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    6 views7 pages

    AAMC Fact Sheet

    Uploaded by

    tcnj70432104390

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF or read online from Scribd
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    of 7
    Financial Information, Resources, Services, and Tools Public Service Loan Forgiveness If you aspire to work in the public service sector, you'll find that the reward is not only psychological - but possibly monetary, as well. That’s because the College Cost Reduction and Access Act of 2007 established a program that forgives some federal student loans under certain circumstances. Program Summary This government program provides for the forgiveness — or cancellation — of the remaining balance (principal and interest) due on eligible federal Direct student loans after the borrow- cr has made 120 monthly payments to Direct Loans while employed in ‘qualifying public service jobs. Borrowers must have made 120 ‘monthly payments after October 1, 2007 in the Direct Loan Program; therefore, the frst cancellations of loan balances will not be granted until October 2017 (at the earliest) Eligible Loans Bligible Loans: Any non-defaulted Joan made under the Direct Loan Program may be eligible, These include: + Federal Direct Stafford Subsidized and Unsubsidized Loans + Federal Direct PLUS Loans, including Grad PLUS © Federal Direct Consolidation Loans Eligibility of Other Federal Loans: Borrowers with loans made under the following federal student loan programs may be eligible ifthey consolidate those loans into the Direct Loan Program*: + Federal Family Education Loan (FFEL) Program, which include subsidized and unsubsidized Stafford Loans, PLUS Loans, and Consolidation Loans + Federal Perkins Loans * Certain Health Professions and Nursing Loans only payments made on the Dit Consolidation ‘Loan ill count toward the fequied 120 monthly payments, Eligibility Requirements 1. Repayment Plans: Borrowers must not be in default on the eligible loan(s) and have made 120 monthly payments beginning after October 1, 2007. Eligible repayment plans are: Standard Repayment Income Contingent Repayment Income-Based Repayment Other Direct Loan repayment plans, if certain conditions are met 2. Public Service Jobs: Borrowers must be employed full-time (at least 30 hours per week) in a qualifying Disclaimer This factsheet provides a summary of the Public Service Loon Forgiveness Program and {s intended as general information only. Se checklist fr eligi criteria, The Infermatin in tis document is based on federal regulations and s subject to change. public service job (a) during the peri- ‘od in which he or she made each of the 120 monthly payments, (b) at the time of application for loan forgive- ness, and (cat the time the remaining principal and interest are forgiven. Qualifying Public Service Jobs “Qualifying public service jobs” includes workin al 501(6(3) non-profit organiza: tions, including medical schools and teaching hospitals. Sample feds include: ‘+ Emergency management jovernment + Military service (active duty) += Public safety ‘= Public health ‘sand more" *More details about Public Service Loan Forgiveness and Employer Certification forms can be obtained at Student. ‘Aid.on the Web = Public Service Loan Foraiveness. Medical Students Evaluating Residency Programs Does your potential residency locaton qualify asa “non-profit orga- rization?* Wil it meet the criteria fo this loan forsveness program? The best way to find out Isto aska direct question during your intewiew. The answer may help you dedde where you want to do your residency www.aame.org/FIRST cao AAMC Checklist for Public Service Loan Forgiveness Public Service Loan Forgiveness, PSLF, is available to borrowers with student loans from the Federal Direct Loan program (Direct Loans). Once allof the requirements are met, as detailed below, the Department of Education will forgive, or cancel, the remaining balance of interest and principal Qualifying Work: You must be employed fultime* in a qualifying public service position. For the work tobe considered public service, the employer will be one ofthe following = 501(c}(3) nonprofit organization (i. - many medico! schools and residency progroms) CQ) * Federa state, calor tribal government organization agency or entiy (Le. = county hospitals and clinics, ete) + Military service = Public service organization - a private organization providing a public service | ‘ume work i coniered atest 30 hours per week Qualitying Payments: while simultaneously working in @ qualifying public service position, you must ‘make 120 on-time payments* to Direct Loans. The following repayment plans are eligible options, but they must be requested from Direct Loans before payments will qualify OQ] = treome-Based Repayment (89) pan = Income-Contingent Repayment (ICR) plan = Standard 10 vr. Repayment plan (ora repayment plan where the monthly amount paid is not less than the monthly amount required under the 10 yr. Standard Repayment plan} ‘Payments do not have to be consecutive, allowing for changes in employers and periods of nonwork Eligible Lender: the only eligible lender for this program is Direct Loans. If federal student loans | __ {incline stafford, Grad PLUS, Consolidation ar Perkin Loans) are currentiy with another lender, 2 Federal Direct Consolidation Loan can be used to move these loans from the other lender to Direct Loans. For more information, see wurw.loanconsolidation.ed.ov. Eligible Loans: Only the following non-defauited loan types are elzible* ‘Federal Direc Stafford Loans (Subsidized and Unsubsidized) = Federal Direct Grad PLUS and parent PLUS Loans CQ) ¢_ federal Direc Consldationtoans + Federal Family Education Loan (FFEU, Program Loans, Federal Perkins Loans and certain Health Professions Loans when consolidated into a Federal Direct Consolidation Loan. (Note: Payments ‘made prior to consolidation would not be counted toward Public Service Loan Forgiveness.) ‘Private loans and ony consolidation loan containing a spousal consolidation are not eligible If you think you may want to participate in Public Service Loan Forgiveness, the fllowing steps should be taken to ensure eligibility Step 1: IF necessary, consolidate eligible loans, from other lenders, into a Federal Direct Consolidation Loan. Step 2: Request a qualifying repayment plan with Direct Loans, ‘Step 3: Request your employer complete the Employment Certification form for Public Service Loan Forgiveness annually or ‘whenever you change jobs ‘Step 4: Complete 120 qualifying payments and work ina qualifying postion (as detailed above) ‘Step 5: Save all supporting documents surrounding the qualifying work and payments Upon completion, apply with Direct Loans for Public Service Loan Forgiveness For more information, review the FIRST Fact Sheet at http://www 2ame.org/first/facts/osif pdf checklist is intended as a general guideline only. For more detailed information about the Public Service Loan Forgiveness Program and to obtain Employer Certification forms, visit Student Aid on the Web ~ Public Service Loan Forgiveness. ‘OMe ne tas.rr0 oto riao0%4 Employment Certification for Public Service Loan Forgiveness (PSLF) \Witlam 0. Ford Fedora Direct Loan Program WARNING: Any person who owing aks 3a siatoment or misrepresent on hi fxm oon any accompanying documents Is Sujet opens tat may ncuce ls, mpsonmon or bath, under o US. Canna Code and 20 8.6 08h INSTRUCTIONS FOR COMPLETING AND SUBMITTING THIS EMPLOYMENT CERTIFICATION ‘Read the accompanying insrucions for completing fis Employment Ceriicalon for Public Service Loan Forgiveness. Type or print using Blue ‘or black nk. You must sign and data this form in Section 2 and an authorized offical fom the pubbe service organization which temployslemployed you must completely fil out, sign, and date Section 3. If any information is crossed out of allered in Sections 1 or 2, you must Inllal Beside the change: any changes in Section 3 must be ltaled by your employer. ‘SECTION 1: BORROWER IDENTIFICATION Plato error coreche folowing infomation. [] Check hi tox ay of your ntrmaton has changed. 10.886 7 5 1, Date of Bin (MMLOD-YYYY) : : 2a.Name 2. Fomar Name tar Far Ta Grappicabe) “Car Far wr 23.Pemanent Adios iat aos iy ae Mating Aacross (rateen) iat aos i sae 4: Area CoderTelophone-Home_{ ‘Nea CodelTlehone - Other 5. E-mail (optonal) a ee Before signing, carefully read the entire form, Including the instructions and accompanying letter. | request that the Pubtic Service Loan Forgiveness servicer, on behalf of the U.S. Department of Education (the Department), accept this Employment Certification from the public service organization at which | am/was employed for purposes of qualifying me for the Public Service Loan Forgiveness Program. If submit this form before | am eligible to apply for forgiveness, | request that the PSLF servicer retain this certification form until | submit the Application for Public Service Loan Forgiveness. | authorize my employer(s) or other entilies having records about the employment that is part of the basis for my request for {forgiveness to make information from those records availabe to the Department, including the Public Service Loan Forgiveness. servicer. | also authorize the Department and its respective agents and contractors, to contact me regarding this Employment Certification, at the current or any future number that | provide for my cellular telephone or other wireless device using automated telephone dialing equipment or artificial or prerecorded voice or text messages. {understand that: (1) I may only qualify for Public Service Loan Forgiveness after I have made 120 separate, on-time, qualifying monthly payments ‘on an eligible Direct Loan, after October 1, 2007, while employed fulsime by a public service organization(s), or serving in a fulltime AmeriCorps or Peace Corps positon, in accordance withthe defitions in Section 5. These 120 paymnents do not have to be consecutive: (2) | must be employed fulrsime by a public service organization(s) or serving ina fullime AmeriCorps or Peace Corps postion at the time | apply for loan forgiveness and at the time the forgiveness is granted. | may be employed partsime concurrently by ‘more than one eligible publc service organization and meet the fulltime requirement; (3) Only the remaining balance of my loan(s) after Ihave made the 120 separate, on-ime, qualifying monthly payments and met allother eligibility requirements of the PSLF Program may be forgiven; (4) am not required to submit any Employment Certfication(s) before applying for loan forgiveness, but | do, the PSLF servicer will review each Employment Certification | subrit to ensure that itis complete, wil very that my employer qualifies as a public service organization, and that the loan payments | made during the period covered by the Employment Certfication(s) are qualifying payments. Following this review. the PSLF servicer wil notify me in writing or electronically ofthe number of {ualitying payments | have made while employed in qualifying public service andthe remaining number | must make before | {am eligible to apply for PSLF. | wil also be notfid in wrting or electrically if the PSLF servicer determines thatthe form(s) | ‘submited is incomplete or that my employment does not meet the qualifying criteria, including the reason(s) forthe

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