What is Public Service Loan Forgiveness (PSLF) & How It Works?

What is PSLF and Who Qualifies for Public Service Loan Forgiveness? What are the repayment plans which are eligible for PSLF? How to Get Public Service Forgiveness?

Asked on June 11, 2019 in Loans.
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Public Loan Forgiveness (PSLF)

As per Public Service Loan Forgiveness (PSLF) program, if the qualified borrower (Employed At A Qualifying Public Service Entity) makes 120 monthly repayments towards the student loan then the Government will forgive the balance student loan.

The PSLF program has three basic conditions:

  1. Have a Direct Student Loan
  2. Repayments are made under the qualifying repayment plan
  3. The borrower makes 120 qualifying repayments being the employee of a qualifying public service entity.

Qualifying repayment plans include:

  • Pay As You Earn (PAYE) Plan
  • Revised Pay As You Earn (REPAYE) Plan
  • Income-Based Repayment (IBR) Plan
  • Income-Contingent Repayment (ICR) Plan
  • 10-year Standard Repayment Plan

FedLoan is the ONLY loan servicer that manages the Public Service Loan Forgiveness (PSLF)

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Answered on June 11, 2019.
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