Public Service Loan Forgiveness

By Sam Swenson, CFA, CPA – Updated Dec 11, 2023 at 10:17 AM

Key Takeaways

The Public Service Loan Forgiveness (PSLF) program is a debt cancellation offering for those who choose to dedicate their careers to public service. In this article, we'll cover:

What the PSLF is and how one might apply for it
The professions eligible for coverage, along with other eligibility requirements
How the program fits into President Biden's loan forgiveness goals

From there, we'll address some of the more commonly asked questions surrounding PSLF.

Loading paragraph...

Doctor discusses info on a tablet with patient. — Image source: Getty Images.

Loading image...

Loading paragraph...

Forbearance

A process through which lenders can temporarily put a stop to some or all of your monthly payments while you rebuild your finances.

Loading paragraph...

Soldiers communicating. — Image source: Getty Images.

Loading image...

Loading paragraph...

Public Student Loan Forgiveness: Is it worth it?

Naturally, if you can have a portion of your student debt forgiven, it's certainly worth going for it. PSLF is generally available to those who have committed their lives to a career in public service and, at the same time, have managed to stay on top of their finances for an extended period following graduation.

Loading paragraph...

Student Loans vs. Parent Loans: Who Takes Out Loans for College?

When it comes to paying for a child’s college education, many families must weigh taking out student loans vs parent loans.

15 Tips and Tricks to Save Money in College

Saving money in college can be difficult, but it's not impossible. Here are 15 ideas for saving money as a college student.

A Complete Guide to College Savings Accounts in 2025

When it's time to save for college, you have many choices. Here are the five most popular and how they work.

Student Loan Penalties: A Complete Guide

While there are no penalties for paying student loans early, borrowers can be charged fees for not paying student loans on time.

Loading hub_pages...

The key is in the fine print. You'll need to make sure you're in a qualified profession (on a full-time basis) and that you make payments consistently. The U.S. Department of Education tends to be a stickler for details, so if you're missing documentation or haven't met even one of the requirements, a denial may be coming your way.

Ultimately, PSLF is absolutely worth pursuing for those who rightfully qualify. If this is you, be sure to have your ducks in a row to maximize this valuable benefit.

Loading paragraph...