Thanks to new legislation in the US, student loans are written off after meeting certain eligibility criteria. This program is called Public Service Loan Forgiveness (PSLF) and we detail what it is and how to apply it here.

What form do you fill out for student loan forgiveness?

Form to fill out is titled “Public Service Loan Forgiveness (PSLF) and Temporary Enhanced PSLF (TEPSLF) Certification and Application (PSLF Form)” and it can be downloaded here on the US government website.

There are various sections to complete, and each person submitting this form must agree to the following terms:

• To qualify for forgiveness, I had to make 120 qualifying payments on my Direct Loans while working full-time for an eligible employer. Neither the 120 qualifying payments nor the employment must be consecutive.
• To qualify for forgiveness, I must be working full-time for an eligible employer when I apply and receive forgiveness.
• By submitting this form, my student loans held by the Department can be transferred to FedLoan Servicing.
• If the Department determines that I am eligible for a pardon, the Department may contact my employer prior to granting the pardon to ensure that I continue to work for that employer.
• If I am eligible for forgiveness, the amount forgiven will be the principal and interest due on my eligible direct loans when I made my last eligible payment. Any amount I pay on these loans after I make my last qualifying payment will be treated as an overpayment. I have to keep paying on any of my other loans.
• If I am not eligible for a pardon, I will be notified of the decision, why it was made, and how many of the related payments I made to the PSLF and TEPSLF.

Johanne Harris, here again I got in touch a couple of months ago with a guide called “Understanding Your Finances: The Guide for College Students”

The key here is that you can write off your student loan once you make 120 qualifying monthly payments. In other words, you must repay the loan within 10 years. It is also necessary to work for a suitable employer at the time you achieve this goal and then submit the form.

It is recommended that you file the PSLF annually or whenever you change employers, as this will keep your information up to date and make it easier to complete the process when completing student loan forgiveness.

Where do you send your student loan forgiveness application?

Once you complete the “Public Service Loan Forgiveness (PSLF) and Temporary Enhanced PSLF (TEPSLF) Certification and Application (PSLF Form)”, you can mail it to the US Department of Education, FedLoan Servicing, PO Box 69184, Harrisburg, PA 17106-9184.

You can also use the fax number provided on the form itself.