What is the Public Service Loan Forgiveness (PSLF) program?
Asked a year ago
The Public Service Loan Forgiveness (PSLF) program is a federal program designed to forgive the remaining balance on eligible Direct Loans after making 120 qualifying payments while working full-time for a qualifying employer. This program aims to incentivize individuals to pursue public service careers and relieve the burden of student loan debt. To qualify, both the borrower and the employer must meet specific criteria. Borrowers must make consistent on-time payments under an income-driven repayment plan and work for a qualifying employer, which includes government organizations, non-profit organizations, and other eligible public service organizations. Once the borrower fulfills the required payments and employment criteria, the remaining loan balance can be forgiven tax-free. It is essential to understand the program's requirements and carefully follow the guidelines to benefit from this loan forgiveness option.
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