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Public Service Loan Forgiveness Program

We all know the downsides to a career in the early education and care field – the low wages, the high turnover – but there is also some GOOD news for early educators, particularly if you hold a bachelor’s degree and have student loans.

What? Yes!

If you are employed by a government or not-for-profit organization, including licensed or regulated child care, Head Start, and state-funded pre-K, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program. There are a lot of qualifiers: your loans must be in good standing, you must have made 120 payments (i.e. over 10 years, beginning with payments starting in 2007), and you must have worked full-time in a qualifying institution for the duration of that 10-year time period. So this is not a program for everyone. For those who meet the requirements, or those who would like to start working towards meeting them, it could mean forgiveness of your Direct Loan balance beginning in October 2017!

For more information on student loans (getting them, managing them, paying them), visit our Student Loan Information Network. Click the image below to be taken to the official Twitter account of the Office of Federal Student Aid.

FAFSA_PublicService_LoanForgiveness

 

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