Think you may qualify for Public Service Loan Forgiveness (PSLF)? A new tool from the Department of Education can help you determine your eligibility.
The PSLF program was established in 2007 with the intent to reward public service employees who meet certain requirement by forgiving their student loan debt. In order to qualify for Public Service Loan Forgiveness, student loan borrowers must work full-time at a qualifying government or nonprofit organization and make 120 qualifying payments.
A new report from the Consumer Financial Protection Bureau (CFPB) finds that many qualified student borrowers have been delayed, or even denied, access to the Public Service Loan Forgiveness (PSLF) Program.
The program, a Department of Education initiative, allows borrowers to have their federal student loans forgiven after making 120 eligible payments over the course of 10 years working in eligible public service careers.
Yet despite meeting all eligibility requirements, the CFPB found that some borrowers have spent years paying into the program without receiving their promised loan relief.
Good news is on the horizon for school counselors and college admission professionals: Public service employees are eligible to have their debt wiped off the books starting this year under a new federal loan forgiveness program.