Millions of Americans face crippling debt after taking out thousands in student loans to get an education.
After meeting specific criteria, it is now federal law that some student loans be written off.
Public Service Loan Forgiveness is a program that can help those looking for a way out of the debt.
Public Service Loan Forgiveness
You’ll need to download the form called Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF Form from the federal government’s website.
You need to agree to specific conditions before sending the form in.
You need to have made 120 qualifying payments while employed, but the payments do not need to be consecutive.
It’s required that you be working for a qualified employer when you submit the form.
If you submit the form, your loans can be transferred to FedLoan Servicing.
Your employer may be contacted to ensure that you are still working there before they decide to get rid of your loans.
The amount your loan is at when its forgiven is the amount that will be forgiven.
You’ll be notified if your application is denied along with the reasons why.
120 payments is equal to paying on the loan for ten years, according to Marca.
If you switch to a new employer you should send in a new application to the information is accurate if they decide to forgive your loans.
Mail the completed form with proper postage to US Department of Education, FedLoan Servicing, P.O. Box 69184, Harrisburg, PA 17106-9184.
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