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! 💜
How did you pay for your university education? If you are like the millions of other Americans, chances are your education was financed by a federally-approved loan. Of course, a loan is a loan, and you are still responsible for repaying it.Or are you? After all, the pandemic has caused the Federal Government to reconsider its traditional stance on student loans. Student loan forgiveness is an option for you right now. And it is one you ought to take advantage of.
If you’re one of the many private student loan borrowers, you might have this question in mind: do private student loans have public service forgiveness, otherwise known as PSLF?The hard truth is that there is no Public Service Loan Forgiveness for private student loans. However, it pays to know how PSLF works and how you can qualify for the program. Check out the article below to learn some alternatives to private student loan forgiveness too.
One of the biggest things that discourage aspiring graduates from realizing their dreams is student loan debt. In some cases, borrowers spend most of their lives paying their debt off. It’s not that they don’t want to pay or do not have the means to do so, what makes it extra difficult are the outrageous interest rates that come with student loans. In this article, we'll dive into ways to negate those high interest rates, specifically by pursuing public student loan forgiveness or by refinancing student loans.