this step and find out after years of making payments, that the payments they have been making do not qualify for PSLF. By completing this step first, you ensure you are the right path to PSLF. You will need to resubmit this form annually and every time you switch employers.
Department of Education
The DOE will determine if your loans and employment qualify for the PSLF program. They will notify you by letter or email of the number of qualifying payments you have already made, if you meet the the requirements.
Qualifying Payments
Make 120 qualifying payments on a qualifying repayment plan towards your qualifying loans while working for a qualifying employer.
Submit PSLF Application
After your 120th payment, submit your PSLF application to your loan servicer.
QUESTIONS?
Contact a PSLF Specialist about PSLA Application Process.
HELPFUL RESOURCES
Important Information for Public Service Loan Forgiveness
RISLA PRODUCTS & SERVICES
COLLEGE PLANNING CENTER
Students and families can be overwhelmed with planning and how to pay for college. We have experienced counselors that offer one on one assistance helping families understand all their options start to finish.
EDUCATION LOANS
We have been offering low cost, fix rate education loans for almost 30 years. Helping students and families borrower responsibly to help achieve their higher education dreams.
REFINANCE
Refinancing may help you simplify and save when repaying student loans. Combining outstanding balances, and securing a low interest rate with RISLA may reduce your overall repayment amount and possibly your monthly payment.
EMPLOYER REPAY
Employer Student Loan Repayment assistance is a tax-free benefit allowing employers to contribute towards the repayment of employee student loans. This newest in-demand employee benefit helps reduce financial stress for employees while increasing retention and loyalty to employers.