For more information about PSLF and how to use this form, visit StudentAid.gov/ publicservice. NOTE: If you consolidate your loans, you may be at risk for not being eligible for the SCRA benefit. For more Military information visit the Department of Defense site at. After a few months of payments, submit a Public Service Loan Forgiveness Employment Certification & Application Form. No payment is due and you may never have to repay this interest. Each time we approve qualifying employment, we will update your count of qualifying payments. You may be eligible to have the interest rate on your loans reduced to 0% for up to 60 months. To authorize a third party to obtain your account information: Complete and print the Account Authorizations Agreement (PDF), sign, and mail to the address provided on form. 7. The Public Service Loan Forgiveness (PSLF) Program allows you to receive forgiveness of the remaining balance of your Direct Loans after you have made 120 qualifying monthly payments while working full time for a qualifying employer. We are here to help you with every step of the process. Don't worry! Loans forgiven under PSLF are not considered taxable income by the Internal Revenue Service. H��S]O�0}�_q��d_T�IL�����л�Xʲv���]��@O.KӦ�{�=�̃��p�>�� �X���1�Ԃ�R�)��MD*u 7p�\��y ��D���2�a��\&���bh�1��h�q{�.���u��Nj������`�)��9���T@*�pU&�T!��B�z�� ��$�2T�o�W���ԈI�G�����tߺ�f�����N���.�[�4y��7�Ĺ����n�1����M��D�P��0��j=��g�*ðE���ڬ��^�� Xˍ2S�Y�Js�OJ=�����I�!J]�D]�K�RihmO�S-����ʆf���܄�&nR����#��wa{�:f�$��f���ٸ�? The employment certification form is sent to Fedloan Servicing. For example, Income-Driven Repayment plans are available that may offer: NOTE: These repayment plans require annual recertification of your income, which we know can be difficult during periods of deployment. You will need to submit a copy of both the service member's military orders and military identification with the Suspension/Discharge Form, or have the service member's Commanding or Personnel Officer complete Section 4 of the form. If it appears you are eligible for PSLF/TEPSLF, your employer may be contacted before granting loan forgiveness. If you have been granted a Power of Attorney (POA) for or are representing a service member and you need to request a temporary suspension of the service member's service obligation period, download, complete, and return the TEACH Grant Suspension/Military Discharge Request Form (PDF). Some tips that will make applying for and obtaining loan forgiveness under PSLF easier include: Read and save all communications from your loan servicer. Section 4 of the PSLF form must be completed by an authorized official, and cannot be filled out by the borrower. If you want to get an idea of what your payment amount may be on any of the available plans, you can utilize our Manage Repayment tool. This will help you track your progress in the program. endstream endobj 685 0 obj <>stream 1097. For your non-qualifying plan payments to count towards TEPSLF, the amount you paid 12 months prior to applying for TEPSLF and the last payment you made before applying must be at least as much as you would have paid under an IDR plan. There are options available to lower your monthly payment amount (as low as $0 per month)! Submit your PSLF form annually to keep up to date on tracking your qualifying payments. To receive loan forgiveness under PSLF, you must make 120 qualifying payments. Renew your income-driven repayment plan each year on time or whenever your income decreases. Box 69184 Creating a repayment strategy is a great way to meet your repayment goals. If you wish to report an issue related to the accessibility of any content on this website or with respect to any documents, forms, statements, or publications, visit Federal Student Aid - Accessibility. One of the best ways to manage how much college will cost is to be prepared and avoid over borrowing. SECTION 8: IMPORTANT INFORMATION ABOUT PSLF. If some or all of the payments you made on your Direct Loans were under a non-qualifying repayment plan for PSLF, you may qualify for TEPSLF instead. A minimum, every time you change jobs be contacted before granting loan forgiveness under PSLF, you visit... Your completed Certification form with forms Assistance can prepopulate the form making it easier and more convenient to the... 4 of the process amount of your loans will be refunded by signing in to your account... Has to be submitted annually, and at a non-profit set up an online account to your... Question: Dear Steve, I must be filled out by an authorized official made a. 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