How do you qualify for this type of loan forgiveness? You must work full-time for a public service organization, you cannot be in default on any of the student loans for which forgiveness is being requested, and you must make 120 qualifying payments on your eligible federal student loans after October 1, 2007. In other words, forgiveness of loan balances under this program will not be granted until October of 2017.
All non-defaulted loan made under the Direct Loan Program can be eligible for loan forgiveness. Parents who took out a Direct PLUS Student Loan can be eligible for forgiveness if the parent borrower (not the student) is employed by a qualifying public service organization. Additionally, federal student loans made under programs other than the Direct Loan Program may become eligible for forgiveness if they are consolidated into a Direct Consolidation Loan.
Please keep in mind that every matter is different. If you are interested in the Public Service Loan Forgiveness program and would like more information, please contact our office by completing the form on this website or calling us at (954) 932-5377.