Qualifying employers[ edit ] Government organizations or agencies FederalState or Localc 3 organizations as defined by the IRSand some other types of not-for-profit organizations providing designated public services qualify for PSLF. Only the employer's status as a qualifying employer determines whether the employment qualifies. With limited exception, the individual must be directly employed by the qualifying employer. Therefore, government contractors will not qualify on the basis of their government contracts.
The public service loan forgiveness program has several restrictions: The forgiveness occurs after monthly payments made on an eligible Federal Direct Loan. Periods of deferment and forbearance are not counted toward the payments. Payments made before October 1, do not count.
Likewise, only payments on a Federal Direct Loan are counted. The remaining interest and principal are forgiven. The borrower must be employed full-time in a public service job for each of the monthly payments.
Borrowers in the Direct Loan program do not need to consolidate in order to qualify for loan forgiveness. Although Perkins Loans are not eligible for public service loan forgiveness, if they are included in a Federal Direct Consolidation Loan the entire consolidation loan, including the Perkins Loans, is eligible for public service loan forgiveness.
Borrowers may use income-based repaymentincome contingent repaymentstandard repayment or a combination of these repayment plans. Payments made under other repayment plans e. To maximize the amount of forgiveness, borrowers should use income-based repayment. Public service loan forgiveness is not taxable under section f of the Internal Revenue Code.
See Taxability of Student Loan Forgiveness for additional details. See also the Dear Borrower Letter. Use of the employment certification form is recommended but not required. It is best, however, to submit the form annually or whenever the borrower changes employers to ensure that the qualifying service is properly recorded.
Upon submission, the US Department of Education's servicer will inform the borrower whether the employment reported on the form satisfies the requirements for public service loan forgiveness. Borrowers will also be able to track their progress toward obtaining public service loan forgiveness.
After the borrower has fulfilled the requirements for public service loan forgiveness i. A link to this form will be added to this web site when it becomes available.
If you have not yet consolidated, you can seek a federal direct consolidation loan in order to obtain an income contingent repayment plan.
Be sure to ask for income-contingent repayment or income-based repayment. The consolidation loan application does not currently include a checkbox for requesting these repayment plans, so you must ask for it separately.
The US Department of Education web site provides additional information about public service loan forgiveness.The Sikkim Public Service Commission started functioning from with the appointment of the Chairman and deputation of the staff from the State Government.
Virginia's Consumer-Directed Fiscal/Employer Agent Services support people who are eligible for Medicaid through the Virginia Department of Medical Assistance Services and choose to direct their own services. Attendants provide personal care services for participants.
At Lake Shore, school safety is a high priority and promote resources that help us to accomplish that goal. OK2Say encourages confidential tips on criminal activities or potential harm directed at students, school employees, or schools.
The CFPB developed this “Employer’s Guide to Assisting Employees with Student Loan Repayment” in order to empower public service employers to serve as a resource for their employees with student debt. START YOUR SEARCH HERE: To check the competition status or view a specific job advertisement (if available), enter the numeric job ID into the Job ID field (e.g.
for competition number AB/09, enter ) and click Search. If you are a qualifying public service employer, your employees may be eligible to have a portion of their educational debt forgiven. If they take the right steps they can apply for -- and receive -- forgiveness on the balance of their loans after making qualifying monthly payments.