The PSLF meaning Public Service Loan Forgiveness has been around for some time through 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. This article explains the circumstances under which you will be eligible to have access to public service loan forgiveness program.
You must have a qualifying employer
For you to qualify for a 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 most two categories of employers who will make y qualify for loan forgiveness is 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
Secondly, for you t qualify for a 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 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 a 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 the 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 translated to 12o months.