Public Service Loan Forgiveness

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Jessie K

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Hi all, I am currently considering my options for repaying my student loans, including the PSLF program. I'm curious, has anyone in this community successfully navigated the program and know someone (or are someone) whose loans have been forgiven with this program? I know that the percentage of people who apply for forgiveness and actually receive it is relatively small. Any words of wisdom would be appreciated. Thanks in advance!

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I don't know anyone who's successfully received PSLF as of yet, but my advice would be that the safest bet is probably to go with federal or state government employment, and to consistently follow-through with the employment recertification every year. Also, triple-check that your loans are of the correct type and that you're on an eligible repayment plan, and don't assume that your loan servicer will know the correct answers to any PSLF questions.

The VA relatively recently upped their EDRP cap to $200k, which represents another option that could get the loans paid off in 5 years (depending on their amount). You would need to "front" the money for the first year's worth of payments, but you would be reimbursed for it thereafter. You can combine EDRP with PSLF if you want, but if you pay ahead on your loans to take full advantage of EDRP, be sure to contact your loan servicer afterward and have your loans removed from paid ahead status. Otherwise, subsequent payments will not count toward PSLF.
 
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You should also seek out/ask about loan repayment benefits from private agencies. I have such a benefit- it's not enough to make a significant dent in a ridiculous FSPS loan (I get ~3k annually), but it helps with my relatively modest loan payments. Make yourself valuable- multiple credentials/billable pathways; admin and organizational management skills; supervision and "pyramidal" billing abilities- and people will pay up for your services.
 
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I work with someone who just got the remainder of her loans forgiven through PSLF. Work environment is a state hospital. Keep extremely diligent notes regarding all of your payments, every interaction you have with a loan servicer, etc. (date, time, their name, what they said).
 
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One of the supervisors at my internship site just got her loans forgiven through PSLF. She said she kept a lot of documentation and double/triple checked everything she was told.
 
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