Public Service Loan Forgiveness

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If you are employed by a nonprofit and have student loan debt, you may be eligible for loan forgiveness, cancellation, and/or consolidation of Federal student loans under the Public Service Loan Forgiveness program (PSLF). The first applicants will be eligible for loan forgiveness in 2017. Read about why student loan forgiveness is an important topic for nonprofits in this blog post. Spread the word! Many nonprofit employees aren’t aware that they may qualify for student loan forgiveness.

Who is eligible?

Eligibility Requirements:

  • Loan must be through the Federal Direct Student loan program, specifically the “William D. Ford Federal Direct Loan (Direct Loan) Program. Not sure what student loan you have?
  • After 120 payments (this usually takes 10 years) employees in certain public service jobs may be eligible for loan forgiveness as long as their loans are not in default, and their loans are under
  • Qualifying employment includes:
    • Employment with a government agency (federal, state, local or tribal)
    • Employment with a charitable non-profit tax-exempt under 501(c)(3)
    • Full-time Americorps or Peace Corps members
    • Teachers (full-time) in low-income elementary/secondary school for 5 consecutive years may be eligible for loan cancellation up to $17,500.

Initiatives in the states

CalNonprofits, the state association of nonprofits for the state of California is playing a leadership role in educating us all about the problem of student loan debt and what we can do about it. Read about CalNonprofits' Nonprofit Student Debt project.

Resources

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