Do I Qualify? | Public Service Loan Forgiveness Eligibility
Student loan debt is not only crippling, but one of the biggest modern financial crises facing adults. However, there are programs that can help you. For example, if you work in the public sector and have federal student loans, you can qualify for the Public Student Loan Forgiveness Program. Unfortunately, the Department of Education’s information on this program is not only difficult to navigate but is full of jargon that is hard to understand. We’ve taken all their information and broken it down for you so that you can quickly and easily find out how to resolve your student debt.
With us, it’s simple and easy to check where you may fit into the PSLF program, or put more plainly, your public service loan forgiveness eligibility.
Once you understand it, the PSLF program is relatively simple. This gist of it is that the program will forgive any remaining balance on a direct loan provided that 120 qualifying payments are made in a qualifying payment program while maintaining full time employment at a qualifying employer.
An important point to consider if public service loan forgiveness sounds appealing is that it’s imperative to complete that provided employment certification form as soon as possible. A common problem is loaners may wait to send this form until they are several months or even years into repayment, so they are simply no longer qualify for forgiveness due to a timeframe in which qualifying payments have not been made. In fact, this form should be submitted annually or each time there is a change in employment.
Qualifying work for public service loan forgiveness eligibility is much less about what type of work you do and more about your specific employer. Some of the positions most qualified for PSLF are:
- A position of government employment at any level, be it federal, state, or local.
- Not-for-profit organizations that are, under Section 501 of the Internal Revenue Code, tax-exempt, though certain non-exempt organizations may be acceptable if their primary function is to provide certain qualifying public services.
- Serving as a full-time volunteer in the Peace Corps or AmeriCorps.
When it comes to what is considered full time employment, you are expected to work full time per what is considered to be so by your employer, or at least 30 hours a week, whichever number is greater. If you work two part-time jobs, you may be eligible for PSLF provided that the sum of your hours fits the criteria for full time employment.
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Though these facts and tidbits sound intimidating and convoluted, student loans can weigh even more heavily on anyone for long periods of time. With us, it’s never been easier, more convenient, or presented in a more streamlined fashion to discover what of your finances you can save by looking into your potential for public service loan forgiveness eligibility. After all, if you’ve been working this hard, you deserve it.
Reach out to us today, and we’ll put you in contact with the experts you need to properly apply to the PSLF.