If you are a public servant, such as first-responder, teacher, government employee, non-profit employee, nurse, etc., you have a limited window to obtain credits for payments made under the Public Servant Forgiveness Program. Under the Public Servant Forgiveness Program, a student loan borrower with qualifying loans is required to make 120 qualifying payments. Then, the balance of their student loan is forgiven. The key word is qualifying!
- Your loans must be “direct” federal loans. If you have older loans, such as FLLEP loans, you may be able to consolidate loans into a direct loan. You should not consolidate loans without consulting an attorney to be sure this is best for you.
- You must have been employed working at least 30 hours for a qualifying employer, such as the local, federal or state government; a non-profit and others.
- To get credit for payments made since 2007, you must have made a payment even if the payment was less than what was required under the PSFP. So, you are getting a pass and an easier way to get credit for one or more of the required 120 payments.
For more information, check out this limited waiver opportunity information.
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