What is Public Service Loan Forgiveness?

Public Service Loan Forgiveness (PSLF) is a Federal Student Debt Relief program specifically for public service professionals. If you currently work in a qualified public service position, then you qualify for loan forgiveness once you’ve enrolled in an income-driven repayment plan and have made payments for 10 years in that plan.

Student Loan Programs usually run for up to 25 years so the benefit of PSLF is tremendous as it can shave up to 15 years off your student debt repayment term and give you a significant savings on total interest. The Remaining balance after 10 years of on time payments is forgiven without penalties.

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What professions qualify for forgiveness?

What professions qualify for forgiveness?

The program is designed to help individuals that work in the public service sectos, whoc often face challenges generating enough income to handle their student loans. This includes:

  • Teachers
  • Nurses
  • Firefighters
  • Police Officers
  • And many more public service professions

Check to see if your eligible today!

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Teacher Loan Forgiveness

Teachers are eligible for principle reduction and forgiveness of their loan balance after 10 years. Teachers can qualify for a reduction of $5,000 – $17,500 of their loans, along with full forgiveness after a 10 year term. This means that any remaining balance owed at the end of the 10-year term will be completely forgiven.

    Requirements:
  • Checkmark You must have completed 5 full academic years as a full-time teacher, and at least on of those years must have been after the 1997-1998 school year.
  • Checkmark Your federal student loans (direct loan for Federal Family Education Loan (FFEL) must have originated after October 1st, 1998
  • Checkmark You must have been employed in an elementary or secondary school that:
    • Is a title 1 school that qualifies for funds under the elementary and Secondary Education Act of 1965
    • Has been determined by the department of education that the schools total enrollment is made up of children who qualify for services under title 1
    • Is listed in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits
Get Started or call: 305-345-6789 to check your eligibility for free!

Permanent Disability Forgiveness

Permanent Disability discharge is available to student loan borrowers who are disabled or otherwise unable to engage in any substantial gainful employment because of physical or mental impairment.

This discharge would provide you with relief on your student loans by eliminating the debt completely. To qualified you must be able to prove to the Department of Education that you are permanently disabled.

Proving permanent Disability
Permanent Disability Forgiveness

Student Loan Discharge

Bankruptcy Discharge

Bankruptcy Discharge

Historically, Federal Student Loans have not be eligible for discharge in bankruptcy. Lately though, there have been some success in getting loans discharged in bankruptcy but its not a simple process.

Death Discharge

Death Discharge

If a borrower dies, every federal student loan they owe will be discharged. The debt is not considered part of their estate nor will assets from their estate be pursued by the Department of Education or the loan services.

Closed School Discharge

Closed School Discharge

Direct loans and Family Federal Education Loans can be discharged if your school closes and you meet certain criteria.

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