PUBLIC SERVICE FORGIVENESS

PUBLIC SERVICE FORGIVENESS 

Public service employees may qualify for the Pay-As-You-Earn (PAE) repayment program. Most of my clients that work in public service (i.e. teacher, mayor, fireman, policeman, custodian) have qualified for the 120 month or 10 year forgiveness. Additionally, you may qualify if you simply work for a non-profit company or organization. For Pay As You Earn, you also must be a new borrower as of Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. You are a new borrower if you had no outstanding balance on a Direct Loan or FFEL Program loan when you received a Direct Loan or FFEL Program loan on or after Oct. 1, 2007.