The PSLF, “meaning Public Service Loan Forgiveness”, has been around for some time though the current US President Trump wishes to do away with it. However, some people argue that scrubbing off this program will do more harm to workers who are eligible for the PSLF. The program intends to give individual assistance to workers who were once students and were given the loans to boost their education. The loan is given to the individuals who are working with nonprofit making organizations.
The main purpose of the loan is to eliminate the remaining balance an individual has. If you have questions concerning the PSLF, then you are at the right place.
You must have a qualifying employer
For you to qualify for the Public Service Loan Forgiveness Program, you will need to have qualifying employment. This means that you will need to have an employer who qualifies you to have the benefits of this program. Your current job title does not determine whether you will qualify for loan forgiveness. The two categories of employers who can make you qualify for loan forgiveness are the nonprofit making employer or the government. Government jobs will entail state, local and federal government jobs. Similarly, it may include tribal organizations.
You need to have a full-time job
Secondly, for you to qualify for Public Service Loan Forgiveness, you need to be employed as a full-time worker. It will all depend on the meaning or definition of a full-time job for your employer. Seemingly, you will have to be working for 30 hours in a week for you to qualify for loan forgiveness. If the nonprofit making organization you work in has any religious activity like worship services, the time will not be included in the full-time hours. On the other hand, if you work part-time in a few jobs then you will also qualify for the PSLF program. All you will require is a minimum of 30 hours a week and from a qualified employer.
You must have the right loan type
If your loan is under the direct loans, then you will be eligible to get into Public Service Loan Forgiveness Program. However, you will need to understand the kind of loans that will not qualify under this category. On the other hand, to qualify for a PSLF loan, you will need to make 120 payments which can translated to 120 months.…