Student loan repayment is resuming. Here's what you need to know

PSLF Overview

Public Service Loan Forgiveness (PSLF) offers a significant opportunity for federal direct loan borrowers working in public service roles to have their remaining debt forgiven after 120 qualifying payments. Betsy Mayott explains that eligible employment includes working at least 30 hours a week for a 501(c)(3) nonprofit or government entity, under an income-driven repayment plan 1. The program is flexible, allowing for non-consecutive payments and changes in employment or repayment plans without resetting progress.

Anything that's left over after those 120 payments is forgiven. None of it has to be consecutive. It doesn't have to be with the same employer.

--- Betsy Mayott

This flexibility means it may take longer than ten years to qualify, especially if borrowers switch to private sector jobs temporarily or alter their repayment plans 1.

   

State & Military

Beyond PSLF, there are state-specific and military loan forgiveness programs available for those in high-need professions. Betsy Mayott notes that many states offer forgiveness for roles such as medical professionals, public defenders, teachers, and even veterinarians 1. These programs often have their own eligibility criteria and application processes, which are updated regularly on resources like freestudentloanadvice.org.

A lot of states have forgiveness programs for people who work in high need areas in the medical field or public defenders or teachers.

--- Betsy Mayott

Additionally, the military provides its own set of forgiveness options, further expanding the opportunities for borrowers to manage their student debt effectively 1.