Your passion for public service can last a lifetime. Your student debt shouldn’t.
If you’re like 44 million other students who left school with student debt, help is here — and it’s a game changer.
Public Service Loan Forgiveness (PSLF) is a federal program created for those in public service jobs, offering the opportunity to have their federal loan balances forgiven after 120 qualifying monthly payments. Tax free! Now, you’re about to find out how easy it can be.
Must work full-time for a qualifying employer — in any position.
Are classified as nonprofit by the IRS (e.g., government agencies, public schools and universities, nonprofit hospitals, the military, and many charities); studentaid.ed.gov has more information.
Must be Federal Direct Loans — not private ones. But don’t worry. You can consolidate loans like FFEL, Perkins, PLUS, and Stafford into your Direct Loans.
Are required. Take a look at income-driven repayment plans to maximize your forgiveness. Fidelity’s Student Debt Tool can help you.
Beware of refinancing. If you have eligible debt that you refinance with a private lender, you may disqualify your loans from this federal program.
Ensure that you have a qualifying repayment plan. You want to set up the lowest possible qualifying payments to maximize potential forgiveness. And only payments in a qualifying plan count toward forgiveness.
”Qualifying payments” must be made on time. Don’t be late — remember your reward at the end!
Understanding your loans isn’t intimidating now. Not with this tool in your corner! It can help you better grasp your current loan situation, see your repayment options, and find the right repayment plan to satisfy the PSLF requirements.
There’s something great to celebrate about your student loans. Their end.
Ready to get started? The sooner you do, the sooner you can say goodbye to your student loans. Reach out to your employer with more questions. In the meantime, here are some good next steps:
Confirm that you and your employer qualify. Check with your employer or view the official FAQs.
Use Fidelity’s Student Debt Tool to assess your loans. You need a Federal Direct Loan to qualify for Public Service Loan Forgiveness.
Use the tool also to determine a qualifying repayment plan.
Enroll in a qualifying repayment plan (such as REPAYE). Stay current with your payments!
Submit the required certification form signed by your employer. Then make it a habit to submit it 1 – 2 x per year.
Say goodbye to your student loan debt forever.
Unlike other forgiveness programs, with Public Service Loan Forgiveness there are no taxes on your forgiven balance. What are you waiting for? Get started today.