Public Service Loan Forgiveness

[candice1984]

Hello,

I'm a master's mental health counseling student set to graduate in less than 2 weeks. I have a lot of student loan debt and I don't have employment lined up yet. I have been applying for employment. I am planning to work toward licensure as a professional counselor as well as the specialty substance abuse licensure. I also have an associate degree in substance abuse counseling. I was wondering if LPCs or LADCs (Licensed Alcohol and Drug Counselors) qualify for public service loan forgiveness. If so is there a certain setting I must work in? These student loans are a killer and it seems mental health jobs just don't pay enough to even put a dent in them.
Thanks

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[xXIDaShizIXx]

It's not the degree you have, but who you work for that makes you eligible. Local, State, and Federal government jobs can all make you eligible. And you simply apply for it and see if you are approved or not with verification.

 

[AcronymAllergy]

It's not the degree you have, but who you work for that makes you eligible. Local, State, and Federal government jobs can all make you eligible. And you simply apply for it and see if you are approved or not with verification.

Pretty much this. Basically, if the company for which you work is designated as a non-profit (even if it's private), it has a chance of qualifying you regardless of your position there. You just need to be sure your loans are all appropriate for PSLF and that you're on one of the income-related repayment plans. You then just essentially "re-up" your employment verification every year, I believe.

 

[xXIDaShizIXx]

Pretty much this. Basically, if the company for which you work is designated as a non-profit (even if it's private), it has a chance of qualifying you regardless of your position there. You just need to be sure your loans are all appropriate for PSLF and that you're on one of the income-related repayment plans. You then just essentially "re-up" your employment verification every year, I believe.

One caveat - you can do it on the standard payment as well. Go to myfedloan.org and it will explain everything for you.

 

[AcronymAllergy]

One caveat - you can do it on the standard payment as well. Go to myfedloan.org and it will explain everything for you.

Good catch, thank you for the correction. Although if you're on the 10-year standard repayment plan, technically the loan would be paid off by the time PSLF kicked in. If you're on the extended plan, though, it would take effect halfway through.

This link provides a quick "fact sheet" for PSLF for those interested: http://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness.pdf