There is a lot of confusion surrounding Public Service Loan Forgiveness’s criteria and how many people have actually received it. Here are some key points:
There are three main requirements to qualify for PSLF:
- Direct student loans
- Qualifying repayment plan
- Certification of employment at an eligible/qualifying employer
When PSLF was established:
PSLF went into effect on October 1, 2007. So, if you started making qualified payments on day one, the earliest you could have seen your loans forgiven would have been October 2017.
How many borrowers are in the queue to receive forgiveness?
The numbers are from the most recent Federal Student Aid data.