Public Service Loan Forgiveness (PSLF) is a forgiveness program which forgives borrowers of the remaining balance on their direct loans.
To qualify for the program, one needs to make twenty qualifying monthly payments.
Besides, one requires to be working on a full-time basis for a qualifying employer.
One must not be a not-for-profit organization to qualify for the program.
Borrowers will continue to receive credit for payments who didn't previously qualify for PSLF or TEPSLF until oct 31, 2022.
Only payments made after Oct 1, 2007 will be considered as qualifying payments.
Standard Repayment plan for Direct Consolidation Loans will not qualify for PSLF.
Graduated Repayment plan, Extended Repayment Plan, and Alternative Repayment Plan don't qualify for PSLF.
It takes 10 years of monthly payments to qualify for PSLF since it will take 120 qualifying payments.