{"id":354932,"date":"2016-04-04T11:01:49","date_gmt":"2016-04-04T16:01:49","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/education\/higher-education\/what-is-public-service-loan-forgiveness.html"},"modified":"2024-03-18T11:35:49","modified_gmt":"2024-03-18T16:35:49","slug":"what-is-public-service-loan-forgiveness","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/education\/higher-education\/what-is-public-service-loan-forgiveness.html","title":{"rendered":"What Is Public Service Loan Forgiveness?"},"content":{"rendered":"\n
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What Is Public Service Loan Forgiveness?<\/h1>\n
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\n By Jade Yeban, Esq.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Public Service Loan Forgiveness (PSLF) is a beacon of hope for those burdened by student loan debt<\/a>. PSLF offers a path to financial liberation for those dedicated to serving the public. Established by Congress and managed by the U.S. Department of Education, PSLF acknowledges the valuable contributions of public service workers by forgiving the remaining balance of their federal student loans.<\/p>\r\n

Public service workers qualify after they have made 120 qualifying payments while working full-time for eligible employers. From teachers and nurses to nonprofit workers and government employees, PSLF is to encourage and reward those who commit their careers to the greater good. It makes much-needed debt relief available and supports pursuing public interest careers.<\/p>\r\n

What Is Public Service Loan Forgiveness?<\/b><\/h2>\r\n

The Public Service Loan Forgiveness<\/a> (PSLF) program is part of the College Cost Reduction and Access Act, which became law in 2007. PSLF began to help reduce the large student loan debts many accumulate while attending college. The PSLF program is a way for people who work in public service jobs to get rid of their federal student loan debt.<\/p>\r\n

The effect of the PSLF program is twofold: it helps relieve people of federal student loan debts while encouraging them to work in the public sector. This article will discuss how public service loan forgiveness works and how to qualify for the program.<\/p>\r\n

How Public Service Loan Forgiveness Works<\/b><\/h2>\r\n

To qualify for PSLF help, you must have a federal direct loan and pay it back under an income-driven repayment plan. These plans set your monthly payments based on how much money you make and your family size. Every month you make a student loan repayment counts as a step closer to forgiveness. But the student loan payments don’t have to be made in a row. If you lose your job or switch to a non-qualifying job, you won’t lose credit for the payments you’ve already made.<\/p>\r\n

Types of Public Service Jobs Eligible for PSLF<\/b><\/h2>\r\n

The PSLF program opens its doors wide to a variety of jobs. This recognizes the diverse ways people contribute to society through their careers. Whether working for a government organization or a nonprofit, your role could pave the way to loan forgiveness. While some may assume that "public service jobs" only include government jobs, the definition encompasses a much broader range of positions and organizations, including:<\/p>\r\n