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Do I qualify for loan forgiveness?
- Generally, payments above or at the amount set under a standard 10-year repayment plan qualify, but you will likely pay off your entire loan before you are eligible for loan forgiveness. IBR and other income-driven plans can help you qualify for the biggest benefit.
How do I track my employees’ progress towards student loan forgiveness?
- To track their progress toward student loan forgiveness, your employees will need to sign and submit the Employment Certification for Public Service Loan Forgiveness form. Teach your Human Resources team about this form and keep a stack of them on hand.
How do I qualify for Public Service Loan forgiveness?
- Certify that you work for a qualified public service employer. Use the Employment Certification for Public Service Loan Forgiveness form to keep track of your eligible employment and qualifying loan payments. Your employer may keep these forms on hand.
Is the path to student loan forgiveness complicated?
- The path to loan forgiveness can seem complicated, but with a few smart choices early on, you may save thousands of dollars on your student loans. The key is to understand your options.
How will I know when my loans are forgiven? The Department of Education will notify you when your application is approved, and your loan servicer will update you once your loans are forgiven. Keep an eye out for any correspondence from your servicer via email or mail, and regularly check your loan balance online.