Public Service Loan Forgiveness (PSLF): What It Is & How to Apply
The New York Public Library offers information and free programs to New Yorkers seeking help with the Public Service Loan Forgiveness (PSLF) program. Read on for information about what the program offers and how to apply.
What is the PSLF Program?
A federal program created under the College Cost Reduction and Access Act of 2007 to provide indebted professionals a way out of their student loan debt by working full-time in public service (e.g., government and nonprofit).
What are the qualifications for PSLF?
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments. To qualify for PSLF, you must:
- be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service);
- work full-time for that agency or organization;
- have Direct Loans (or consolidate other federal student loans into a Direct Loan);
- repay your loans under an income-driven repayment plan; and
- make 120 qualifying payments.
What is the PSLF waiver?
Until October 31, 2022, federal student loan borrowers can get credit for payments that previously didn’t qualify for Public Service Loan Forgiveness (PSLF) or Temporary Expanded Public Service Loan Forgiveness (TEPSLF).
Please note this is separate from the recently announced One Time Student Loan Debt Relief plan.
How can I find out if I qualify for PSLF?
You can use the PSLF Help Tool to determine your eligibility based on the types of loans you have and your employer. The article Become a Public Service Loan Forgiveness (PSLF) Help Tool Ninja covers help tool basics, how to find your employer in the database, and more.
If I don't qualify for PSLF, what are my options? What resources do I have?
You can still use the PSLF Help Tool to find out your eligibility for other opportunities such as the Federal Student Loan Forgiveness and NYS Student Loan Repayment Assistance Programs. For more information:
Where can I get help?
NYPL is proud to work alongside PSLF.nyc, a coalition of nonprofits, government agencies, and labor unions, to spread the word and connect federal loan borrowers with the resources they need to apply ahead of the October 31, 2022 deadline. To learn more, check your eligibility, join an information session, and get support:
- Get Help at NYPL: You May Be Eligible to Have Your Student Debt Erased
- Get Support PSLF.nyc
- NYC Financial Empowerment Centers
You can also visit Brooklyn Public Library and Queens Public Library and inquire about local opportunities.
The Public Service Loan Forgiveness Program is administered by Federal Student Aid, an Office of the U.S. Department of Education.