Do you Qualify for the Public Service Loan Forgiveness Program?

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New York’s Attorney General Eric T. Schneiderman has some guidance for folks who are looking to seek forgiveness with federal student loans.

“My office is committed to ensuring that the Department of Education keeps its promise to every graduate who entered public service,” said Attorney General Schneiderman.

“Whether a borrower served in the military, at a government agency, at a non-profit, or any other eligible organization, we want to make sure their hard work and financial sacrifice is properly rewarded. Any New Yorker who thinks they’ve been wrongly denied federal loan forgiveness should contact my office right away,” added Schneiderman.

Officials say before submitting your application for forgiveness you should check the Public Service Loan Forgiveness Program (“PSLF”) requirements.

A media release states there are three parts of an eligibility tests you must meet before applying, you must of made 120 on time qualifying payments before applying.  
•    You must be employed full-time by an eligible public service employer;  
•    You must have an un-defaulted Direct federal loan; and
•    You must be enrolled in a qualifying loan repayment plan.

The media release also states that you must submit an Employer Certification for Public Service Loan Forgiveness Form to the Department of Education annually to get information about your eligibility.

Officials say the following jobs that are considered public service employment are:
•    Government organizations, including any federal, state, local, or tribal organization or agency and the armed forces;
•    Not-for-profit organizations with 501(c)(3) tax-exempt status; and
•    Private not-for-profit organizations that are not 501(c)(3) organizations but provide certain types of public service as their primary purpose.

For more information to see if you qualify for PSLF, click here.

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