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Financial Aid

 

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THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAM 

The Public Service Loan Forgiveness (PSLF) program was created by Congress to provide an incentive for talented individuals to enter and remain in public service positions by forgiving their federal student loans after a certain period of time. Eligible public service employees include teachers, police officers, firefighters, and nurses, among a variety of other professions. The goal of the program is to encourage students, through promised loan forgiveness, to enter fields that are crucial to society but lack the compensation found in the private sector.

HOW PSLF WORKS

To qualify for forgiveness under PSLF, borrowers who enter full-time employment at qualifying public service organizations must make 120 on-time monthly payments–which total 10 years of payments–while enrolled in a qualified repayment plan. Qualifying payments under PSLF need not be consecutive, so students who make an occasional late payment or who exit and re-enter public service can still qualify for PSLF with only those non-qualifying payments excluded.Because most of the qualified repayment plans are income-driven, borrowers in low-paying fields will likely have a loan balance remaining after the 120th payment. To receive forgiveness of the remaining balance, a borrower must have verified their qualifying public service employment via an employment certification form (ECF) and be currently employed by a qualifying employer.

PSLF Employment Certification Form