PSLF FAQ

PSLF info icon: Blue circle - yellow "i".


Why was the Public Service Loan Forgiveness Program created?

 

The Public Service Loan Forgiveness Program (PSLF) was created to encourage people to work for Public Service Organizations.

 

 

What is the incentive?

 

The promise that once all eligibility requirements are met a Public Service Employee may be granted a complete and tax-free release from their Federal Student Loan Debt!

 

 

Is only for state or federal employees?

 

Absolutely not—but that is a common misconception!  

 

An estimated 25% of the workforce may be employed at a Public Service Organization (PSO).  

 

 

What are conditions that may exclude me from having my student loans forgiven through the PSLF Program?

 

  • If you are unable (or unwilling) to find employment.

  • If you are unable to complete 120 qualifying payments.

  • If you are unable to remain employed at a PSO until forgiveness is granted.

  • If all of your student loans are to private lenders.

 

 

 

Can all federal loans be forgiven through the PSLF Program, or only certain types of loans?

 

Currently, only Direct Loans can be forgiven through the PSLF program.  If you have federal loans that are not Direct Loans they may be eligible for a Direct Consolidation Loan.


Contact us for more info.

 

 

How many payments do I need in order to request Public Service Loan Forgiveness?

 

120 Qualifying Payments

 

 

Is the PSLF program the fastest path to student loan forgiveness?

 

It is the fastest option unless you are a highly qualified teacher in a title one school.  

 

The Teacher Loan Forgiveness Program (TLF Program) takes five years, but the PSLF Program may still be a better option depending upon the size of your student loan debt, and the forgiveness amount granted through the TLF Program.

 

Contact us for help.

 

 

Can I do both the TLF Program and the PSLF Program?

 

Yes, but you should carefully consider your loan forgiveness strategy before taking action.  

 

The Teacher Loan Forgiveness Program may use up to 60 of your PSLF qualifying payments.   

 

If your student loan debt is relatively small, then it may be a wise choice.  

 

On the other hand, if you have a large amount of student loan debt the PSLF program may the better option.