You may even be eligible for partial or total loan forgiveness depending on your circumstances. Harrisburg, PA 17106-9184. Until the form becomes available, you should keep records that clearly identifyyour employer, show that your employer meets the definition of a public service organization (see Q&As #23 and #24), show your dates of employment, and demonstrate that you are a full-time employee. The PSLF program forgives the remaining balance on your federal Direct Loans after you’ve made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. The browser you are currently using has Javascript turned off. We recommend that you submit a new PSLF form annually. We assumed John has 24 PSLF qualified payments, Janet has 0 and they both make PSLF qualifying payments every month while employed full time at a PSLF qualified employer. After you make your 120th qualifying monthly payment, celebrate! Full-time employment for PSLF is defined using your employer’s definition of full-time employment or at least 30 hours per week—whichever is greater. This will help you track your progress in the PSLF/TEPSLF program, and ensure that any repayment or employment missteps are caught sooner rather than later. You have not begun qualifying teaching service as described in your Agreement to Serve. In general, you can’t qualify for PSLF faster by making larger payments. Learn more about this program to see if you qualify. You don't have to make a formal request to get this benefit, but we need enough detail from you to determine that you're eligible. The IRS doesn’t consider the amount forgiven under the PSLF program to be income, so you won’t have to pay income tax on the amount of your loans forgiven. Borrowers should understand their eligibility and make sure that this program is right for them. period is approved. Here are the different kinds of income-driven repayment plans: Although a 10-year standard repayment plan is a qualifying plan, you will not receive forgiveness unless you’re enrolled in an income-driven repayment plan. Additionally, the amount to be forgiven will be the principal and interest that was due on your eligible loan. 1. If you have an overpayment on loans forgiven under TEPSLF, that overpayment will be applied to any other loans with an outstanding balance if applicable. The PSLF Program takes ten years of payments and employment. functional. Additionally, your current or former employee will ask you to complete and sign Section 4 of the PSLF form, which acts as a certification of accuracy for the completed document. Good News! Now you know whether you’re eligible for Public Service Loan Forgiveness, but is it right for you? To qualify for forgiveness, I must have made 120 qualifying payments on my Direct Loans while employed full-time by a qualifying employer. Qualifying PSLF employers include: You complete your TEACH Grant eligible program of study, but you do not confirm to us at least once each year that you intend to satisfy or are satisfying your service obligation. What is Public Service Loan Forgiveness? You request that we convert the TEACH Grants you received to Direct Unsubsidized Loans because you have decided not to teach or have decided not to teach in a qualified school or field, or for any other reason. Find out how! Providing Power of Attorney (POA) to someone you trust may be the most useful option if you have limited access to your account while you are away. To authorize a third party to obtain your account information: Complete and print the Account Authorizations Agreement (PDF), sign, and mail to the address provided on form. For us, that means you either meet your employer’s definition of “full-time” or work at least 30 hours per week, whichever is greater. TIP: We recommend you have the following information before starting: You must be actively paying on your loans. Remind your employees who previously submitted a PSLF form to submit a new PSLF form each year! Continue making your monthly payments while your account is being reviewed for forgiveness. Graduated From a TEACH Grant Eligible Program of Study, Didn't Complete a TEACH Grant Eligible Program of Study, Birth of a child and caring for the newborn, Placement of a newly adopted child or foster child in your home, Caring for your spouse, child, or parent with a serious health condition, A serious health condition that makes you unable to work, Caring for a covered service member with a serious injury or illness, Qualifying exigency for a covered military member. , however, is that it will take at least 10 years this qualifying reason for leave under the,. Additional instructions at the federal student Loan payments, we will only count toward the 120 for. 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