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3-26-2013
PUBLIC SERVICE LOAN FORGIVENESS

If you owe a student loan and  have been providing services as a City employee for at least 10 years, the information noted below may be of interest to you.  Please share these details with  your  colleagues or a friend.

 

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March 2013

Public Service Loan Forgiveness (PSLF) Program

Are you aware of your options regarding PSLF? After serving as a full-time public service employee for 10 years, you could be eligible for forgiveness of your remaining student loan debt. During these years, Pay As You Earn or Income-Based Repayment (IBR) plans can make repayments more managable. Under these plans, your monthly payments are most likely reduced, and after 20-25 years of qualifying repayments, any remaining balance is forgiven.

To qualify for PSLF, you must:

  • Serve 10 years as a full-time employee for a public service organization
  • Make 120 payments as part of the Direct Loan program after October 1, 2007
  • Not be in default on your loans

To qualify for Pay As You Earn or IBR, you must:

  • Have a federal student loan (these plans are not available for private student loans)
  • Demonstrate "partial financial hardship" based on the amount of your monthly payment, your income and family size

For more information on PSLF, IBR and other financial aid options available to public service workers, visit www.publicservice.com/resources.php.

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