The Public Service Loan Forgiveness program created by the College Cost Reduction and Access Act encourages individuals to enter and continue full-time public service employment by offering loan forgiveness for those borrowers that meet the requirements, reports U.S. News & World Report. To qualify, a borrower must make 120 qualifying monthly loan payments (once a month for 10 years) on eligible loans while working in qualifying public service employment.

What is qualifying employment? Qualifying public service employment is full-time paid work in the government; a 501(c)(3) nonprofit; an AmeriCorps or Peace Corps position; or for a private "public service organization."

Which student...

Subscribe to Read More

Are You an Educator?

Get Free online access to all our
news and resources and get
eSchool News Today email newsletter

About the Author:

staff and wire services reports