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Public Service Loan Forgiveness

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koobpheej

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Has anybody heard about this program/law enacted I think in 2007? It basically saws that the federal gov't will forgive remaining student loans for those that are employed full-time in what is considered public service (including the military). There are several conditions on being able to qualify. I thought it may be a good thing for those dentists that are spending their careers in the military but have more student loans than are covered by the HPSP/HPLR/HPSC, etc.
 

KOM

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Has anybody heard about this program/law enacted I think in 2007? It basically saws that the federal gov't will forgive remaining student loans for those that are employed full-time in what is considered public service (including the military). There are several conditions on being able to qualify. I thought it may be a good thing for those dentists that are spending their careers in the military but have more student loans than are covered by the HPSP/HPLR/HPSC, etc.

Elaborate please. So, if I'm doing the 3 year HPSP, you're saying I still may be able to have my first year loans erased as well? What are the conditions?
 

koobpheej

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This is a seperate thing that congress passed in I believe 2007 (I just started learning about this today). This website gives a decent explanation:

http://www.finaid.org/loans/publicservice.phtml


As this is not an official gov't website, it may be prudent to contact the Dept of Ed. for more detailed and accurate information (however I think this is likely a reliable source).
 

confettiflyer

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If it wasn't obvious already to anyone reading this, the above post makes no sense and is factually incorrect on pretty much all levels.

EDIT: the original post I was referring to here has been deleted after being marked as spam.
 
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ddstothecor

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If it wasn't obvious already to anyone reading this, the above post makes no sense and is factually incorrect on pretty much all levels.
At least, it's misguided:
The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit

Be sure to participate in the program from the inception of your servitude.

From another actual government website: http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service#what-must-i-do

If you have FFEL Program or Perkins Loan Program loans, you may consolidate them into a Direct Consolidation Loan to take advantage of PSLF. However, only payments you make on the new Direct Consolidation Loan will count toward the required 120 qualifying payments for PSLF

Note: PSLF = Public Service Loan Forgiveness.
 

confettiflyer

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The post I was referring to has been deleted after I marked it as spam.
 

krmower

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There are some threads on this topic already in SDN. The summary is:
1) You must consolidate your loans through Dept of Education in order to start the clock on the 10 yr countdown
2) You must serve 10 continual years in govt service (federal, state, local) for a dentist it would usually have to be VA or active duty. If you plan on getting out then this obviously would not be an option.
3) You can not defer or forebear your loans, but must begin payment on them using income based loan repayment, etc...
4) After 10 continuous years in the program the remaining loan balance will be wiped.
 
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