Daily Bulletin title

January 16, 2014

Public Service Loan Forgiveness Program

The Public Service Loan Forgiveness program was enacted in 2007 and its purpose is to encourage individuals to obtain and maintain employment in public service jobs. This program allows individuals who have qualifying student loans to have part of their loans forgiven if they meet the certain criteria.

This criterion can include:

Being enrolled in a qualified payment plan. There are approximately 4 payments plans that are qualified currently.

Have qualifying student loans. Direct loans are the only loans eligible for this program. Private educational loans, Perkins or FFELP loans do not qualify. However, some FFELP loans can be consolidated into a Direct Consolidation Loan.

Work for a qualified employer/industry. Qualifying employment is any employment with a federal, state, or local government agency, organization, etc. OR a not-for-profit organization that is tax-exempt as designated by the IRS under Section 501 (c)(3).  Virginia Western Community College is a qualified employer.

More detailed information can be found here: https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service