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Public Service Loan Forgiveness

If you work in public service, you may be able to have part of your federal student loan debt forgiven. Qualifying public-interest jobs include government service, military service, law enforcement, public health, and certain teaching positions.
Public service loan forgiveness is not automatic. You must apply for loan forgiveness once you have made 120 qualifying payments.

To qualify you must:

Perkins and FFEL loans are not eligible for public service loan forgiveness. However, you can consolidate these loans into a Direct Consolidation Loan to take advantage of public service loan forgiveness. Payments made prior to consolidation do not count toward the 120 qualifying payments.
Tip: Any amount forgiven under the public service loan forgiveness program is NOT taxable as income.

See StudentAid.gov for more details on whether you qualify for public service loan forgiveness

On May 23, 2018, the U.S. Department of Education issued a bulletin announcing the temporary expansion of the Public Service Loan Forgiveness (PSLF) Program.  This program provides additional conditions under which borrowers may become eligible for PSLF.  For additional information visit StudentAid.gov/tepslf.

Teacher Loan Forgiveness Program

If you are a teacher who works full-time in a low-income elementary, secondary school, or educational service agency, you may be able to have as much as $17,500 of your subsidized or unsubsidized Federal Direct and Stafford student loans forgiven, depending on the subject you teach.

To be eligible:

For more information, to verify that you are teaching at a qualified school, or to get a copy of the application, please visit: studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher.

New York State Get on Your Feet Student Loan Forgiveness Program

The New York State Get on Your Feet Student Loan Forgiveness Program is designed to help recent New York State college graduates focus on establishing their careers and starting life out on a sound financial footing. A graduate will be eligible to receive an award equal to 100 percent of his or her monthly federal income-driven repayment plan payments for 24 months of repayment.

To qualify you must:

If you qualify, the state will make your federal student loan payments for 2 years. Those payments will be made directly to your federal loan servicer(s). Please note that any loan forgiveness award payment made on your behalf may have tax implications. Recipients will receive a 1099 form, issued by the NYS Office of the State Comptroller, reflecting the total loan forgiveness payments made for the tax year. Any questions regarding potential tax implications should be directed to a tax professional, the Internal Revenue Service, or the NYS Department of Taxation and Finance. The program is being administered by the New York State Higher Education Services Corporation. To learn more or apply, visit hesc.ny.gov/GetOnYourFeet.

 

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