What is Public Service Loan Forgiveness?

Concerns & risks

You were trying to manage your student debt while working at a nonprofit, and a coworker mentioned Public Service Loan Forgiveness.

PSLF can be life-changing.

Causes & evidence

PSLF may forgive remaining Direct Loan balances after 120 qualifying payments while working full-time for a qualifying employer. See student loan repayment.

What to do

1. Confirm your employer qualifies with the PSLF Help Tool.
2. Be on a qualifying repayment plan.
3. Certify employment regularly.

Common mistakes: Common mistakes: assuming you qualify without checking details. PSLF requires Direct Loans, a qualifying repayment plan, full-time work for a qualifying employer such as government or many nonprofits, and 120 qualifying monthly payments. Use the PSLF Help Tool on StudentAid.gov to certify employment and track progress. Submit employer certification regularly so you catch problems early. Keep records of payments. Watch out for scams charging fees to help with PSLF.

Speed Man tip: Keep records of everything.

Wrap-up: 120 payments. Qualifying employer. Certify.