DO YOU QUALIFY FOR STUDENT LOAN FORGIVENESS?

2019

Easy to qualify programs for student loan relief

After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

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Public Servant Loan Forgiveness

Daniel Morgan

Updated – Jul 30th 2019

PUBLIC SERVANT LOAN FORGIVENESS IMAGE
About Public Servant Loan Forgiveness 2019

If you have student loans then you know the challenges that can come with trying to repay them back. Month after month, year after year making payments and the balance never seems to go down. Or try paying on a mortgage or rent and on top of that add in a student loan payment that is almost as much as your mortgage and rent payment.

For many households the student loan payments are the second highest financial obligation in the home. Falling just behind shelter expenses.

Sadly, for many of our nation’s finest and those we depend on the most in our society had to pay a hefty price for their education in order to receive the opportunity to serve us and our families each day as public servants to our communities.

Because of this the Public Servant Loan Forgiveness Program was created and put in place by lawmakers to help and provide support to those that work as public servants or for the federal government.

Who are these Public Servants?

So who are the individuals considered to be public servants most people want to know if they have to have a specific position or title to be considered a public servant and to be a possible candidate for Public Servant Loan Forgiveness.
But first let’s take a look at those that are most commonly recognized as a public servant.
  • Police officers
  • Park and Recreation Employees
  • Community Health Workers
  • State Social Workers
  • Public Defenders and Attorneys
  • School Bus Drivers
  • Park Rangers
  • City Employees
  • Public Transportation Employees
  • State Troopers
  • Correction Officers
  • Post Office Workers
Public Servant Loan Forgiveness eligibility generally does not focus on your occupational title so much as who you are employed with.
For example, you may be a cafeteria worker preparing food for others. But if you are a cafeteria worker employed for a public school or for the Department of Education then you are eligible for student loan forgiveness for public service.
In the example above you can see that having the title of a cafeteria worker alone does not make one eligible for public student loan forgiveness, but the qualifying determining factor is that the cafeteria worker is an employee of the public school system.

Student Loan Forgiveness for Law Enforcement

Police officers are probably the number one occupation when referring to the idea of a public servant. And rightfully so, police officers provide great services to and for our society and public servant loan forgiveness should definitely be a benefit well welcomed to them.
However, when it comes to loan forgiveness for public service or student loan forgiveness for law enforcement, the term “ law enforcement” is not defined as being a policeman. As a matter of fact, any person working for federal, state or local judicial system would be considered as a law enforcement employee.
If you work in your towns circuit of the court’s office, you would be eligible for public servant loan forgiveness. Or say for instance you are a teller at the local tax collectors office.
Being that you are working for a division of the local government you would qualify for government employee student loan forgiveness as well.

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How do I qualify as a Law Enforcement Agent?

To begin with a candidate must be employed by any one of the law enforcement divisions. Also must work full time and their employer must document them as being a full-time employee.

Along with the understanding that you already have meet all of the other requirements, you will be able to receive student loan forgiveness for law enforcement if you work for the judicial system at any Local, State or Federal level. Borrower’s must enroll loans into a Direct Loan Program as well.

Furthermore, their loan must become a Direct Consolidation Loan. Borrowers will need to make 120 on time consecutive payments for 10 years. And, get student loan forgiveness after 10 years.

Here is a list to help you remember the basic qualifications for public student loan forgiveness for law enforcement.

1. Student loans must be under the Federal Direct Loan William D Ford Program. And the loan(s) must not be in default status (what happens if you default on student loans)

2. Must make 120 consecutive on time payments within an income-driven repayment plan.

Note: payments before October 1st, 2007 will not count toward the 120 payments

3. Must be actively working a full-time position in a qualifying public service position with a qualifying organization. All government employee positions qualify.

Student Loan Forgiveness for Federal Employees

Student loan forgiveness for federal employees is student loan forgiveness program for individuals that work for the US Federal Government. Including, all divisions, branch or level.
Another name for this type of student loan forgiveness is known as student loan forgiveness for public service. Public loan forgiveness for federal employees is one of the best PSLF forgiveness programs available.
This is primarily because your title does not affect your eligibility. Employment as a public servant is the main factor in qualifying for public servant loan forgiveness.

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Understand Qualifying Employment Expectations

Your specific job description is not bases on qualifying PSLF forgiveness. But, actually determined by the employer.

Employment with the following types of organizations qualifies for student loan forgiveness for public service.

  • Federal Government Agencies for all levels (federal, state, local and community)

  • Non-profit companies that are tax-exempt under 501c(3) of the Internal Revenue Service.

  • And, AmeriCorps or Peace Corps position also counts as qualifying employment for the PSLF Program.

Types of qualifying loans for Student Loan Forgiveness for Federal Employees

Loans received under the William D. Ford Federal Direct Loan (Direct Loan) Program qualify for Public Servant Loan Forgiveness and/or PSLF forgiveness.
If You have taken loans out under different federal student loan programs, like the Federal Family Education Loan (FFEL) Program or the Federal Perkins Loan (Perkins Loan) Program. Then you will not qualify for public service loan forgiveness programs. However, they can become eligible by consolidating them into a Direct Consolidation Loan.

However, only qualifying payments that you make on the new Direct Consolidation Loan can be counted toward the 120 payments required for student loan forgiveness for public service.

Also, a completed public service loan forgiveness forms are required.

Payments on FFEL Program loans or Perkins Loans before consolidation don’t count. If you have both Direct Loans and other types of federal student loans that you want to consolidate to take advantage of PSLF, it’s important to understand that if you consolidate your existing Direct Loans with the other loans, you will lose credit for any qualifying PSLF payments you made on your Direct Loans before they were consolidated.
In this situation, you may want to leave your existing Direct Loans out of the consolidation. And, consolidate only your other federal student loans.

Important takeaways

So we can conclude that the Public Servant Loan Forgiveness does offer many great benefits and has the potential to save you thousands on your student loans Here are some key ideas from our discussion that we suggest that you keep in mind.
  • You occupation and employer must qualify

  • Loan forgiveness for federal employees require 120 consecutive payments

  • A qualified payment is when your payment is on-time and in full

  • The term “law enforcement” does not just mean policemen. But anybody that works in the law enforcement field and employed by a government department

Student loan forgiveness for public service is something we definitely advise that you look into if you think you fall into any of these categories. Understand all the details and processes can be difficult, but professional help is available.
The program is free. However, student loan assistance programs and professional help can be a major benefit. Specially, when seeking to ensure all the terms and details are to your best interest. And, not the for the interest of you servicer or lenders.

Hopefully our article has been informative and helpful in increasing your understanding about public servant loan forgiveness.