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Public Servants Who Qualify for Student Loan Forgiveness Can Apply Now
For some college grads, it’s time to think about whether to go to that 10-year reunion party. For others, there’s a bigger task: applying for student loan forgiveness.
The Public Service Loan Forgiveness (PSLF) Program launched in 2007. The program promises loan forgiveness to borrowers who made federal student loan payments for 10 years while they worked public service jobs.
This fall, the first round of professionals eligible for forgiveness can fill out their applications to have their remaining balances wiped away, CNNMoney reports.
More than half a million student loan borrowers participate in the program.
This Journey Isn’t Over Quite Yet
The loan forgiveness application is available in a PDF you can fill in, save, and mail or fax to the Department of Education. Borrowers who make loan payments through FedLoan Servicing can upload their applications via the FedLoan website.
Jobs that qualify you for forgiveness include government organizations, nonprofits and service in AmeriCorps or the Peace Corps.
If you plan to apply for forgiveness this fall, you must work for a qualifying employer when you submit your application, as well as at the time the remaining balance on your loan is forgiven, the Department of Education notes.
Is the Public Student Loan Forgiveness Program Safe From Budget Cuts?
President Donald Trump’s 2018 budget proposal, released in May, would end the program and sunset subsidized federal student loans after 2018.
The budget is unlikely to pass in its current state, but students and borrowers should expect some changes to processes for requesting and repaying loans.
Lisa Rowan is a writer and producer at The Penny Hoarder.