Public Service Loan Forgiveness
This summary provides a general overview of a comprehensive law and is not intended to provide complete information or to address all issues relating to the Act.
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness Program (PSLF) was created to encourage individuals to enter and continue to work full-time in a broad category of public service jobs. The PSLF Program forgives the remaining balance on Direct Loans after 120 qualifying monthly payments have been made under a qualifying repayment plan while working full-time for a qualifying employer.
To qualify for PSLF, you must:
- be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service);
- work full-time for that agency or organization;
- have Direct Loans (or consolidate other federal direct student loans into a Direct Loan);
- repay your loans under and income-driven repayment plan; and
- make 120 qualifying payments
A Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF Form) should be submitted annually or when changing employers. The federal government will use the information on the form to lets student loan borrowers know if they are making qualified PSLF payments.