Super-Important CCRAA/Public Service Loan Forgiveness News
By: Steve Grumm
From our peoples at Equal Justice Works:
The Department of Education has released an Employment Certification for Public Service Loan Forgiveness form to assist borrowers in tracking their qualifying employment and qualifying payments as they work toward earning loan forgiveness.
After borrowers submit the form, they will be notified whether their employment qualifies, the total number of qualifying payments they have made and how many payments still need to be made before they qualify for Public Service Loan Forgiveness. This will be a tremendous help for borrowers in documenting the 120 qualifying monthly payments (at least ten years worth) they need to earn forgiveness. It also will provide them with some certainty that their employment qualifies.
Details of the interim certification process set up by the Department of Education, a copy of the form, instructions and a “dear borrower” letter have been posted to the Department’s Student Aid on the Web site at www.studentaid.ed.gov/publicservice. The Department will also be posting some updated PSLF questions and answers to the site soon. You can also direct questions to the Equal Justice Works at debtrelief@equaljusticeworks.org
The inimitable Heather Jarvis approves of this development, offering a resounding “Woot!” and her insight:
The Department of Education today released the long awaited Employment Certification for Public Service Loan Forgiveness form! Woot!
Folks in government and 501(c)(3) nonprofit service* can finally get that warm and fuzzy feeling that will come from the government saying “yes” your employment qualifies and “yes” you made x number of payments that count towards forgiveness.
Why This Is Important
Student loan borrowers can earn Public Service Loan Forgiveness by making 120 of the right kind of payments, on the right kind of loans, while working in the right kind of job*. But you also have to PROVE that you met all the requirements of the program. That’s where the paperwork comes in.Nothing about Public Service Loan Forgiveness is automatic. Not one thing. Student loan borrowers will need to jump through a whole lot of hoops to establish that they have earned the forgiveness. Flaming hoops probably. But student loan borrowers aren’t afraid of a little paperwork, right? We say Bring. It. On.
If you think you are working for a qualifying public service employer and you’re working toward Public Service Loan Forgiveness, YOU NEED THIS FORM. You love this form. This form is your BFF.