If you work in the non-profit sector, chances are you have student loans to repay. The good news is that there are many different programs available that can help you lower your monthly payments or even get them forgiven completely. These programs are designed to encourage people to pursue careers in public service and other non-profit organizations.
Student Loan Forgiveness For Non Profit Employees
Student Loan Forgiveness For Non Profit Employees
If you are a non profit employee, you are not alone. The majority of Americans are facing student loan debt and many cannot afford their payments.
Student loan forgiveness for non profit employees can be a great way to help employees with their student loans. It’s also an excellent way to motivate them to stay in the field so that they can pay off their debts faster.
Public Service Loan Forgiveness Program
The Public Service Loan Forgiveness (PSLF) Program is designed to encourage borrowers to work in the public sector. If you are a borrower who meets the following criteria, you may qualify for forgiveness:
- Only federal student loan borrowers can participate in this program.
- You must be employed full-time by an eligible employer and make 120 on-time monthly payments under an income-driven repayment plan during 10 years of service (120 months).
- Your payments must be made while working full-time at an eligible employer; they do not need to be consecutive or made within any specific timeframe.
Teacher Loan Forgiveness Programs
If you are a teacher, there are several options for student loan forgiveness. If you work in a low-income school or teach special education, you may qualify for up to $17,500 in federal forgiveness loans. You must also teach in a public school and have been teaching full time for five consecutive years.
If you’re not eligible for this type of program but still want to pay down your debt load as quickly as possible, consider refinancing with SoFi Refinance! With competitive rates and flexible terms available to borrowers with good credit scores (in most cases), we make it easy to find a solution that fits everyone’s needs.
State-Specific Loan Repayment Assistance Programs
- Check the website of your state’s department of education.
- Check the website of your state’s department of labor.
- Check the website of your state’s department of workforce development.
- Check the website of your state’s department of higher education.
- Check the website of your state’s department of revenue
Find out what student loan forgiveness options are available to those who work in non-profit or public service jobs.
If you work in the non-profit or public service sector and have student loan debt, there are a number of programs that can help you get your loans forgiven. The first step is to find out what program applies to your specific situation.
There are two main ways to apply for student loan forgiveness: through an employer or on one’s own (outside of an employer). If you work at a non-profit organization or in public service, you may be eligible for one of these programs:
- Public Service Loan Forgiveness (PSLF) Program – This program forgives federal student loans after 10 years of full-time employment in the public sector with an approved 501(c)(3) nonprofit organization. PSLF does not require continuous payment during the 10 years; borrowers may take up to three years off from their jobs without affecting eligibility for PSLF if they return within 120 days after leaving and make 120 monthly payments over ten years before taking another break from employment. Eligible borrowers must also pay taxes on any forgiven debt amount as income, but this is often less than would be paid by repaying the loan over time. To apply, fill out Form 467-16 or call 1-800-848-0979
Closing
We hope this post has helped you learn about the variety of student loan forgiveness options available to those who work in non-profit or public service jobs. If you’re still struggling to pay off your student loans, don’t despair! Take action by contacting your lender, filling out a FAFSA form and researching all possible ways you can lower your payments.