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Wiping Out a Federal Student Loan in 120 Payments: The Advantage of Public Employment

Do you have a public sector job or are employed by a qualified charity? Do you have a federal student loan taken out directly from the Department of Education (as opposed to a FFEL loan through a servicer like Sallie Mae) or a FFEL loan consolidated after that date? Then you might be eligible for a program called Public Service Loan Forgiveness (PSLF).

What Is Public Service Loan Forgiveness?

What is PSLF? It is a program created by Congress in 2007 in order to encourage people to enter and continue to work full-time in public service jobs. If you qualify for an income based repayment program (IBR or ICR) that allows you to extend your loan payment term past ten (10) years, it allows you to make 120 monthly payments on your loans and then discharge any unpaid balance!

How Do I Qualify?

In order to qualify for this program, you must

What's even better, any payment made starting July 1, 2007, while meeting these requirements, counts towards the 120 payments even before you have enrolled in the program!

This is great for teachers who have lots of student loan debt from a college and graduate school degree who need help affording the payments.

So What Do I Do?

If you live in southern New Jersey and would like to consult with me on this program and whether it can help you, please feel free to call my office at 856-432-4113 or contact me through this site to schedule an appointment in my Woodbury office to discuss your case.

If you would like more information about student loans, you can dowload my free book, I Graduated; Now What? A Guide to Dealing with Your Student Loans.

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Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.