Public Service Loan Forgiveness, a new program for borrowers who work in certain kinds of jobs. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments. (During those 10 years, the Income-Based Repayment (IBR) plan can help keep your loan payments affordable.)
Who can get Public Service Loan Forgiveness? This program is for people with who work in a wide range of "public service" jobs, including jobs in government and nonprofit 501(c)(3) organizations.
- are employed by any nonprofit, tax-exempt 501(c)(3) organization;
- are employed by the federal government, a state government, local government, or tribal government (this includes the military and public schools and colleges); or
- serve in a full-time AmeriCorps or Peace Corps position.