Public Service Loan Forgiveness (PSLF) is a federal program designed to forgive the remaining balance on Direct Loans after 120 qualifying payments (10 years) while working for a qualifying employer. The program was created under the College Cost Reduction and Access Act of 2007 to provide indebted professionals a way out of their federal student loan debt burden. Here are some key points to keep in mind:

• Only federal Direct Loans qualify for loan forgiveness. You may consolidate most other federal loans into a new Direct Consolidation Loan to qualify.
• Student loan borrowers must be enrolled in a qualifying payment plan. Income-driven repayment plans are the best option to pursue PSLF. These plans are based on your income and let you pay less now and set you up to have more forgiven later.
• You must work full-time for a qualifying employer when you apply for PSLF. Qualifying employers include government organizations at any level (federal, state, local, or tribal), non-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code, and other types of non-profit organizations that provide certain types of qualifying public services.
• You can use the PSLF Help Tool on the Federal Student Aid website to determine your eligibility based on the types of loans you have and your employer.
• Public Service Loan Forgiveness has undergone temporary changes as a result of the pandemic. All federal student loans were put into interest-free forbearance starting in March 2020 with no payments due until October 2023.
• You must submit the Public Service Loan Forgiveness application once you have met all the requirements. You can do this online through the Education Department or mail in a paper application to the student loan servicer MOHELA.

It is important to note that the program has faced some challenges, and not all applicants have been successful in receiving loan forgiveness. For example, of the first 28,000 public servants who applied for forgiveness, only 96 were approved. However, Congress has attempted to fix PSLF by passing the Temporary Expanded Public Service Loan Forgiveness program (TEPSLF) . If you do not meet PSLFs strict requirements, there are other options available to explore.