Public Service Loan Forgiveness Program – Federal Student Aid
There are a number of ways in which a person can utilize government assistance to have loan debts repaid. One of the most well-known methods is to join military and take advantage of the G.I. Bill benefits. There is also a program called the Income-Based Repayment Plan, which allows a borrower to basically to restructure loan payments that are more suitable to his or her current income level. Another program is the Teacher Forgiveness Program. This program provides significant loan payment assistance for teachers that decide to take on assignments at low-income schools. Finally, there is the Public Service Loan Forgiveness program.
Eligibility for the Public Service Loan Forgiveness Program
The terms of the Public Service Loan Forgiveness program are pretty simple to understand; if you are a public servant, you might be eligible to have the government assist in repaying your college loans. One of the reasons for the existence of this program is to help attract well-educated individuals to serving the public. The Public Service Loan Forgiveness program is available to full-time employees of the government or not-for-profit organization. In terms of government employment, the Public Service Loan Forgiveness program is provided to local, state, or federal government employees.
Terms of the Public Service Loan Forgiveness Program
Not only must you be working for a qualifying government agency at the time of your application to the Public Service Loan Forgiveness program, but you must maintain your employment during your loan repayment period. In other words, if you eventually decide to leave your public service position for a job in the private sector, you will no longer benefit from the Public Service Loan Forgiveness program. In addition, your payments must be made on-time and in-full.
For more information regarding the Public Service Loan Forgiveness program, visit http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service.