Understanding Public Service Student Loan Forgiveness

by DeLadurantey Law Office, LLC on July 17, 2014

GraduationIf you are facing overwhelming student loan debt, you are likely worried you need at least a six-figure salary in order to afford your monthly payments. However, it is possible to eliminate your student loan debt with a lower paying job in the public sector through the Public Service Loan Forgiveness (PSLF) Program.

The PSLF Program was created to encourage college graduates to pursue careers in public service. This includes many government or nonprofit jobs. In fact, the Consumer Financial Protection Bureau estimates that nearly 25% of people employed in the U.S. work in jobs that qualify for federal student loan debt forgiveness. Are you one of them? Let us help you find out.

Your federal student loans can be forgiven after you have made 120 qualifying consecutive payments toward your student loan debt while working in the public service industry. To qualify, you must work at least 30 hours per week (considered full-time) at a local, state or federal government or for a non-profit organization. Common examples include military service, educators, law enforcement and certain public health jobs.

Based on your income, you may also be eligible to take advantage of the Income-Based Repayment plan (or other federal repayment programs) to have your federal student loans forgiven. This would allow you to obtain an affordable monthly standard repayment plan while also qualifying for the PSLF Program.

It is important to determine which programs you can participate in and enroll as soon as possible in order to obtain maximum savings. Contact us today for a consultation. We can help you make these important decisions and ensure you are on the right path for obtaining student loan forgiveness.

If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.

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