If you work for a government or not-for-profit organization and took out federal student loans while in college, you might qualify for Public Service Loan Forgiveness (PSLF). Other types of federal loans, as well as private student loans, are ineligible for PSLF.

Understanding ꦅPublic𒊎 Service Loan Forgiveness (PSLF)

How PSLF Works

The 澳洲幸运5开奖号码历史ಌ查询:Public Service Loan Forgiveness (PSLF) program is designed to relieve you of the burden of your 澳洲幸运5开奖号码历史查询:direct student loan debt if you work for a government or 澳洲幸运5开奖号码历史查询:not-for-profit organization. After you’ve made 120 qualifying payments on your direct loans under an 澳洲幸运5开奖号码历史查询:income-driven repayment (IDR) plan or the 澳洲幸运5开奖号码历史查询:standard repayment plan while working full-time for an eligible employer, the remainder of your student debt will be forgiven.

Eligibility Criteria for PSLF

You’ll need to meet specific eligibility criteria to qualify for PSLF, including:

• Working full-time for a qualifying employer. This can be a United States federal, state, local, or tribal government; a nonprofit organization; or the U.S. military. You don't need to work for the same employer while working towards PSLF, just qualified employers.
• Having direct loans that you’re repaying under an IDR plan or the standard repayment plan
• Making 120 qualifying monthly payments (they don’t have to be consecutive)

Types of Loans Eligible for PSLF

Before you can get PSLF, you'll need to ensure your loans are eligible for PSLF. Direct loans, including subsidized, unsubsidized, PLUS, and consolidation loanಞs, are the only types of stude﷽nt loans that are eligible for PSLF. 

If you have any of these loans, check whether they’re under a qualifying repayment plan. These are either the standard 10-year repayment plan or an IDR plan, including:

• 澳洲幸运🐓5开奖号码历史查询:Saving on a Valuable Edu💛cation (SAVE) Plan—formerly the REPAYE Plan
• Pay As You Earn (PAYE) Repayment Plan
• Income-Based Repayment (IBR) Plan
• Income-Contingent Repayment (ICR) Plan

Remember that while you’re eligible for PSLF under the standard repayment plan, you might still need to be under an income-driven plan to benefit from PSLF. That's because if you have the standard repayment plan, your repayment schedule will fully repay your student loans after 10 years. PSLF doesn't kick in until after 120 qualifying monthly payments, which (assuming you don’t miss any payments) would take a minimum of 10 years.

Loans Not Covered by PSLF

While direct loans qualify for PSLF, not all loans are eligible.

If you took out private student loans to fund your higher education, these aren't eligible for forgiveness, as PSLF only forgives some federal student loans.

At the federal level, some government-backed student loans also don't qualify for forgiveness, including:

• Federal Family Education Loan (FFEL)
• 澳洲幸运5开奖号码历史查询:Federal Perkins Loan

It can take years f𓂃or your student loans to be forgiven, so if you want to get approved, you’ll want to start making those qualifying monthly payments as soon as possible. Since not all loans are eligible for PSLF, it’s important to confirm whether your student loans qualify before you apply.

The Bottom Line

PSLF can forgive several types of student loans, but not all of them. Some student loans, including private student loans and non-direct federal student loans, aren’t eliꦰgible for PSLF. Knowing which student loans qualify for PSLF before compl🅺eting an application can save you time and energy, which can be put toward devising a new repayment strategy for your ineligible loans.