Thank you for completing our Public Service Loan Forgiveness Questionnaire. Your case details have been received and analyzed by an attorney.
In order to qualify for Public Service Loan Forgiveness, you must make 120 “qualifying” payments. This can be tricky, because not all payments are “qualifying” payments.
- First, for a payment to be considered “qualifying”, you must be working for the right kind of employer. Generally, this includes government entities, nonprofit 501(c)(3) entities, and other not-for-profit organizations providing qualifying public services. Ordinarily, you may be required to submit an annual certification from your employer stating that the employer qualifies.
- Next, you must have the right kind of loan. Generally, you would need a Direct loan from the Department of Education. If you do not have a Direct loan, your loans may not qualify for Public Service Loan Forgiveness.
- Finally, you must be actively paying on your student loans under either an income-driven repayment plan or a 10-year standard repayment plan. Switching between payment plans may cause you to lose qualifying time in some cases. Additionally, consolidating your loans can cause a complete reset of your qualifying time.
We’ve found that Public Service Loan Forgiveness can be tricky to navigate without an attorney. Many of these applications are denied. Sometimes this is because the application is filled out incorrectly. Sometimes the application has insufficient documentation. We get many calls from people who had their application denied. That’s why we suggest you have a lawyer, if possible.
If you would rather continue to read about the process for free, I would invite you to download our free book, The Essential Student Loan Survival Guide.
As part of the ARM Yourself With Knowledge series, this guide aims to help you navigate the student loan universe. In this free student loan guide, we cover student loan payment plans, student loan forgiveness programs, and student loans in bankruptcy to ensure you have all the information you need to deal with your student loan debt.
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