The federal program helps wipe out student debt but it's struggling. Here's how to get it right
Last year, CNBC tracked down one of the first people to qualify for public service loan forgiveness."I feel pretty lucky," Kevin Maier, a tenured professor at the University of Alaska Southeast, said at the time. Apparently, he was.
The public service loan forgiveness program was signed into law by President George W. Bush in 2007 and allows certain not-for-profit and government employees to have their federal student loans cancelled after 10 years of on-time payments. Kantrowitz said some people assume they'll qualify for forgiveness after 10 years of payments. However, it's not about how long you've been paying but how many qualifying payments you've made. Maybe you took a leave from public service work, for example, halting the timer on your payments for a few months or even years. Again, it's after 120 qualifying payments that your loans will be eligible for forgiveness.
In light of the confusion, all borrowers should fill out a so-called employer certification form at least once a year to confirm that their workplace makes them eligible. These forms will also enable you to keep records of your confirmed qualifying payments.
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