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The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [1]
Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness plan. The PSLF program forgives remaining student loan balances for borrowers in the Direct Loan program after 120 ...
When you’re working toward Public Service Loan Forgiveness (PSLF), it’s helpful to submit the Employment Certification form every year to verify your employment (or at least every time you ...
Under the initiative, the department will add the following months to an account’s payment history: Months in repayment status, regardless of the payments made, loan type, or repayment plan;
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The PSLF program was signed into law by President George W. Bush in 2007 and provided that anyone working full-time in eligible public service jobs could have the remaining balance of their student loans issued under the Federal Direct Student Loan Program forgiven after making 120 qualifying monthly payments.
The Biden administration recently expanded who can qualify for student loan forgiveness through PSLF, relaxing some rules and changing what counted as a qualifying payment, according to Forbes.
The government combats this large outstanding balance with student loan forgiveness which come in several forms, the two most popular being Public Service Loan Forgiveness and Teacher Loan Forgiveness. Looking at Public Service Loan Forgiveness, there are 890,516 borrowers and 41,221 submitted applications, only 423 of these applications were ...