Income Driven Repayment Plan Public Service Loan Forgiveness

These four repayment plans are referred to as income driven repayment idr.

Income driven repayment plan public service loan forgiveness. While it s not as fast as you would ve preferred through pslf 10 years it may still provide relief. However if public service is your desire and you meet all the criteria for eligibility you could benefit by combining pslf with an income driven plan and experience loan forgiveness in a shorter period. Forgiveness occurs when you reach the maximum repayment period under an income driven repayment plan idr like income based repayment ibr pay as you earn paye and revised pay as you earn repaye when you reach the maximum number of payments under a respective idr any remaining unpaid interest or principal amount is forgiven. The pslf program is a federal program that forgives specific remaining debt after 120 student loan payments under an idr plan.

If you make 120 payments on time and in full under an income based repayment program while employed full time with a qualifying public service organization you may qualify to have the remaining balance forgiven in the public service loan forgiveness program. Plus all four income driven repayment plans meet the requirements for public service loan forgiveness pslf if you plan to pursue forgiveness under that program. You need to be on an idr plan to qualify for public service loan forgiveness and all idr plans will forgive your balance after 20 or 25 years of repaying depending on the plan you choose.