Jan 26

The Public Service Loan Forgiveness (PSLF) Program

Did you hear about the banker who was recently arrested for embezzling $100,000 to pay for his daughter’s college education?

As the policeman (who also had a daughter in college) was leading him away in handcuffs, he said to the banker, “I have just one question for you. Where were you going to get the rest of the money?”

OK, I know it’s a bad joke, but the reality is that if you have a recent college degree, you are probably paying on a student loan.  If you are employed by a government or a not-for-profit organization, you may be able to save money through the Public Service Loan Forgiveness Program (PSLF).  I know, if it seems too good to be true, it probably is…but not in this case.  This is a Federal Government program that is still in operation.  It allows you to make 120 payments, and any balance after this time is forgiven.  So if you work at a public university, for example, you may be able to save a substantial amount of money on your student loan payments as compared to paying the entire loan off in full.

Here is the link to the Department of Education’s Federal Student Aid Loan Forgiveness page!  Check it out to see if you qualify!

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service?utm_source=igborrowers&utm_medium=email&utm_content=atr_t2_msg5_s1&utm_campaign=2016ingrace#page

1 comment

    • Deb on January 26, 2018 at 12:25 pm

    Bad joke, good point! Thank you for sharing this!

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