Public Service Loan Forgiveness Application: Fill & Download for Free

How To Get Your Student Loans Forgiven: Three PathsThere are three ways to have student loans forgiven and none of them are easily attainable. The first is based on the type of career you choose. The second is based on you how many years you make on-time payments while enrolled in a qualifying repayment plan. The last one requires a set of extraordinary circumstances that rarely come into play, but nonetheless could result in loan forgiveness. The first two are available for federal student loans only and the last one is achievable for federal or private student loans.Be aware that there is an important difference between having a loan “discharged” and having one “forgiven.” Loan forgiveness typically is given to someone who performs works at a qualified job, such as teaching in a high-need area, for a specific length of time and has the amount left on their student loan forgiven. Loan discharge is rare, but can be granted to borrowers who can’t repay the loan for a variety of reasons such as death, disability, fraud, identity theft and in very scarce circumstances, bankruptcy.Public Service Loan Forgiveness Program (PSLF)Public Service Loan Forgiveness was created by the College Cost Reduction and Access Act of 2007 to lessen the burden of student loans for highly-qualified graduates and encourage them to pursue careers in the public service sector.This forgiveness option is available for Direct Federal Student Loans; Direct Plus loans and Direct Consolidation loans. Private student loans are not eligible for Public Service Loan Forgiveness. To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.This forgiveness option applies solely to Direct Federal Student Loans. Private student loans are not eligible for Public Service Loan Forgiveness. To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.Public Service Jobs Qualifying for Public Service Loan Forgiveness:Any job in a government organization at the federal, state, local or tribal levelNot-for-profit organizations that are designated tax-exempt under Section 501(c)(3)Other not-for-profit organizations that are not tax-exempt but provide a qualifying public serviceFull-time AmeriCorps and Peace Corps volunteersThe most common public service careers are in education, law enforcement, health, public law, and veterinary medicine.Repayment Plans Qualifying for Public Service Loan ForgivenessIncome-Based Repayment Plan (IBR)Income-Contingent Repayment Plan (ICR)Pay As You Earn Repayment Plan (PAYE)Revised Pay As You Earn Repayment Plan (REPAYE)Note that the 10-year Standard Repayment Plan also is considered a qualifying plan, but because it is a 10-year plan, there won’t be any funds left to forgive. If you plan to enroll in a PSLF program, you need to enroll in a repayment plan that extends your loan term beyond 10 years.To apply for PSLF, you must fill out a Employment Certification Form every year and make pay stubs, W-2 forms or other documentation available as requested.The first wave of student loan borrowers eligible for loan forgiveness met their final required payment in October of 2017. News stories say that many of the people who thought they had qualified, were denied loan forgiveness because they didn’t meet the prescribed requirements.According to a 2017 report from the Consumer Financial Protection Bureau, more than 550,000 borrowers are expecting to have their loans forgiven. If you are enrolled in the program, you should track your progress at least once-a-year to be certain you are meeting all requirements.However, President Donald Trump has proposed eliminating the program to anyone who hasn’t enrolled by July 1, 2018. Congress hasn’t voted on that proposal as of the Spring of 2018. For more information on this path to loan forgiveness, visit Public Service Loan Forgiveness.Teacher Loan Forgiveness ProgramThe Teacher Loan Forgiveness program was created in 1998 to encourage teachers to take jobs at elementary schools, secondary schools and educational service agencies that serve low-income families. The U.S. Department of Education publishes the list of low-income elementary schools and secondary schools each year.You need to teach fulltime at a qualifying school for five full and consecutive years. Then you are eligible to have from $5,000 to up to $17,500 in loans forgiven.Only Direct subsidized and unsubsidized loans qualify. PLUS loans do not qualify. There are 13 states that offer some form of loan forgiveness for teachers, with varying requirements.Apply to the program by completing the Teacher Loan Forgiveness Application and submitting it to your loan servicer.Loan Forgiveness for NursesRegistered nurses, nurse practitioners and members of nursing faculty, who work in high-need population areas or areas where there is a critical shortage could qualify to have up to 85% of their loans forgiven under the NURSE Corps Loan Repayment Program.Qualified candidates can have 60% of their student loans forgiven for working two years in an underserved area. Another 25% could be forgiven for working three years. Some states also offer loan repayment assistance. Go to the Loan Forgiveness for Nurses website to see if yours is one of the 33 states that has one and what the eligibility requirements are.Loan Forgiveness for DoctorsThe healthcare professions, especially physicians, dentists, pharmacists and mental healthcare workers, have several options, both national and local, to receive loan forgiveness.The requirements and the amount forgiven vary dramatically, depending upon which program you enter. For example, the Navy Financial Assistance Program offers up to $275,000 in loan forgiveness in return for an eight-year commitment for active and reserve duty. The National Health Service Corps offers up to $50,000 in loan repayment for two years of work at an approved site.Check out the links to see the amount of loan forgiveness available and requirements for Army doctors; Indian Health Services, National Institute of Health, as well as state-by-state programs.Loan Forgiveness for LawyersLike most professions, there is a financial incentive for lawyers to spend a few years practicing in public service or government offices in order to have some portion of their law school loan forgiven. For example, the Department of Justice provides up to $60,000 in loan forgiveness for lawyers who work there for at least three years. The Air Force Judge Advocate program offers up to $65,000 in loan forgiveness.The best place to start looking might be your own law school, since several colleges forgive some or all of the student loans for students who make less than $60,000 a year. That amount varies, so check with your school to get actual requirements and amount forgiven. If you can't qualify for a forgiveness program, look into refinancing your law school debt.Loan Forgiveness for MilitaryEach branch of the military has programs that help qualified members pay off their student loans, but the loan amounts forgiven and the requirements that must be met vary dramatically.The best to find out all that is involved in military loan forgiveness is to visit the Complete Guide to Military Student Loan Forgiveness and Repayment and find the program that best suits your situation and branch of the military.Federal Perkins Loan CancellationFederal Perkins Loans have a separate forgiveness program because your school is the lender, not the federal government. To apply, contact the financial aid office at the school that administered your Perkins Loan and request the application forms. You need to be a full-time employee in a qualified career.Is your credit score is holding you back fro being approved a loan, If you want to raise your credit score and delete negatives or collections. Just let him know I referred you and he would be on hand to respond swiftly 4FICOREPAIR @ gmail com

