The New York Public Library offers information and free programs to New Yorkers seeking help with the Public Service Loan Forgiveness (PSLF) program. Read on for information about what the program offers and how to apply. Show
What is the PSLF Program?A federal program created under the College Cost Reduction and Access Act of 2007 to provide indebted professionals a way out of their student loan debt by working full-time in public service (e.g., government and nonprofit). What are the qualifications for PSLF?The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments. To qualify for PSLF, you must:
What is the PSLF waiver?Until October 31, 2022, federal student loan borrowers can get credit for payments that previously didn’t qualify for Public Service Loan Forgiveness (PSLF) or Temporary Expanded Public Service Loan Forgiveness (TEPSLF). Please note this is separate from the recently announced One Time Student Loan Debt Relief plan. How can I find out if I qualify for PSLF?You can use the PSLF Help Tool to determine your eligibility based on the types of loans you have and your employer. The article Become a Public Service Loan Forgiveness (PSLF) Help Tool Ninja covers help tool basics, how to find your employer in the database, and more. If I don't qualify for PSLF, what are my options? What resources do I have?You can still use the PSLF Help Tool to find out your eligibility for other opportunities such as the Federal Student Loan Forgiveness and NYS Student Loan Repayment Assistance Programs. For more information:
Where can I get help?NYPL is proud to work alongside PSLF.nyc, a coalition of nonprofits, government agencies, and labor unions, to spread the word and connect federal loan borrowers with the resources they need to apply ahead of the October 31, 2022 deadline. To learn more, check your eligibility, join an information session, and get support:
You can also visit Brooklyn Public Library and Queens Public Library and inquire about local opportunities. The Public Service Loan Forgiveness Program is administered by Federal Student Aid, an Office of the U.S. Department of Education. Program SummaryThis federal program provides forgiveness for the remaining Direct Loan balance after a borrower makes qualifying payments covering 120 separate monthly payments, while working in a qualifying public service position. There have been many recent changes and updates to the program and additional changes are anticipated in 2023. For updates, visit the Federal Student Aid website. Eligibility RequirementsThere are three areas of qualification that need to be met simultaneously, over a period of 120 months or 10-years. Progress towards PSLF can be halted and/or resumed as needed – meaning the 120 months of payments and work do not have to be consecutive during the 10-year period. To qualify for forgiveness borrowers must have eligible loans, make required payments while enroll in an eligible repayment plan and working for an eligible employer. Eligible Loans:Any non-defaulted loan made under the Direct Loan program may be eligible, including:
Other federal student loans that could be made eligible, by including in a Direct Consolidation Loan, include the following:
Only payments made towards eligible loans will count toward the 120 payments needed for forgiveness. Eligible Payments: Borrowers are required to make payments to cover 120 separate monthly payments while enrolled in an eligible repayment plan. Eligible repayment plans include the following plans:
Temporary Expanded Public Service Loan Forgiveness (TEPSLF) Qualifying Work: Qualifying public service employment includes work in 501(c)(3) non-profit organizations, government organizations, and/or other not-for-profit organizations that provide certain types of qualifying public service. This type of employment could include work at qualifying medical schools and teaching hospitals, employment with AmeriCorps or Peace Corps, military service, public health, public safety, and other similar types of employment. For more information regarding qualifying employment visit the Federal Student Aid website. A Question to Consider When Evaluating Residency ProgramsDoes the residency program qualify as an eligible employer? The best way to find out is to ask during your interview. The answer you receive may help you decide where you want to do your residency. The PSLF Help Tool may also help you with determining if your potential employer may qualify as an eligible employer. Once you start your residency program, you should complete the Public Service Loan Forgiveness form annually. If you should change positions, you will want to also complete the form immediately before and after any change in employment. Completing the form, indicates your interest in the program and the form will help the PSLF servicer verify and track your eligibility. Who qualifies for PSLF?What loans qualify for forgiveness? Only loans you received under the Direct Loan Program are eligible for PSLF. Loans you received under the Federal Family Education Loan (FFEL) Program, the Federal Perkins Loan (Perkins Loan) Program, or any other student loan program are not eligible for PSLF.
Will I qualify for loan forgiveness?The White House announced that single borrowers earning less than $125,000 per year, or households earning less than $250,000, are eligible for $10,000 in loan forgiveness. Borrowers who fall under the income caps and received Pell Grants in college will receive an extra $10,000 – totaling $20,000 in forgiveness.
Will my loans be forgiven PSLF?No. There is no partial loan forgiveness. To receive PSLF, you must make all 120 qualifying payments while working for a qualifying employer.
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How do i qualify for public service loan forgiveness
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