January 20, 2022

Do Sallie Mae Loans Qualify for Public Service Loan Forgiveness (PSLF)?

Forgiveness

Sallie Mae is one of the well-known names when it comes to student loans. They have a high application success rate and various plans you can choose from. They offer plans depending on your education level and have many options for those undergoing payments. One of the concerns people have is whether there is a Sallie Mae PSLF program.

Stating the Facts

Sallie Mae offers private loans as one of the top lenders in the U.S. These types of loans do not qualify for PSLF. A check of the National Student Loan Data system reveals that they’re not a part of the list that receives federal-backed loans. However, as a lender, they offer several other programs to help with repayment and other borrower problems.

Many choose Sallie Mae because they like the private student loan plans offered by the company. Their repayment plans may also be appealing compared to PSLF.

PSLF is a long-term commitment, and it may not be for everyone. Sallie Mae offers several other options borrowers can take if they feel like committing to the 10-year program may not fit with them. Some of these options include:

  • Student loan deferment
  • Repayment plans
  • Income-driven programs

What If I Need to Apply for PSLF?

You’ll need to check if your lender supports PSLF programs. You’ll still need to fulfill the minimum requirements of the program. That means you should be under a Direct Loan (federal) and have made 120 qualifying payments. You’ll have to maintain consistent payments for these cycles spanning ten years.

Not only that but there are also other factors to consider. For one, you need to be under a Public Service employer recognized by the PSLF. These can be any of the following:

  • Nonprofit organizations
  • Tax-exempt
  • Government organizations

There are some exceptions to the rule. It’s best to consult your lender to get a better idea.

Applying and Completing PSLF

If you’re sure about undergoing a PSLF program, the best thing to do is apply for it as early as possible. That way, your lender knows your intent and can help you with any needed process. One of the most vital parts of the PSLF application is documentation. You’ll need different types of documents, including:

  • Employment form
  • Payslips
  • Proof of loan payments

You’ll also be asked to complete forms and apply signatures if necessary. While this may seem standard, some applicants experience problems when changing jobs. PSLF has several rules in place to help an applicant with the documentation.

Sallie Mae Is an Option

Sallie Mae is an option if you’re not looking at federal loans. However, if your goal is to get student loan forgiveness in the future, then consider other lenders.

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Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

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