If you have Direct Federal Student loans, Direct Subsidized Loans, Direct Unsubsidized Loans Direct PLUS Loans (for Parent PLUS borrowers, the parent must qualify for PSLF) and Direct Consolidation Loans, you may have heard of the US Department of Education enacted program, Public Service Loan Forgiveness (PSLF), which allows borrowers to have loans forgiven after making 120 months of qualified payments and working in government service, 501( c ) (3)nonprofit, tax-exempt organization, EMA, Military Service, Public Safety, Law Enforcement, Fire Fighters, Public Interest Law Services, Early Childhood Education, Public Service for Individuals with disabilities and the Elderly, Public Health, Public Education and Public Library Services or School Library or Other School-Based Service. If you qualify for this program but have not yet signed up, now is the time. This program originated in 2007 and the first loan forgiveness was granted in October 2017, it is now under review and may not continue.
"Those that are seeking the Public Service Loan Forgiveness need to consolidate their loans with Fed Loans as their servicer and they need to make sure they are in the right repayment plan and provide servicer with an Employment Certification Form," says Gwen Brown, Student Loan Counselor. For additional information go to www.studentdebtcrisis.org. The National Housing Resource Center (NHRC) and the Student Debt Crisis group are asking everyone that is eligible for the PSLS to consider signing up now so that they can be grandfathered in if the program ends.
If you are in need of assistance with the Public Service Loan Forgiveness Program or your Student Loans, our Student Loan Counselors can provide you with the assistance you may need.
Give us a call today, 251-602-0011.