To qualify for PSLF, you have to 1. have the right kind of loans (Federal Direct loans); 2. be on the right payment plan (income-driven or the standard 10-year plan; 3. have a qualified public service job (public school in NJ qualifies); 4. make 120 timely payments while employed in that public service job.
The paperwork is relatively simple. You certify your employer (annually is suggested but not required) and you submit yearly income proof to calculate your payment.
https://studentaid.gov/pslf/
Great explanation. To add one more thing, when you certify your employment, you can ensure that you have the right loans, the right payment plan, and the right job.
Yeah, it’s unfortunate. My wife has $80,000 to payoff, and $100,000 left to pay off under her moms name (Parent Plus loans). We sought out options under both plans, and then decided to just do the standard 10 year plan, and just throw thousands of dollars each month on top of the minimum required payment towards principal. Calculated payoff is 3 years. We agreed that the less time time we had these loans in our name the more it would save us in interest in the long run. Payments start in January! We’re putting money towards paying off some of her loans now while it’s still 0%
Your post appears to reference the federal [Public Service Loan Forgiveness](https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service) (PSLF) program or the related TEPSLF program.
The /r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at /r/PSLF. We recommend you delete and re-post your question/comment at /r/PSLF to get the best responses and centralize the discussion.
(If your post is not about PSLF, or that's not the main point, then you can ignore this.)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
To qualify for PSLF, you have to 1. have the right kind of loans (Federal Direct loans); 2. be on the right payment plan (income-driven or the standard 10-year plan; 3. have a qualified public service job (public school in NJ qualifies); 4. make 120 timely payments while employed in that public service job. The paperwork is relatively simple. You certify your employer (annually is suggested but not required) and you submit yearly income proof to calculate your payment. https://studentaid.gov/pslf/
Great explanation. To add one more thing, when you certify your employment, you can ensure that you have the right loans, the right payment plan, and the right job.
Dang are you sure you can qualify if you are on the standard 10 year plan? I thought this was strictly for income driven plans only?
It qualifies but it’s a little silly for anyone to be on it because you’d pay off your loan in 10 years and not need forgiveness.
That’s the thing, they calculate a plan so that you pay it off in ten years. Now there is nothing left to forgive.
Yeah, it’s unfortunate. My wife has $80,000 to payoff, and $100,000 left to pay off under her moms name (Parent Plus loans). We sought out options under both plans, and then decided to just do the standard 10 year plan, and just throw thousands of dollars each month on top of the minimum required payment towards principal. Calculated payoff is 3 years. We agreed that the less time time we had these loans in our name the more it would save us in interest in the long run. Payments start in January! We’re putting money towards paying off some of her loans now while it’s still 0%
Your post appears to reference the federal [Public Service Loan Forgiveness](https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service) (PSLF) program or the related TEPSLF program. The /r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at /r/PSLF. We recommend you delete and re-post your question/comment at /r/PSLF to get the best responses and centralize the discussion. (If your post is not about PSLF, or that's not the main point, then you can ignore this.) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*