What is the Public Service Loan Forgiveness Program and how can I take advantage of it?
The Public Service Loan Forgiveness Program allows for loan cancellation on Federal Direct Loans after 120 months of working full-time in an eligible public service position (typically a federal, state, local or tribal government position, or working for a 501(c)(3) nonprofit organization) in which qualifying monthly loan payments have been made using either Income-Based Repayment (IBR), Income-Contingent Repayment (ICR) or the monthly payment amount paid is at least equal to the amount required initially under the Standard Repayment Plan. Federal Family Education Loan (FFEL) program borrowers (those who borrowed their Federal Stafford, Federal PLUS or Federal Consolidation Loans from a bank, credit union, savings and loan or other private institution) are permitted to consolidate their eligible Federal Stafford, Federal PLUS and Federal Consolidation Loans in the Federal Direct Loan Program at www.loanconsolidation.ed.gov in order to take advantage of this program.