The US has $1.27 trillion in automobile debt. Should all their loans be forgiven?The US has $1.04 trillion in credit card debt. Should all their debt be forgiven?The US has $8.8 trillion in mortgage debt. Should all their debt be forgiven?Payday loans.Title loans.Rental and rent-to-own furniture.The list goes on (U.S. mortgage debt rises to $8.8 trillion). Americans have more than $13 trillion in debt. Relieving any debt will improve the economy, but at the cost of someone “eating” that debt. The federal government is well-equipped to eat the cost of student loans, because most of the money is owed to the federal government, but the loan payments will be lost, so taxes will have to go up… which is a drag on the economy. Whose taxes will go up?My personal belief is that aid programs should assist people who need aid. Call me crazy, but I’d rather use limited resources to help people who are in the most trouble, or who have done the most to contribute back to society.Students who graduated during the Great Recession got hit hard: there’s no general “when the economy improves” clause. Students in the Public Service Loan Forgiveness (PSLF) program deserve some serious attention (Public Service Loan Forgiveness Given to Less Than 1% of Applicants, New Data Shows | Student Loan Hero).Most student loans are proportionate to the degree. The “$200,000 for a stupid bachelor’s degree in [made up thing I don’t like, invariably labeled with something about about arts and LGBTQ] that leads to permanent unemployment” is a myth. The federal government won’t loan you anything close to that much for a bachelor’s degree, and 90% of even recent grads have less than $50,000 in debt. Many stories about student debt conflate student debt with personal (e.g., credit card, car) debt.Further, we can’t relieve debt for debt-holders and not fix the program. It’s a bandaid and it’s unfair.Finally, right now, it’s all speculative. Congress is not going to do anything this session; the idea of Republicans and Democrats working out their differences… The PSLF program was part of the College Cost Reduction and Access Act of 2007, which had bipartisan support in both chambers (https://www.congress.gov/bill/110th-congress/house-bill/2669/all-actions?overview=closed&q=%7B%22roll-call-vote%22%3A%22all%22%7D). You’d think that Congress would want such a program to work. However, while Democrats seem to want a revision to make the program work (Bill could make millions of people eligible for student loan forgiveness), Congressional Republicans are opaque, and it seems clear that the Trump administration (and specifically Secretary DeVos) want the program to fail.Right now, there’s no will to fix anything within a large segment of the population, even to the extent of following through on commitments made over a decade ago. Why? I suspect it starts with rhetoric about bad degrees. The language isn’t accidental.

Right now, there has been a lot of buzz in the media surrounding the Public Service Loan Forgiveness program. More than 99% of all applicants were denied, but the truth is that most of the applicants were not qualified. The program is just starting, and as time goes on, and people understand the program better, more people will be qualified and will have their loans forgiven.Here is some advice on how to qualify:1. To qualify for Public Service Loan Forgiveness (PSLF), you must have 120 on-time payments (or ten years of federal student loans). If you decide to pay more than your monthly payment requires, or pay twice in one month, it won't help you. You are still required to hit all 120 payments.2. If you have already started to pay your loans, do not consolidate them. It will reset the clock on your 120 payments. If you do want to consolidate your loans, the best time to do it is before the loan forgiveness process. Otherwise, you should not do it.3. Start the process to qualify for PSLF right away. Don't wait to start making loan payments before filling out the free Public Service Loan Forgiveness form (also known as the Employment Certification Form). Some loan servicers aren't qualifying members, and you need FedLoan Servicing to become your loan servicer. Start the process immediately, so you aren't wasting years paying off loans without it counted towards your 120 payments.