How to get your student loans forgiven through the federal public service program

This session is an opportunity to talk about Loan Forgiveness Programs and for people to learn if they qualify and how to navigate the program. Professor Suzanne Gaulocher will share her experience and lessons learned and can help support you in applying for a program. She can help with questions you may have, such as: Do I qualify for this program? Is it worth it? How can I best navigate the difficulties of this program? How do I stay on top of it? What is the best repayment plan?

Suzanne’s Main Points

1. If you are a full-time employee of PSU you most likely qualify for PSLF. You need to certify your employment every year!!! Full time is considered 30+ hours per week.
2. 120 qualifying payments (cannot make more than one payment a month)
3. Can be retroactive so as long as you’ve worked at PSU or another qualifying institution all the way back to the onset of the program, 2007 onward.
4. Each institution needs to be submitted using a separate form (same form different verifier).
5. Call one time per year to check in on your status. I do this every February. Make sure you are on track.
6. Consider Income Driven Loan Repayment as well to lower your payment and keep you on track for 120 payments.
7. I cannot emphasize enough!!! Do not consolidate your loans after you enter into the program!!! This will make you start over at 0.
8. Keep in mind, if you reenter school you are automatically put into loan payment deferment and any payment made during this time is not considered qualifying. You can call and turn off the deferment, but you need to be proactive.
9. PSU’s Federal Employer Identification Number (FEIN) 026000937
10. Application Form: https://myfedloan.org/documents/repayment/fd/pslf-app.pdf

Next Steps:

1. Call and talk to a loan advisor: 1-800-699-2908
2. Identify how many qualifying payments you have already made.
3. Decide if you want to consolidate your loans or not — do this BEFORE you apply for PSLF.
4. Fill out the form and have your employment verified by Human Resources (I call before I stop by).
5. Reapply every year!!

From Kaydee Rafferty in PSU Financial Aid

For information on the different loan forgiveness programs, please go to thehttps://studentaid.gov/ website under the “Manage Loans” menu then follow the links to eitherPublic Service Loan Forgiveness or Teacher Loan Forgiveness for information on those particular programs.

If PSU students have any questions or concerns about programs like this, please have them contact the Student Financial Services office, and we would be happy to assist them about this as well. We can be reached at sfs-psu@plymouth.edu, 603-535-2338, or in the Speare Building Room # 118, if a student would like to speak in person.

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