120 Payments Later: Unlocking Public Service Loan Forgiveness (PSLF) for Direct Loans and a Debt-Free Future!

Maintaining Eligibility for Public Service Loan Forgiveness: Annual Form Submission and Certification

How to Ensure a Smooth PSLF Application Process: Employer Certification and Submission Timing

According to MARCA, Public Service Loan Forgiveness eliminates the remaining balance on Direct Loans after 120 qualifying payments. To be eligible you must work full-time for an approved employer which includes government positions certain non-profits or the U.S. military. Make sure your loans are Direct Loans and if you have other federal loans consolidate them into Direct Loans.

To keep the process on track you should submit the PSLF form every year or whenever you switch employers. This helps ensure that your payments and employment status are properly tracked. The form must be certified by someone authorized like an HR representative or a supervisor who can confirm your job status and full-time employment. Once you’ve made the 120th qualifying payment submit the PSLF form while you are still employed by a qualifying employer. Your employer must also certify your status as “still employed” if you submit the form in the same month you leave the job.

READ ALSO: 4 Charged With First-Degree Murder In Fatal Robbery Shooting Of 13-Year-Old Matthiew Stavkovy In Kent, Washington!

120 Payments Later: Unlocking Public Service Loan Forgiveness (PSLF) for Direct Loans and a Debt-Free Future! (PHOTO: Washington Student Achievement Council – WA.gov)

What Happens After You Submit Your PSLF Form: Review, Approval, and Next Steps

Once the VA receives your PSLF form they will review it to ensure it is complete and verify your eligibility. You’ll be informed if any additional information is needed or if there are issues with your application. If approved your remaining loan balance, including interest and principal will be forgiven. Any payments made after the 120th qualifying payment will either be refunded or applied to other federal student loans. If your application is denied you will be given reasons for the denial and will need to resume payments according to your Master Promissory Note.

READ ALSO: Life In Prison For Former FBI Agent And State Trooper Christopher Bauer: Sentenced For Sexual Abuse Of Child Over 6 Years!