Public Service Loan Forgiveness Myths We Hear Too Often
If you're hoping to get Public Service Loan Forgiveness, you've probably heard a few things about the program that simply are not true.
Myth: It's not enough to just work for the right employer, you have to have the right job too.
The only requirement for employment to get Public Service Loan Forgiveness is to work for the right kind of business. You can be a janitor working for a non-profit; this still meets the qualifying employment criteria.
Myth: All I need to do is work for a qualifying employer.
Working for a qualifying employer isn't enough to get Public Service Loan Forgiveness. The biggest issue we see when people assume this, is they normally have the wrong types of loans.
Myth: I make too much money.
Sure, your payment might be higher on an Income-Driven Repayment plan, but there are no income limits to get PSLF.
Myth: To get PSLF for the loans I took out for my children, they need to work for a non-profit.
For loans you took out, for yourself or for our children you must qualify for loan forgiveness, not your children.
Now that you know what's not true, check out the criteria for Public Service Loan Forgiveness to ensure you're setup for success.