Public Service Loan Forgiveness (PSLF) is a Federal Program that allows certain federal student loans
to be forgiven after 10 years of on-time, qualifying monthly payments for employees of a not-for-profit organization.
This program is not sponsored by Children’s, but is a valuable resource for employees of Children’s.
1. Employed in a full-time, ≥ .75 FTE, for ≥10 years at Children’s Hospital & Medical Center (or other not-for-profit organization).
2. Made 120 separate monthly payments to your student loan(s) on or after Oct. 1, 2007.
3. Qualifying loan received must be under the William D. Ford Federal Direct Loan (Direct Loan) Program, or other federal loan program that is consolidated into a Direct Consolidation Loan.
Enroll in a qualifying payment plan. For most borrowers, Income-Based Repayment (IBR) is the best option. Visit www.studentloans.gov to enroll online.
Certify that you work for a qualified public service employer. Use the Employment Certification for Public Service Loan Forgiveness form to keep track of your eligible employment and qualifying loan payments. Complete sections 1 and 2 on your own, then ask Human Resources to complete and sign section 3 before submitting the form.
Resubmit annually. Complete and submit the Employment Certification for Public Service Loan Forgiveness annually to track your qualifying service and payments.
For more information about the repayment plans available in the Direct Loan Program, please visit StudentAid.gov/repay.