Student loan is still one the problems that millions of Americans are facing today, but the Public Service Loan Forgiveness might help if they qualify for the program.
Public Service Loan Forgiveness Program
The Biden Administration are finding ways to help millions of Americans to have their student loans or debts be forgiven. Not everyone knows about the Public Service Loan Forgiveness program that will help pay their student loans.
In a published article in MARCA, employment in the U.S. government at any level, be it state, local, or tribal, is one of the keys to qualifying for the Public Service Loan Forgiveness program. Additionally, this also includes tax-exempt organizations under section 501(c)(3) of the Internal Revenue Code.
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How to Qualify in the Public Service Student Forgiveness Program?
There are also other considerations to qualify in the program. A not-for-profit organization that is not exempt under section 501(c)(3) of the Internal Revenue Code is considered a qualifying employer if it devotes a majority of its full-time equivalent employees to working in at least one of the following areas:
- Emergency management
- Military service
- Public safety
- Law enforcement
- Public interest law
- Early childhood education
- Public service for individuals with disabilities
- Public health
- Public education
- Public library services
- School library services
- Other school-based services
- Public service for the elderly
Furthermore, there is a need to make 120 qualifying monthly payments and it will take 10 years before they can qualify for the Public Service Loan Forgiveness program.
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