Some options for student loan assistance include:
Public Service Loan Forgiveness (PSLF) is the most inclusive benefit for public service workers with student debt. AmeriCorps Service counts! In addition, a public service organization is:
The jist of it is…
On federal student loans, after 10 years (or 120 on-time monthly payments), any remaining balance is forgiven.
Which loans qualify for PSLF?
All federal Direct Loans qualify (all federal loans since 2010 are Direct loans)
How do I get on an income-based repayment plan (IBR)?
Enroll in IBR at www.studentloans.gov . The earlier you can enroll in IBR, the better! Also check with your loan servicer initially, then annually to make certain you are on track.
Are there any other steps I need to take?
You and your employer must sign a certification form each year.
I’m not sure I’ll spend 10 years in the public service sector. Is this something I should worry about?
It is recommended that those who are not likely to continue in public service sector should still enroll in IBR plan to maintain possibility of PSLF.
Does past service count?
Any service after October 1st, 2007 can count retroactively.
How do I get more information?
How does this compare to other repayment plans?
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City of Lakes AmeriCorps is a program of Minneapolis Community Education
1250 W Broadway Avenue, Minneapolis MN 55411