Public Service Loan Forgiveness: A Bit O’Help
I only just discovered that a few of my concerns regarding student loan repayment and public service options for contingent, part time faculty were addressed back in January and March 2012.
Among the changes are a three year break on loan capitalization for borrowers who qualify for the Public Service Loan Forgiveness program (PSLF) and working multiple jobs (under PSLF, borrowers must work 30 hours but can do so in multiple, qualifying public service organizations defined in the Q & A about Public Service Loan Forgiveness as “a broad range of employers, including any federal, state, or local government organization or agency and most not-for-profit organizations”). Also under the PSLF, remaining loan balances are not subject to IRS taxation.
Here are links to the docs as well as the Department of Education’s “Employment Certification for Public Service Loan Forgiveness Form” at the Student Aid on the Web Web site:
U.S. Department of Education | PSLF Fact Sheet
U.S. Department of Education | Q&A about Income-Based Repayment (IBR)
U.S. Department of Education | Q&A about Public Service Loan Forgiveness (PSLF)
Additional info is available at the Project on Student Debt.
I wish the Obama administration and Department of Education would have more fully, widely, advertised the positive changes to PSLF. Millions of borrowers will benefit. And so will society long term.