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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.
Qualifying employment means that you work for any U.S. government agency at the federal, state, local or tribal level. You can also work for 501(c)(3) nonprofit organizations or volunteer for ...
The PSLF (or public service loan forgiveness) program provides cancellation of federal loans after a certain period of time for many holding public sector positions.
Friday’s announcement of $4.28 billion in student debt relief is expected to be the final round of public service loan forgiveness before Biden leaves office next month.
In 2008, the Department of Education issued a regulation defining the term "public service job" to include any full-time position at an eligible "public service organization," including a federal, state, local, or Tribal government; a 501(c)(3) not-for-profit organization; and any other not-for-profit organization that provides any of a number ...
Under the program, eligible public servants, including social workers and teachers, are able to have their debt cancelled after 10 years of service and 120 loan payments made on-time. [13] Student loan borrowers eligible for PSLF relief have filed suit against MOHELA, accusing the servicer of delaying the cancellation of their debt and forcing ...
President Biden announced on Friday he would be canceling more student debt for tens of thousands of public service workers, possibly his last major move on the issue before leaving office in a month.
It was created in 1963 by an Act of the Pennsylvania General Assembly, and engages in loan guaranty, loan servicing, financial aid processing, outreach and other student aid programs. It was announced on July 8, 2021 that the agency and the United States Department of Education would not continue their relationship, effective on December 14, 2021.