Does Public Service Loan Forgiveness Really Work?

Public Service Loan Forgiveness (PSLF) was a program designed by the Federal Government to “Forgive” the student loans of those who worked in public service industries after 120 qualifying payments.

Public Service Loan Forgiveness is Confusing

For starters, the PSLF program is confusing. Student loan borrowers must become student loan experts to understand if they even qualify. People who think they qualify for PSLF are quickly finding out they actually do not.

Public Service Loan Forgiveness Programs Could Be Cut

What sort of cuts were on the table? The budget proposal included cuts to income based repayments and billions in grants according to, Student Loan Hero. 

Colleges Market PSLF

One of their marketing tactics is to promote student loan forgiveness to prospective students especially in the fields of criminal justice, education and even nursing.

Should you wait for loan forgiveness?

Using the Income Based Repayment program, borrowers could make payments for 20 years then have their balance forgiven. Or of course, if they work in the public sector after 10 years could have their balance forgiven too.

Other options to PSLF

Sure, you can invest, save and plan for the future and wait it out when it comes to student loans and forgiveness. But with so many variables and the threat of defunding, just paying off student loans might be worth it.

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