If you have student loans, you may be eligible for the Public Service Loan Forgiveness Program. The program changed dramatically in October of 2021, making it far more likely that you will be granted debt relief than before the changes (CNBC reports that "in 2018, it was revealed that 99% of applicants were denied forgiveness"). Before looking at the Public Service Loan Forgiveness Program process, let's review what the program is, and who is eligible.
What is the Public Service Loan Forgiveness Program?
According to the US Office of Federal Student Aid (who administers and oversees the program), the Public Service Loan Forgiveness Program is designed to forgive the remaining balance on federal student loans for borrowers who meet certain criteria. If you qualify, the Public Service Loan Forgiveness Program can save you, potentially, tens of thousands of dollars in student loan payments!
Who qualifies for the Public Service Loan Forgiveness Program?
Not every student loan borrower will qualify for the Public Service Loan Forgiveness Program. The US Office of Federal Student Aid has provided the following criteria as a guide:
To qualify for Public Service Loan Forgiveness, you must
If you meet these requirements, you qualify and can apply for the Public Service Loan Forgiveness Program.
These guidelines are not as restrictive as you might think. CNBC quotes Public Service Loan Forgiveness consultant Jason DiLorenzo as explaining that there are "there are many jobs that fit these qualifications." He says:
There are roughly 35 million PSLF (Public Service Loan Forgiveness)-qualified jobs in the U.S. - 22 million federal, state, and local government jobs and 13 million 501(c)(3) jobs. The 'public service' sector is much larger than people think."
Adding to that, CNBC quotes Mike Pierce of the Student Borrower Protection Center as saying that "the best thing that you can do is assume that you have the right to loan forgiveness if you work in public service."
How do I apply for the Public Service Loan Forgiveness Program?
Assuming you are eligible, your Public Service Loan Forgiveness application will be managed through studentaid.gov. The process involves the completion of the Public Service Loan Forgiveness Form on the website.
The US Office of Federal Student Aid says "To ensure you're on the right track, you should submit a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (Public Service Loan Forgiveness Form annually or when you change employers. We'll use the information you provide on the form to let you know if you are making qualifying PSLF payments. This will help you determine if you're on the right track as early as possible.
Part of your Public Service Loan Forgiveness application will include employment verification. QuickConfirm is a leading employment and salary verification service provider offering secure, state-of-the-art solutions for verifiers, social service agencies, employees, and employers.