Public Service Student Loan Forgiveness: Eligibility Criteria for PSLF Program
Advancing in higher education and successfully completing your studies is a solid strategy to increase your chances of landing a well-compensated position down the line, although it does have its challenges.
One must repay the borrowed funds received during their academic years, which can pose a significant challenge as they transition into the workforce.
One option to receive assistance in repaying student loans is through the Public Service Loan Forgiveness Program (PSLF).
Working for a US government entity at any level (federal, state, local, or tribal), or a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code qualifies for PSLF, regardless of the services provided.
In addition, a non-profit organization that does not meet the requirements according to section 501(c)(3) of the Internal Revenue Code is considered to be a qualifying employer if the majority of its full-time equivalent employees are employed in one of the following areas:
Civilian assistance that is provided to the armed forces
- Control of unexpected events
- Duty in the military
- Protecting the well-being of the general population
- The enforcement of laws
- Utilizing legal channels to advocate for the general public’s welfare
- Initial schooling for young children
- Assistance that is made available to people who have disabilities
- The health of the public
- Instruction for the general public Services offered by the library to the general population
- Assistance with school libraries
- In addition to these services, schools also offer
- Service to the public for senior citizens
Processing Time for Public Service Loan Forgiveness Program
It will require a minimum of 10 years to qualify for PSLF by making 120 qualifying monthly payments.
Remember to ensure you are still employed by an eligible employer when you submit your form for forgiveness.
