The PSLF application form is the first step in securing your PSLF benefits. It’s important to fill it out accurately and completely because it will determine whether or not you can receive on-the-job forgiveness. Keep in mind that even if you apply for PSLF by submitting your employment certification documents and other required paperwork while enrolled in IDR, it could take up to 12 months from your initial submission date to receive a written response from the Department of Education on your eligibility for loan forgiveness.
This form will help you get started on your application for federal student loan forgiveness after you make 120 qualifying payments.
How To Apply PSLF
To apply for Public Service Loan Forgiveness, you need to submit the PSLF application form along with all other required documents, such as your employment certification from your employer. It is important to note that you must also be an eligible borrower and it is best if you have not made a lump sum payment on a student loan in order to qualify for PSLF
First, you need to make all the required payments for 27 months (20 years is the maximum time allowed). The borrower must not receive interest forgiveness on these payments. To be able to take advantage of either an income-based forgiveness program or a Public Service Loan Forgiveness program, borrowers must first make 120 payments on their student loans.
Step 1: Make regular affordable payments for two years.
Step 2: Your remaining debt will be forgiven and you will start over with a clean slate.
To ensure that you meet the qualifications and have your student loans forgiven, you must pay 120 monthly payments under a repayment plan approved by the government. These monthly payments must be processed, which means you must make at least one payment for each year.
If you can’t afford the minimum payment on your federal student loans, consider an income-driven repayment plan. These plans cap monthly payments at a percentage of your disposable income and can qualify you for debt forgiveness after 20 or 25 years, depending on the plan.
The PSLF Program
The PSLF program is designed to encourage law school graduates to choose careers in public service. The PSLF program requires that eligible borrowers make 120 monthly payments on their federal direct loans while working full-time in a public service job. A borrower’s eligibility for loan forgiveness will be based on their Public Service Loan Forgiveness employment certification, which is obtained by submitting a PSLF Employment Certification Form (ECF) annually to their loan servicer.
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