What are the differences between PSLF and other forgiveness programs?

What are the main differences between the PSLF and other student loan forgiveness programs?

The Public Service Loan Forgiveness (PSLF) program is specifically for borrowers working in public service jobs, while other programs like Income-Driven Repayment (IDR) forgiveness apply to a broader range of borrowers. PSLF requires 120 qualifying payments, whereas IDR forgiveness can occur after 20 or 25 years of payments depending on the plan.

Are there specific eligibility requirements for PSLF?

Yes, to qualify for PSLF, you must be employed by a qualifying employer, have Direct Loans, and make 120 qualifying monthly payments under a qualifying repayment plan.

What happens if I don't qualify for PSLF?

If you don't qualify for PSLF, you may still be eligible for other forgiveness programs, like IDR forgiveness, or you can explore refinancing options.

Can I switch from another forgiveness program to PSLF?

Yes, you can switch to PSLF, but you'll need to consolidate your loans into Direct Loans and ensure you meet the eligibility requirements.