The Public Service Loan Forgiveness (PSLF) program was created under the College Cost Reduction and Access Act of 2007 (CCRAA) to provide heavily indebted individuals a way out of their federal student loan debt burden by working full-time in public service, but one must qualify financially. One must be eligible for an ICR (Income Contingent Repayment) plan during the entire 10-year repayment term to qualify for PSLF.
Public Service Loan Forgiveness was primarily designed for those professionals who chose a job in the public sector that pays them less as compared to private sector. Once an individual qualifies for this program he/she need to make 120 Income Based Repayments and the balance remaining after making all of those payments would be forgiven.
Here are some of the resources that might be of great help for those who are in contention of obtaining or in checking out the eligibility requirements for getting their loans forgiven through the Public Service Loan Forgiveness program.
1. Federal Student Aid
The information provided on this website covers all the aspects that should be known to individuals intending to avail this opportunity. These aspects include eligibility requirements, loans eligible for PSLF, kinds of employment that qualify and the process of tracking down the progress.
2. NYU Wagner
NYU Wagner educates and prepares the world’s future public service leaders. Students arrive at NYU Wagner with the desire to serve the public. They leave with the skills and experience to bring about change. The NYU Wagner school of public service encourages its students to avail this opportunity of eradicating debt.
3. Fed Loan Servicing- A department of Education Servicer
FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support the U.S. Department of Education’s ability to service student loans owned by the federal government. PHEAA conducts its student loan servicing activities nationally as FedLoan Servicing and American Education Services (AES).
4. IBR info
IBRinfo was created by the non-profit, nonpartisan Project on Student Debt to help student loan borrowers learn about two federal loan programs: Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF). IBRinfo’s partner organizations are helping to spread the word about the site and these important borrower benefits.
5. Student Debt Relief
Student Debt Relief is here to raise awareness on the various federal student loan forgiveness programs that are available to borrowers. We maintain a knowledge base to help students from before their college career begins, to after they have graduated. Student Debt Relief is a professional and reputable debt relief companies that can help you get out of debt. We form a partnership with you, and create a personalized program and savings plan to meet your needs.
6. Equal Justice Works
Equal Justice Works provides a continuum of programs that begin with incoming law school students and extend into later careers in the profession. They provide the nation’s leading public interest law fellowship program and offer more postgraduate, full-time legal positions in public service.
7. Association of American Medical College
Individuals who aspire to work in the public service sector will find the reward a monetary boost to their academics. That’s because the College Cost Reduction and Access Act of 2007 established a program that forgives some federal student loans under certain circumstances and Association of American Medical College thrives its members to avail this opportunity.
8. Consumer Finance
Consumer Finance work to give consumers the information they need to understand the terms of their agreements with financial companies. They strive to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can follow the rules on their own. A step by step guide on how to avail the Public Service Loan Forgiveness Program can be found here:
9. Education Credit Management Corp.
ECMC work to lower student loan default rates; sponsor college access and success initiatives, and financial literacy programs; and provide resources to support student loan borrowers to successfully repay their loans.
10. Great Lakes
Great Lakes are a non-profit organization dedicated to help making college a reality. In partnership with the U.S. Department of Education and private lenders, they also make successful student loan repayment possible.
Missouri Higher Education Loan Authority is dedicated to provide world-class customer service for the students whose loans they manage. In partnership with the U.S. Department of Education, they are contracted to service federally-owned student loans. They also provide third-party servicing for private loans.https://www.mohela.com/pslf
Fordham Law School is a leading force in legal education with one of the nation’s most selected student bodies, an enduring commitment to academic excellence, and a virtually unrivaled record of graduate employment. They have taken up the initiative to help students overcome their debt burden unveiling some of the loan forgiveness options available.
13. American Education Services
AES is a national leader in providing quality customer service to millions of student loan borrowers through its highly trained and experienced customer service representatives.
14. American Student Assistance
American Student Assistance is a private nonprofit dedicated to opening the gateway to opportunity by revolutionizing the way students approach, finance and repay their higher education. ASA also helps students in understanding their student loan eradicating options.
15. TGSLC-Texas Guaranteed Student Loan Corporation
TG is a nonprofit corporation that promotes educational access and success so that students can realize their college and career dreams. TG offers resources to help students and families plan and prepare for college, learn the basics of money management, and repay their federal student loans.
16. Cornell University Law School
A small research, engineering, and editorial group housed at the Cornell Law School in Ithaca, NY. Their collaborators include publishers, legal scholars, computer scientists, government agencies, and other groups and individuals that promote open access to law, worldwide.
17. NASFAA-National Association of Student Financial Aid Administrators
NASFAA is the largest postsecondary education association with institutional membership in Washington, D.C., and the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators in all sectors of post-secondary education.
18. Student Loan Borrower Assistance
SLBA is focused on providing information about student loan rights and responsibilities for borrowers and advocates. SLBA also seeks to increase public understanding of student lending issues and to identify policy solutions to promote access to education, lessen student debt burdens and make loan repayment more manageable.