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The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on Direct Loans after 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. |
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To qualify for PSLF, you must:
- be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service).
- work full-time for that agency or organization.
- have Direct Loans (or consolidate other federal student loans into a Direct Loan).
- repay your loans under an income-driven repayment plan (this provision will be waived through October 31, 2022, as part of the limited PSLF waiver).
- make 120 qualifying payments.
IBC employees who plan to submit the Department of Education’s PSLF application form should send the form to their servicing HR Specialist (Staffing and Classification) to complete section 4 for employer certification.
Please note:
- Digital signatures must be hand-drawn (from a signature pad, mouse, finger, or by taking a picture of a signature drawn on a piece of paper that you then scan and embed on the signature line of the PSLF form.
- IBC Human Resources is not responsible for determining eligibility to participate in the program.
- The borrower is responsible for sending the completed application to the U.S. Department of Education.
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