When filing for the Public Service Loan Forgiveness (PSLF) Program, you’re legally required to certify that you’re working at a qualifying non-profit or government job for at least 30 hours per week. However, this may be difficult if you’re just starting your career and trying to establish your professional credentials. The PSLF Employment Certification process is a public service loan forgiveness program that enables students with an eligible loan to save on their monthly payments after they’ve been employed for three consecutive
What is the PSLF Program?
PSLF is the Public Service Loan Forgiveness Program, which forgives your federal student loans if you make 120 qualifying monthly payments on the loans during a 10-year period. If approved for PSLF, you will be eligible to have the remaining balance of your student loans forgiven after you leave public service.
The Public Service Loan Forgiveness Program allows people who make loan payments while they are employed by a qualifying organization to have the remaining balance of their student loans erased after 10 years. The PSLF is a part of the College Cost Reduction and Access Act (CCRAA) which was signed in 2007.
How to apply for the Public Service Loan Forgiveness Employment Certification
If you’re interested in applying for the Public Service Loan Forgiveness Employment Certification, fill out the application and submit it with your transcripts to your servicer.
The Public Service Loan Forgiveness Employment Certification is an option for those who work in the public service field and work more than 10 hours a week while enrolled in school. This program will help students earn forgiveness on their Federal student loans by working in certain jobs that are typically not eligible for loan forgiveness.
Alternatives to the PSLF Employment Certification
The Public Service Loan Forgiveness program provides loan forgiveness to individuals who have made 120 eligible loan payments while employed by a public service organization. This can be used as an alternative way to obtain employment certification for the PSLF program. Individuals will still need to submit the required forms and documentation, including work history, certifications, and proof of payment.
Eligible borrowers may also choose to take a “partial loan forgiveness” option which typically results in a smaller total amount of debt forgiven, as well as greater monthly payments.