The Public Service Loan Forgiveness program created by the College Cost Reduction and Access Act encourages individuals to enter and continue full-time public service employment by offering loan forgiveness for those borrowers that meet the requirements, reports U.S. News & World Report. To qualify, a borrower must make 120 qualifying monthly loan payments (once a month for 10 years) on eligible loans while working in qualifying public service employment.

What is qualifying employment? Qualifying public service employment is full-time paid work in the government; a 501(c)(3) nonprofit; an AmeriCorps or Peace Corps position; or for a private “public service organization.”

Which student loans are eligible?

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About the Author:

Meris Stansbury

Meris Stansbury is the Editorial Director for both eSchool News and eCampus News, and was formerly the Managing Editor of eCampus News. Before working at eSchool Media, Meris worked as an assistant editor for The World and I, an online curriculum publication. She graduated from Kenyon College in 2006 with a BA in English, and enjoys spending way too much time either reading or cooking.