How to Apply for the Public Service Loan Forgiveness Program .pdf
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How to Apply for the Public Service Loan
It is quite natural for the students to get curious about the whole program of
Public Service Loan Forgiveness (PSLF). The program has been specially
designed for the student loan holders to get out of their debt easily.
Your dream of working in the public service might actually get obstructed by
your unpaid student loans. In this critical situation PSLF is the one and only
program, which has the capacity of rescuing the students from student debt.
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. You can read more here at Federal Student Aid.
So, try to learn all the details about PSLF and then follow this simple and easy
ways to applying for the above mentioned program.
What is Public Service Loan Forgiveness Program?
The whole PSLF program has specially been arranged for the students to deal
with their student debts at the same time of pursuing their career in public
service. In the year of 2007, public service loan forgiveness program came into
existence for forgiving the remaining student debt of a particular student.
There are certain rules to follow before applying for the program. The
eligibility condition of going for PSLF is, you have to pay at least 120 monthly
payments on the loan you have taken.
Is it the Right Option for you?
This is one of the most important things for you to consider, that whether you
need to go for the public service loan forgiveness program or not.
After making 10 years of repayment, you really need to think about the
necessity of applying for the program.
PSLF is appropriate for those people who are earning a livelihood quite less
than their expectations. Thus, the responsibility of repaying the huge load of
student load might provide them some sleepless nights. On the other hand, if
you are earning a lot of money, then the chances of qualifying for the program
is quite low.
Which loans are eligible for getting the forgiveness?
Parent PLUS loans along with the Federal Stafford and PLUS loans are
exclusively come under the Public Service Loan Forgiveness. Although,
defaulters in repaying the previous 120 payments will not be taken as an
eligible candidate to apply for the loan forgiveness program.
There are a certain rules, which must be fulfilled by the students before
applying for PSLF.
Make sure you pay the student debt, according to your income.
You can only go for this program, if you are working under an eligible
The program can only start working, if you have been repaying your
What are the types of employment qualified for public service loan forgiveness?
Applying for PSLF is not that easy without knowing all the details of the
program. The employees, who are considered desirable for this program
The people who are working for Local, State or Federal Government
Employee of a non-profit organization.
Social worker in a private or government sector.
Full time faculty of a tribal college or university.
There is no need for you to get worried about your job role as long as your
employer falls into any one of the above mentioned categories. But,
introducing yourself as a full time worker of a particular organization is very
much essential. As full time employees are only considered eligible for picking
How do I apply for the Forgiveness?
The first step to apply for the public service loan forgiveness program is to
meet all the necessary criteria of becoming an eligible person applying for the
loan forgiveness program.
To maximize forgiveness, borrowers should also use an Income Driven
Repayment (IDBR) option, such as Income Based Repayment, ICR, and Pay
As You Earn plans.
Here are the steps to apply for Public Service Loan Forgiveness:
The second step is, one has to submit all the important papers to the
department of education to apply for the above mentioned program.
Complete the Employment Certification for Public Service Loan Forgiveness
form annually or whenever you change jobs. You must ask your employer to
fill in the employer portion.
It is up to you that whether you would like to submit all the paper-works
annually or after repaying 120 payments of your student debt. But, according
to the experts, you must send all the necessary papers annually. You can
manage all these works by yourself or you can also think about taking the help
of a third party. An experienced person might actually help you by checking whether your
repayment plan is correct or not.
The employment certification will closely be verified by the officials of PSLF
for considering you as a suitable applicant for the whole program. If you want
to know more about this loan forgiving program, then there are a few websites
where you can have all the details.
The PSLF Employment Certification form is available here.
But, don’t forget to make at least 120 payments before you think about
applying for the Public Service Loan Forgiveness. Make sure you keep all the
copies of the payment you have made in the last 10 years. This is essential as
all these copies might actually be needed by the officials of PSLF at the time of
verifying your paper works.
Peter Christopher is the Editor to Finance care Guide and a guest columnist for many blogs
that deals with financial issues. He has devoted himself to full time speaking, writing and
consulting on personal finance management. Visit him on Google Plus and Twitter.