Eligible public service employees enrolled in the Federal Public Service Loan Forgiveness Program may have certain federal student loans forgiven after they have completed 10 years of on-time monthly payments.
Service in government, public school districts, police and fire departments, public hospitals, non-profits, national service programs and more constitutes “public service.” To certify that you work for a public service organization, have your employer download and complete the form available online.
To benefit, borrowers working full-time in public service need to have a qualifying loan and sign up for a qualifying repayment plan. After 120 on-time monthly payments, the remainder of the loan is forgiven. Borrowers benefit the most when they have high debt relative to their income, so it pays to start early. Public Service Loan Forgiveness is not considered taxable income by the IRS.
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