The Public Service Loan Forgiveness Program (PSLF)

Lots of money

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. If eligibility is met military spouses may qualify.

Under this program, you may qualify for forgiveness of the remaining balance due on your William D. Ford Federal Direct Loan (Direct Loan) Program loans after you have made 120 qualifying payments on those loans while employed full-time by certain public service employers. Since you must make 120 qualifying payments on your eligible federal student loans after Oct.1, 2007, before you can qualify for the loan forgiveness, the first forgiveness of loan balances will not be granted until October 2017.

Qualifying employment for the PSLF Program is not about the specific job that you do for your employer. Rather, it is about who your employer is. Employment with the following types of organizations qualifies for PSLF:

  • Government organizations at any level (federal, state, local, or tribal)
  • Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code

  • Other types of not-for-profit organizations that provide certain types of qualifying public services

  • Serving in a full-time AmeriCorps or Peace Corps position also counts as qualifying employment for the PSLF Program. 

PSLF applies to federal Stafford, Grad Plus, or consolidation loans as long as they are in the DirectLoan Program. Borrowers with Federal Family Education Loan Program (FFELP) loans must switch to the Direct Loan program to participate in this benefit.

Learn more with this PSLF fact sheet.

Have question? PSLF Common Questions and Answers.

 

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