Public Service Loan Forgiveness. The Employer shall consider any employee furloughed under this MOU to be a full-time employee for certification of the Federal Public Service Loan Forgiveness program, and shall sign any necessary certification.
Public Service Loan Forgiveness. (PSLF) and Income-Based Repayment (IBR). As an alternative to putting qualified student loans into forbearance, Member, if serving a full time AmeriCorps position, may be eligible to count the regular student loan payments made during their service toward the PSLF program. Member may elect to participate in the IBR plan in order to make loan payments more affordable during service. Under IBR, loan payments may be as low as $0 per month. Additionally, loan payments made using the Xxxxx Education Award may count toward PSLF, even if the loan(s) are put into deferment or forbearance during service. The PSLF program allows an exception for AmeriCorps alums to make a lump sum payment using the AmeriCorps Xxxxx Education Award and receive credit for up to 12 qualifying payments for PSLF. The number of payments for which Member will receive credit is determined by dividing the amount of the lump sum payment by the scheduled full monthly payment amount, (but Members may not receive credit for more than 12 monthly payments toward the PSLF payment requirement). See xxxx://xxx.xxxxxxxxxxxxxxx.xxx/pdf/08_1210_ccraa_faqs.pdf for additional reference.
Public Service Loan Forgiveness. What is considered Public Service? • Non-profit, tax exempt, 501(c)(3) organizations • Federal, state, local or tribal government • Private organizations providing a public service • Direct questions to Mohela: xxxxx://xxx.xxxxxx.xxx/ • For repayment plans that qualify for Public Service Loan Forgiveness: xxxxx://xxxxxxxxxx.xxx/manage-loans/forgiveness-cancellation/public- service Public Service Loan Forgiveness • Must make 120 loan payments to Direct Loans in an eligible repayment plan ▪ Income Based-Repayment (IBR) ▪ Pay As You Earn Repayment ▪ REPAYE Plan ▪ Standard 10-year Repayment (normally loans will be paid off before they are forgiven if you stay in this plan for all 120 payments) • Must work 10 years in Public Service • Full-time employment (as defined by employer) ▪ Does not have to be continuous work • Payments made after October 1, 2017 count toward the 10-year repayment Public Service Loan Forgiveness Eligible loans include: • Federal Direct Sub and Unsub loans • Federal Direct Consolidation loans (excluding any FFEL spousal consolidation amounts) • Federal Direct PLUS loans • Federal Xxxxxxx loans (when consolidated into the Direct loan program) • Bank-based FFEL loans (when consolidated into the Direct loan program) The PSLF Program was created by Congress and the program is subject to change or discontinuation based on new laws that are passed • Keep ALL records of monthly payments, screenshots, e-mails, etc.
