Understanding the Public Service Loan Forgiveness Employment Certification Form

Overview of the Public Service Loan Forgiveness Program

The Public Service Loan Forgiveness Program is a federal loan forgiveness program created to encourage students to pursue careers in public service. The program offers forgiveness of the remaining balance of the student's Direct Loans after the borrower has made 120 qualifying payments while employed in a full-time public service job. To qualify for the program, borrowers must complete the Public Service Loan Forgiveness Employment Certification Form each year, or when they change employers.

Completing the Public Service Loan Forgiveness Employment Certification Form

The form must be completed and submitted to the U.S. Department of Education. It must be completed by the borrower, and include information about their employer, the dates of their employment, and the type of public service work they are doing. It is important to note that this form must be completed each year or when the borrower changes employers. This is to ensure that the borrower's payments are counted towards the 120 payments required for loan forgiveness.

Types of Public Service Work

The Public Service Loan Forgiveness Program is available to borrowers who are working in a wide variety of public service fields. These include positions in government, public schools, public libraries, public health, social work, early childhood education, public interest law, military service, and public service for individuals with disabilities, among others.

Eligible Loans for the Program

In order to qualify for the Public Service Loan Forgiveness Program, the borrower must have a Direct Loan. These include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans. It is important to note that the program does not include Perkins Loans or FFEL loans.

What Borrowers Should Do

Borrowers should make sure to complete the Public Service Loan Forgiveness Employment Certification Form each year, or when they change employers. They should keep track of their payments, and make sure that their payments are counted towards the 120 payments required for loan forgiveness. Borrowers should also make sure to keep copies of the completed forms for their records.

Benefits of the Program

The Public Service Loan Forgiveness Program is a great way for borrowers to get the financial help they need to pursue a career in public service. It offers forgiveness of the remaining balance of the student's Direct Loans after the borrower has made 120 qualifying payments while employed in a full-time public service job. This can help borrowers save thousands of dollars in student loan debt.

Conclusion

The Public Service Loan Forgiveness Employment Certification Form is an important form to complete if you are looking to pursue a career in public service. It will help to ensure that you are eligible for the Public Service Loan Forgiveness Program, and that your payments are counted towards the 120 payments required for loan forgiveness. It is important to keep track of your payments and to keep copies of the completed forms for your records.