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 loans are eligible?