Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.^[1]

The program permits Direct Loan borrowers who make 120 qualifying monthly payments under a qualifying repayment plan, while working full-time for a qualifying employer, to have the remainder of their balance forgiven.^[2] The earliest time in which borrowers could receive forgiveness under the program was after October 1, 2017. The Department of Education reported that 2,215 borrowers had the remainder of their respective student loans forgiven under the program as of April 30, 2020 for a denial rate of 98.5%.^[3]

The PSLF program has received criticism and has been the subject of litigation by loan-holders trying to discharge their student loans.

^ Pub. L.Tooltip Public Law (United States) 110–84 (text) (PDF), 121 Stat. 784
^ "Public Service Loan Forgiveness Data". studentaid.ed.gov. Archived from the original on November 12, 2019. Retrieved March 6, 2021.
^ Friedman, Zack (June 2, 2020). "Why 147,000 People Were Rejected For Student Loan Forgiveness". Forbes.

[1] Pub. L.Tooltip Public Law (United States) 110–84 (text) (PDF), 121 Stat. 784

[2] "Public Service Loan Forgiveness Data". studentaid.ed.gov. Archived from the original on November 12, 2019. Retrieved March 6, 2021.

[3] Friedman, Zack (June 2, 2020). "Why 147,000 People Were Rejected For Student Loan Forgiveness". Forbes.

[1]

[2]

[3]