What is Student Loan Debt Forgiveness?
Student Loan Debt Forgiveness is a program that was established in October of 2007 and made available to local, state, federal, non-profit and public service employees. The program is called the Public Service Loan Forgiveness Program (PSLF), and it is geared to keeping students interested in pursuing work in the public service arena, as well as motivating former students who are currently employed in public service work to remain in this field. Former students that received loans under the William D. Ford Federal Direct Loan Program, and that are working in low paying jobs that are necessary to serve the public, are eligible for student loan debt forgiveness under the Public Service Loan Forgiveness Program .For those that qualify the program will erase student loan debt under very specific criteria.
There are 3 key components to qualification for student loan forgiveness with the PSLF Program. They are qualifying employment, qualifying payments, and qualifying loans. All of these are very important and must all be in line to take advantage of the program. Let’s start with qualifying loans because if you don’t have those, working in the public service sector and making payments will not matter...Read More