I Don’t Qualify for the PSLF Program
If you are not working in the public sector, or for some other reason you do not qualify for the PSLF Program, there are still other ways to receive student loan cancellation. Below are some of the most common programs that can get you on your way to being debt free.
- Income-driven forgiveness – forgiveness of all your student loan debt after 20-25 years depending on which repayment plan you enroll in – best for people who expect to stay in low-paying positions but have significant debt (note: amount forgiven is considered taxable income)
- Teachers – teacher loan forgiveness up to $17,500 for Direct Subsidized Loans, Direct Unsubsidized Loans, Subsidized Federal Stafford Loans and Unsubsidized Federal Stafford Loans and 100% teacher cancellation for Federal Perkins Loans
- Federal Perkins loan cancellation up to 100%
- National Health Service Corps – up to $50,000 for 2-year commitment in a high-need area
- Navy Financial Assistance Program
- Active Duty Health Professions Loan Repayment Program
- Loan repayment assistance programs by state
- Lawyers – loan repayment assistance programs:
- U.S. Armed Forces
Resources For Your Student Loan Cancellation
Student loan debt is one of the most significant financial plights facing people today. It is especially crippling for those of you in public service as most public sector positions, like teachers and firefighters, pay well below their private counterparts — yet you pay the same for your education.
Fortunately, the Public Service Loan Forgiveness (PSLF) program exists. This program is the best option for your student loan cancellation as it can eliminate up to 100% of your student loan debt. For all the nitty-gritty details about the plan, click here, and for a free assessment of your student loan situation, contact us directly.
To make things easy, below is a list of the most common forms you need for the PSLF program, as well as information on some of the specific professions that qualify for student loan cancellation. If you don’t see what are you looking for, do not hesitate to call us.
Important PSLF Forms and Links
- Only Direct Loans are eligible for cancellation under the PSLF program — check the types of federal loans you have here
- You need to certify your public service employment every year and when you change employers — here is the Employment Certificate
- You need to be making payments under one of the qualifying PSLF repayment plans — to apply for one of the plans, click here (note, to login and apply, you need an FSA ID — to create a new FSA ID, click here)
- After you have made 120 qualifying payments, you need to submit the application
Contact Us For More Information
As you can see, there is a lot of information on the PSLF Program to wade through. We know how confusing it can be, and we know how stressful student loan debt is. We are here to help, so contact us today for a free assessment of your student loan debt circumstances. Contact us here.