Is My Loan Eligible for Forgiveness?

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

A male teacher helps his high school students with their classwork.

But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help… Is My Job Eligible?

Eligibility is not dependent upon your job title its dependent upon who you work for.

Article image

So who can you work for?

Working for AmeriCorps and Peace Corps also qualifies for PSLF.

Employment periods do not have to be consecutive.

Article image

When youre ready to apply for PSLF, you must still work for a qualifying employer.

Youll need to submit anEmployment Certification Form(ECF) for each qualifying employer.

Is There an Income Limit?

you could apply for PSLF regardless of your income.

However, if your income is high enough, you will not qualify for an income-driven repayment plan.

Should the Low Acceptance Rate Concern Me?

For those who didnt major in math, thats less than 1%.

(And for those that didnt major in statistics, thats really low.)

You know yourself pretty well, right?

Do you understand what types of loans you have and feel comfortable navigating federal bureaucracy?

How Do I Apply?

If youre a very recent college grad, you’re able to put your pen down.

Whenever you submit an ECF, youll receive a letter with the updated number of qualifying payments youve made.

If you need assistance, check out thistool from the Department of Education.

What If I Already Made a Mistake?

(aka Whats TEPSLF?)

Its known as theTemporary Expanded Public Service Loan Forgiveness(TEPSLF) opportunity.

What If Im Still in the Process of Reaching 120 Payments?

Yes, its possible, Minsky said.

After all, forgiveness could save you from thousands of dollars in student loan debt.

Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder.

Former staff writers Lisa Rowan and Desiree Stennett contributed to this post.

When you log into your bank account, how do your savings look?

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?