Got Debt?

Learn More about the FPSLF Program

We know that debt matters when you are considering graduate schools and also the types of jobs you take after graduating. The Federal Public Service Loan Forgiveness Program (FPSLFP) and the Income-Based Repayment (IBR) plan are two options that will allow some borrowers to be eligible for loan forgiveness after 10 years of qualifying employment and loan payments.

The IBR plan considers your adjusted gross income, the size of your debt and the size of your family—and may lower your monthly loan payments. And if you work in the public or nonprofit sectors, the Public Service Loan Forgiveness program may cancel your remaining debt (principal and interest) after 10 years and 120 qualifying payments.

You may be eligible for Public Service Loan Forgiveness if you:

  • Hold a job in the nonprofit or public sector for at least 10 years (not necessarily consecutive);
  • Participate in the Direct Loan program, or consolidate all current loans into Direct Lending;
  • Have a high debt-to-income ratio;
  • Participate in the IBR, PAYE or some combination over the course of 10 years of qualifying employment;
  • Make 120 timely payments; and
  • Re-affirm eligibility each year.