Non-profit employees may apply for student loan forgiveness
October 7, 2022 at 7:27 p.m.
Employees of non-profit entities (501 C3) are encouraged to apply to the U. S. Department of Education Public Service Loan Forgiveness program which offers student loan forgiveness of a remaining balance on Direct Loans after 120 on-time monthly payments under a qualifying repayment plan. Applications are being accepted until Oct. 31, 2022.
PSLF is a program for people who work in public service in federal, state, tribal, or local government, or for a non-profit organization, and is different from the Student Debt Relief Plan, announced in August by the Biden Administration, that includes loan debt relief of up to $20,000.
A limited-time waiver ending Oct. 31 and relaxing eligibility requirements for the original PSLF plan was instituted in October of 2021, making it easier to receive forgiveness by allowing borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF.
According to the USDE, eligible not-for-profit organizations include organizations that are tax-exempt under section 501(c)(3) of the Internal Revenue Code, and include most private elementary and secondary schools, private colleges and universities, and thousands of other organizations.
Also eligible are organizations that are not tax-exempt under section 501(c)(3) of the Internal Revenue Code, but that provide a qualifying service. Employers can provide information regarding their tax status. There is also a PSLF employer search tool that enables borrowers to find out if their employers are eligible.
Those who previously applied for the PSLF and were denied are strongly encouraged to re-apply while the waiver is in effect.
Important information may be accessed at these USDE webpages:
Public Service Loan Forgiveness (PSLF) Help Tool | Federal Student Aid
Public Service Loan Forgiveness FAQs | Federal Student Aid
Public Service Loan Forgiveness Employer Search Tool | Federal Student Aid
Also, prospective applicants may view an informational video posted by an individual who worked for a nonprofit and had his loans forgiven in May.
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Employees of non-profit entities (501 C3) are encouraged to apply to the U. S. Department of Education Public Service Loan Forgiveness program which offers student loan forgiveness of a remaining balance on Direct Loans after 120 on-time monthly payments under a qualifying repayment plan. Applications are being accepted until Oct. 31, 2022.
PSLF is a program for people who work in public service in federal, state, tribal, or local government, or for a non-profit organization, and is different from the Student Debt Relief Plan, announced in August by the Biden Administration, that includes loan debt relief of up to $20,000.
A limited-time waiver ending Oct. 31 and relaxing eligibility requirements for the original PSLF plan was instituted in October of 2021, making it easier to receive forgiveness by allowing borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF.
According to the USDE, eligible not-for-profit organizations include organizations that are tax-exempt under section 501(c)(3) of the Internal Revenue Code, and include most private elementary and secondary schools, private colleges and universities, and thousands of other organizations.
Also eligible are organizations that are not tax-exempt under section 501(c)(3) of the Internal Revenue Code, but that provide a qualifying service. Employers can provide information regarding their tax status. There is also a PSLF employer search tool that enables borrowers to find out if their employers are eligible.
Those who previously applied for the PSLF and were denied are strongly encouraged to re-apply while the waiver is in effect.
Important information may be accessed at these USDE webpages:
Public Service Loan Forgiveness (PSLF) Help Tool | Federal Student Aid
Public Service Loan Forgiveness FAQs | Federal Student Aid
Public Service Loan Forgiveness Employer Search Tool | Federal Student Aid
Also, prospective applicants may view an informational video posted by an individual who worked for a nonprofit and had his loans forgiven in May.