On average, student loan borrowers owe $33,000 in student loan debt, totaling over 1 trillion and counting for all borrowers summed together.
It’s depressing to think about how and why this happened, and unfortunately, the student loan debt crisis isn’t going away anytime soon.
However, if you work in public service, you could have the option to say bye-bye to a considerable chunk of your debt through the Public Service Loan Forgiveness (PSLF) program. Continue reading to learn which jobs qualify and how you can apply.
The Public Service Loan Forgiveness (PSLF) Program is a snippet of the College Cost Reduction and Access Act of 2007 (CCRAA). It is also one of the four teacher loan forgiveness plans available to educators. PSLF’s goal is to forgive a part of a public service employee’s student loan debt once they satisfy its requirements.
Multiple factors can affect a person’s qualification for PSLF. You can learn more about these qualifications from our blog The Ultimate Guide To Student Loan Forgiveness. But, here are the two primary requirements that you must meet before you can apply:
If you think you already meet these requirements, you can apply!
But first, let’s make sure that your employer is qualified as public service. Can you answer yes to any of the questions below?
Still not sure? Common jobs and careers that are eligible for PSLF are:
For a more complete list of common jobs that qualify for PSLF, read our blog here: Does your Job Qualify for PSLF?
Get the forgiveness you deserve! You can apply by downloading the PSLF application and Employee Certification Form (this will need to be completed and signed by each employer you’ve worked for during the 120 monthly repayment period), once the application and form(s) are completed and signed, you submit them to Fedloan.
Or, Chipper can help by filling out the application and form(s) for you, making sure they’re filed correctly and submitting them on your behalf. And if you are denied for not having met all of the requirements for PSLF, we’ll do everything we can to get you on the right track! 💜