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Public Service Loan Forgiveness (PSLF)
  • The Health Care and Education Reconciliation Act of 2010 allows new borrowers who assume loans after July 1, 2014 to cap their student loan repayments at 10 percent of their discretionary income and have the balance forgiven after 20 years (compared to 15 percent and 25 years, respectively). Discretionary income is the amount of the borrower's AGI that exceeds 150% of the poverty line for the borrower's family size.

  • Public service workers, such as teachers, nurses, and those in military service, will see any remaining debt forgiven after 10 years. More than 1.2 million new borrowers are projected to qualify and take part in the expanded Income-Based Repayment program.

  • To apply for income-based repayment, contact the lenders or loan servicers that hold your student loans.  Click here for additional details.

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