How do I qualify for public service loan forgiveness?
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What is student loan forgiveness?
How do I qualify for public service loan forgiveness?
What if I am having trouble paying back my student loan?
What happens if I do not pay back my student loans?
What should I do if I have defaulted on a student loan?
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Justin Draeger
Spokesperson, National Association of Student Financial Aid Administrators
Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.
How do I qualify for public service loan forgiveness?
Justin Draeger with the National Association of Student Financial Aid Administrators discusses how to qualify for public service loan forgiveness.
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Transcripts
Host: How do I qualify for public service loan forgiveness?
Justin Draeger: Public service loan forgiveness is a new program that was just introduced through the College Cost Reduction and Access Act and it began on October 2007. It is prospective in nature which means that it goes out into the future, the earliest that anyone can qualify for this new forgiveness program is October 2017, so the reason for that is in the legislation it says that you must make a 120 payments, which is ten years with the payments. In a qualified repayment plan under direct student loan that means the loan held by the US Department of Education. To qualify for loan forgiveness after after years you will have to work in a public service job or for a public non-profit and if you meet those criteria and make all of your student loan payments. The Federal Government will cancel out or forgive a portion of your loans.
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