public service loan forgiveness

What if I told you that depending on the career path you choose, you may not have to pay back all of your student loans? In a time where the average college graduate has over $30,000 in student loan debt, it sounds pretty appealing right?

If the career you choose is in public service or with a non-profit, it’s a known fact that the majority of those jobs don’t come with a large salary. But they do come with public service student loan forgiveness, a program that allows the remaining balance of student loans to be forgiven after 10 years. The Consumer Financial Protection Bureau (CFPB) estimates that 25 percent of Americans qualify for Public Service Loan Forgiveness and fail to take advantage of it. Why? It is because there is a huge lack of knowledge about the program, eligibility, complex rules and conflicting benefits! The PSLF program began in 2007 as a way to encourage people to work in public service jobs. The eligibility requirements for this program are specific, let me break them down:

  • You must have federal student loans.
  • You must make 120 on-time monthly payments in the full amount while working in public service.
  • You must have been working full-time at a qualifying public service organization when the payments were made, (this is the confusing part).

It can be extremely confusing to understand who is eligible for Public Service Loan Forgiveness, and while there is no way to wipe your student loans away completely, here are 6 careers that will get your student loans forgiven if you do it right!

Teachers

teacher loan forgiveness

While there is no real way to escape student loan debt completely, teachers working full-time for 5 consecutive years in the majority of public schools, title 1 schools, non-profit schools or low-income educational service agencies are eligible for teacher loan forgiveness! There are of course restrictions and requirements that must be met and can be very difficult to weed through to understand if you qualify. Whether you chose to manage your student loans on your own or with us, we are happy to validate your eligibility as an increased knowledge of teacher loan forgiveness programs is a focus of ours.

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Nurses

loan forgiveness for nurses

A registered nurse who graduates with $20,000 in federal Direct Loans working at a public hospital could be eligible for Public Service Loan Forgiveness after 120 qualified, on-time monthly payments. Without the knowledge of this program, he or she will most likely be placed in a standard 10-year repayment plan. After repaying the loans on-time and in full each month, the minimum requirements for loan forgiveness after 10 years will have been satisfied but there will be no remaining balance to be forgiven.

 

Law Enforcement

public service loan forgiveness

To be eligible for Public Service Loan Forgiveness, the borrower must be a full-time law enforcement or corrections officer and must be employed by a local, state or federal law enforcement or corrections agency/facility that is publicly funded.

Military Service

military student loan forgiveness

The Department of Defense offers Public Service Loan Forgiveness programs, typically as a recruitment incentive and does not matter the branch of service or assigned occupation of a borrower.

Public Interest Law Practice

public service loan forgiveness program

The issues handled by a public interest lawyer reflect such cases as illegal discrimination, environmental protection, child welfare and domestic violence. 

Click Here to Check Your Student Loan Forgiveness Eligibility Now!

Government

loan forgiveness

You are eligible for loan forgiveness if you are employed by the federal government, a state government or local government.

Non-Profit

loan forgiveness for social workers

The truth about non-profit Public Service Loan Forgiveness is that it’s not exactly what you do but instead who you do it for that counts. Any borrower who works full time at a non-profit organization can be eligible for forgiveness.


Almost all lenders will put you into a standard 10-year repayment plan. For the 25 percent of Americans in the workforce that are eligible for Public Service Loan Forgiveness and are not enrolled in the program, a standard 10-year repayment plan means that even if you make 120 on-time qualifying payments, you will not have any remaining balance to be forgiven. Don’t let this happen to you.

Public Service jobs matter. Those who work in this sector are noble and give so much back to our community. Public Service Loan Forgiveness Programs exist to say thank you for choosing to be a civil servant. Don’t ignore the help. The rules are confusing. The eligibility requirements are complex. Trying to figure it out on your own can be frustrating. Let Student Debt USA look into your personal situation. It’s money-free and headache-free. 

 

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