Military Student Loan Forgiveness: What to do with your student loans?

aspriggle:

Does your sailor have federal student loans? There is a program out there called Public Service Loan Forgiveness (PSLF) that will eradicate his or her student debt under specific conditions. The National Military Family Association wrote a wonderful piece explaining this program. Check it out.

Originally posted on Branching Out:

Soldier-StudentMilitary families may rely on a variety of financial aid packages to help afford a higher education; including scholarships, grants, and loans. If your service member has federal loans, he or she will want explore the Public Service Loan Forgiveness (PSLF) program.

The PSLF is a program for federal student loan borrowers who work in a range of public service jobs, including military service. The program forgives remaining debt after 10 years of eligible employment and qualifying loan payments.  In most cases eligibility is based on whether you work for an eligible employer. Your job is eligible if you:

• are employed by any nonprofit, tax-exempt 501(c)(3)organization
• are employed by the federal government, a state government, local government, or tribal government (this includes the military and public schools and colleges); or
• serve in a full-time AmeriCorps or Peace Corps position.

PSLF applies to federal Stafford, Grad Plus, or consolidation loans…

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