Student Loan Consolidation and Student loan forgiveness

Public Service Loan Forgiveness (PSLF)

If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. Keep reading to see whether you might qualify.

Student Loan Consolidation and Student loan forgiveness

Qualifying Employment

Qualifying employment for the PSLF Program isn’t about the specific job that you do for your employer. Instead, it’s about who your employer is. Employment with the following types of organizations qualifies for PSLF:Government organizations at any level (U.S. federal, state, local, or tribal) Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code

Student Loan Consolidation and Student loan forgiveness

Eligible Loans

Any loan received under the William D. Ford Federal Direct Loan (Direct Loan) Program qualifies for PSLF.Loans from these federal student loan programs don't qualify for PSLF: the Federal Family Education Loan (FFEL) Program and the Federal Perkins Loan (Perkins Loan) Program. However, they may become eligible if you consolidate them into a Direct Consolidation Loan.Student loans from private lenders do not qualify for PSLF.

Student Loan Consolidation and Student loan forgiveness

Qualifying Payments

Qualifying repayment plans include all of the income-driven repayment (IDR) plans (plans that base your monthly payment on your income).While payments made under the 10-year Standard Repayment Plan are qualifying payments, you would have to change to an IDR plan to benefit from PSLF.

Student Loan Consolidation and Student loan forgiveness

PSLF Process

You must be working for a qualifying employer at the time you submit the application for forgiveness and at the time the remaining balance on your loan is forgiven.

Student Loan Consolidation and Student loan forgiveness

Tax on PSLF

Amounts forgiven under the PSLF Program are not considered income by the Internal Revenue Service. Therefore, you will not have to pay federal income tax on the amount of your Direct Loans that is forgiven.

Student Loan Consolidation and Student loan forgiveness
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