See my research, posts, and articles on the Public Service Loan Forgiveness Program, including eligibility, requirements, and common pitfalls. Click the link to learn more!
Quick Answer: The Public Service Loan Forgiveness (PSLF) program offers federal student loan forgiveness for government and nonprofit workers after 120 qualifying payments. A temporary expansion program now allows previously denied applicants to reapply, with many public service employees receiving full forgiveness at no cost.Many people don’t realize while I’ve been a consumer debt expert …
Quick Answer: A teacher was initially denied PSLF eligibility due to having the wrong loan type, then approved in 2014 after consolidating with the Department of Education. PSLF forgiveness is not taxable income, unlike other forgiveness programs, so she won’t receive a 1099 or owe taxes on the forgiven amount after completing 10 years of …
Quick Answer: Navy veterans pursuing teaching careers can access two federal loan forgiveness programs: Public Service Loan Forgiveness (requiring 120 qualifying payments) and Teacher Loan Forgiveness (offering partial forgiveness). The Department of Education provides online tools to check loan eligibility, though not all federal loans qualify for these programs.Question:Dear Steve,Applying for missing benefits, orders, and …
Quick Answer: Parent PLUS loans can qualify for Public Service Loan Forgiveness, but only after consolidation into Direct Consolidation Loans and enrollment in income-driven repayment plans. PSLF currently has significant administrative problems with most applicants being denied, making forgiveness uncertain despite meeting technical requirements.Question:Dear Steve,Will have $160,000 of undergraduate parent plus debt for 2 kids. …
Quick Answer: The American Federation of Teachers sued Education Secretary Betsy DeVos over PSLF mismanagement after the Department of Education denied 99% of loan forgiveness applications from eligible public service workers. The lawsuit challenges DOE’s handling of a program that promises debt forgiveness after 120 qualifying payments.Last week, Randi Weingarten and the American Federation of …
Quick Answer: Prison time does not qualify for federal student loan forgiveness or retroactive deferment, even for inmates who participated in firefighting programs. Former inmates can pursue income-driven repayment plans with $0 monthly payments based on current income, but incarceration time doesn’t count toward Public Service Loan Forgiveness requirements.Question:Dear Steve,Have/had over 30k in federal student …
For many years, the Department of Education has managed the federal student-loan program like a drunk creeping through heavy traffic. It has stumbled, reeled, dissembled, weaved and bobbed, but always avoided a head-on collision with reality.But that time is over. Under Betsy DeVos’s colossal mismanagement (and her predecessors), DOE has messed up the Public Service …
Quick Answer: Under Secretary DeVos, PSLF approval rates have been extremely low, with only 96 borrowers approved out of 28,000 applications submitted since October 2017. The Department of Education rejected over 70% of applications for not meeting requirements and another 28% for missing information.With the changes the Department of Education has been making under Secretary …
Quick Answer: The PSLF program is legitimate but plagued with implementation problems, as evidenced when the first eligible applicants in 2017 faced unexpected rejections from Betsy DeVos’ Department of Education. Congress allocated $350 million to help wrongfully denied applicants, but experts warn this amount won’t fully address the program’s systemic issues.The Public Service Loan Forgiveness …
Quick Answer: PSLF grandfathering means loans disbursed before June 30, 2018 would remain eligible for forgiveness even if Congress eliminates the program for new loans. However, the Trump administration has been actively attacking PSLF and creating barriers for eligible borrowers to actually receive forgiveness after completing 120 payments.Question:Dear Steve,I am curious about the federal loan …
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