Student Loan Forgiveness Federal Employee
The federal government offers a variety of student loan forgiveness programs to help borrowers who meet certain requirements. Some are available only to those who work in a certain field, while others can be used by almost anyone. There are also different types of forgiveness – some apply only to specific types of loans, while others forgive all qualifying debt once the borrower makes 120 on-time payments under an income-driven repayment plan.
Loan Forgiveness
- What is Loan Forgiveness?
- How to Apply?
- Requirements:
- Must be a full-time employee of the federal government.
- Must have worked for your employer for at least 3 years in order to qualify for Public Service Loan Forgiveness (PSLF) or 7 years for Teacher Loan Forgiveness.
- You must certify that you are paying your student loans and no other loans, such as credit cards or mortgages, through the Federal Student Aid Repayment Plan or any other payment plan that allows you to pay off your debt on an income-driven schedule. This requirement applies even if you are not actually making payments through this plan—your employer will report this information so that it can be verified by federal agencies and ensure that borrowers continue to receive loan forgiveness benefits when they meet certain requirements.
We Can Help You Understand Your Options
If you’re a federal employee and are struggling to pay back your student loans, there is a program that could help. The Federal Employee Student Loan Forgiveness Program is designed to assist federal employees in repaying their student debts. There are two categories under this program: Direct Loans and FFEL Loans (Federal Family Education Loan). If you have Direct Loans or FFELs, then there are certain requirements that need to be met in order for student loan forgiveness to apply.
To qualify for Student Loan Forgiveness:
- You must work full-time as an employee of the federal government
- Your employer must enter into an agreement with the Department of Education (DOE) regarding repayment amounts and plans; this is known as an “Employment Certification” form or ECF
- You must make 120 consecutive payments or make 120 qualifying payments over 10 years (the time period varies depending on what type of loan was used)
Apply for your loan forgiveness
- You can apply for loan forgiveness if you are a federal employee.
- You can apply for loan forgiveness if you are a teacher.
- You can apply for loan forgiveness if you are a nurse.
- You can apply for loan forgiveness if you are a public servant.
Choose your repayment plan
There are several different repayment plans available to federal employees with student loan debt. You may select a plan based on your income, your current level of debt, and the length of time you plan to work in public service. Contact your servicer if you have any questions about choosing a repayment plan or selecting an income-driven plan.
Consolidate your loans if needed
Consolidating your loans is a good option if you have multiple loans. This will lower your monthly payments and can make it easier for you to track your payments. If you’re having trouble paying off your student loans, consolidation might help as well.
Receive confirmation that your application has been received.
To apply for federal student loan forgiveness, you must complete the following steps:
- Complete an application and submit it online.
- If required, submit copies of your transcripts from your undergraduate and graduate studies, along with any other requested documents including W-2s and proof of income (if applicable).
- Receive confirmation that your application has been received by FedLoan Servicing or another servicer handling the process (this can take up to 10 business days).
We can help you with the student loan forgiveness process.
We can help you with the student loan forgiveness process. We can help you understand your options and apply for your loan forgiveness. We can also help you choose a repayment plan that fits your situation and consolidate your loans if needed.
We can help you get a better understanding of your options, apply for the student loan forgiveness program and make sure that your application goes through.