Advertiser Disclosure

Important tips on Public Service Loan Forgiveness

Important tips on Public Service Loan Forgiveness Finance

If you get a student loan forgiveness, then you can end up saving on thousands of dollars from student loans. If you take up a job in public service, then you may qualify for a Public Service Loan Forgiveness. Here are some important tips you need to know about Public Service Loan Forgiveness.

  • Public Service Loan Forgiveness is essentially a federal program forgiving federal loans of borrowers who work full-time in a federal, state or local public service job and make at least 120 on-time payments (this roughly equates to 120 months of student loan payments made on-time)
  • This program is eligible only for payments made after October 1st, 2007. Any payments made before this day will not add up to the 120 payments.
  • As a borrower, you can make the 10-year student loan repayment using any of the following repayment options: standard repayment, Pay As You Earn Repayment (PAYE), Income-Contingent Repayment (ICR), Income-Based Repayment (IBR). You can improve your chances of being eligible for a Public Service Loan Forgiveness by making most of your 120 repayments using an income-driven plan. The direct loans that are eligible include Federal Direct Subsidized Stafford/Direct Loans, Federal Direct Unsubsidized Stafford/Direct Loan, Federal Direct PLUS Loans (for parents and graduate and professional students), Federal Direct Consolidation Loans
  • Only two types of student loans, namely: direct loans and Federal Direct Consolidation Loans are eligible for a Public Service Loan Forgiveness. The direct loans must only be approved by the federal government for you to qualify.
  • Note that if you have taken a private student loan, Federal Perkins Loans or Federal Family Educational Loans, you will not be eligible for the Public Service Loan Forgiveness program.
  • Keep in mind that as long as you have been employed in public service, you are eligible for the Public Service Loan Forgiveness. Your eligibility will not be affected if you have worked under different public service employers during the 10-year period.
  • With the Public Service Loan Forgiveness, 100% of your federal student loans are forgiven.
227 VIEWS

top rated cards

Citi® Double Cash Card – 18 month BT offer

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi ThankYou® Preferred Card

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi Simplicity® Card - No Late Fees Ever

cards
  • Purchases Intro APR
    15.74%
  • Regular APR
    15.74% - 25.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

cards
  • Purchases Intro APR
    14.74%
  • Regular APR
    14.74% - 24.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0
Finance

How Financial Advisors Can Help You Save For A Rainy Day

If you are earning money and have thought about saving some for the future, surely you have thought about using the services of a professional financial advisor. Assessing the financial needs of an individual or family, financial advisors help wit...
255 VIEWS
Finance

State Farm Insurance Homeowners Quote For 2018

Our home is our place of security and our family is the comfort zone that we always like to return to. As such, given the importance of this place, it is important for one to take care of their house and make sure it can stand against natural disaste...
296 VIEWS
Finance

Free Forex Trading Strategies That Are Sure To Help You

Are you new to trading? Forex trading in particular? Learning the best forex trading strategies is the first step. Attempting to trade with the trial and error method is not as favorable as researching and following strategies learned over years of e...
262 VIEWS