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Need help with PSLF? The Department of Education’s Public Service Loan Forgiveness – PSLF, program allows public service employees – including federal employees and military personnel – to have federal student loan payments reduced, and that debt forgiven after making 120 qualifying payments.
For employees that owe about $35K or more in federal student loans, this underutilized program can mean tens of thousands of dollars forgiven (eliminated, with no cap on the amount), with monthly payments lowered by hundreds of dollars in some cases, which can be life changing.
Student Debt Resolution takes pride in helping borrowers maximize their student loan forgiveness by matching them with the best program for each borrower. SDR doesn’t charge unless they can save candidates money, and they offer a free consultation so there’s no doubt if they can qualify or not. In just 5 minutes, SDR can help you understand your student loan forgiveness options. Get started now!
Here’s how the PSLF program works:
– Income versus debt
If you owe around $35K or more in federal loans you most likely qualify for loan forgiveness. (Parent Plus loans unfortunately rarely qualify.)
*Keep in mind that if your spouse also has student loans, there is an even greater benefit through PSLF.
– Qualifying loans
Qualifying loans for PSLF are any federal student loans you have taken out. Student Debt Resolution can help you consolidate different kinds of federal loans (Stafford, FFEL, Perkins, etc.) into a direct loan eligible for the PSLF program, beyond the waiver date.
– 120 payments
Once enrolled in an income-based repayment plan for that consolidated loan, participants must make a total of 120 on-time payments to have their balance written off.
– Qualified employer
Under normal PSLF rules, qualifying employers include government organizations at any level (federal, military, state, local or tribal), and some non-profits, as well as AmeriCorps and the Peace Corps.
– Full time employment
To participate you must be working at least 30 hours per week, with one or more qualifying employers.
– Recertification
In order to stay on the plan, you must annually re-certify your personal information with the PSLF program (income, family size, employer, etc.). Student Debt Resolution will remind you and help you re-certify.
Other important criteria for eligibility:
- Private loans don’t qualify, only federal loans qualify;
- You cannot be actively enrolled in Public Service Loan Forgiveness if your loans are in default; but you can still become eligible by changing your default status. (Student Debt Resolution helps facilitate this process.)
- If you leave qualified public service for a non-qualifying job in the private sector, or you retire, for example, the payments you have already made at that point would only count toward a normal 240-payment quota (unless the balance is paid off before then) under normal income-based repayment.
How can Student Debt Resolution help?
To qualify for public service loan forgiveness you need to consolidate your federal student loans through the federal student aid website [https://studentaid.ed.gov/sa/].
Unfortunately this can be a difficult process for some borrowers to navigate and large loan servicers often behave as little more than towering collection agencies. Eligibility for enrolling in PSLF is very specific, so are requirements for staying enrolled, and it pays to have someone on your side that knows the ropes and to keep you on track.
With Student Debt Resolution’s services you won’t have to stress out about whether you have applied correctly and are doing what you need to do and can begin making qualified payments as soon as possible.
Every month not participating is a missed opportunity to make one of your 120 payments toward the finish line.
You do not have to work with a company like Student Debt Resolution to participate in the PSLF program, but there are a lot of people that need help applying and staying on track to benefit from the peace of mind of worry-free, hands-on assistance.
Fill out the form below and someone from Student Debt Resolution will email or text you a couple of questions to determine your eligibility, and if you are they will work with you to set up an appointment to go over results and take the necessary steps to enroll you into PSLF.
They make it easy to understand how it works and take the stress out of the complexity of navigating this alone when it comes to dealing with the Department of Education and federal loan servicers. Borrowers can get tens of thousands of dollars forgiven through this program.
Use the form below to start a free consultation with Student Debt Resolution:
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