The Federal Student Loan Forgiveness program provides you, your staff, colleagues, or nonprofit-employed friends and family some needed relief.
While you’re wondering what the new year might bring your organization, consider how student loan forgiveness may be of benefit to you in employee recruitment and retention, or in maintaining your own household budget.
“If you work full-time in a public service job, you may qualify for Public Service Student Loan Forgiveness.”
“What must I do to have any remaining balances on my Direct Loans forgiven under the PSLF Program?”
- You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans. Only payments made after October 1, 2007 qualify.
- You must make those payments under a qualifying repayment plan.
- When you make each of those payments, you must be working full-time at a qualifying public service organization.
Click over to the Federal Student Loan Forgiveness to explore and see more answers to questions like these:
- What loans are eligible for forgiveness?
- What is a qualifying repayment plan?
- What kinds of employment qualify?
- How can I keep track of my eligibility?
- What should I do after I become eligible for PSLF?
“You might also find the alternative repayment methods useful. My personal household budget is greatly relieved by a several hundred dollar monthly reduction in my repayment because I use a plan based on my income. Enrollment was easy and annual re-enrollment works seamlessly with filing my taxes.” – Lettie