The Nurse Corps LRP Customer Care Center can be reached at 1-800-221-9393 TTY – 1-877-897-9910 Monday through Friday from 8am to 8pm if you need further details, deadlines for application and instructions.
The Public Service Loan Forgiveness Program (PSLF) forgives the remainder of your loan balance after you have made 120 payments on your student loans under a qualifying repayment plan while working full-time for a qualifying employer. includes working for governmental organizations, not-for-profit organizations that are tax-exempt under section 501(c)(3) of the Internal Revenue Service Code or a qualifying public service at a not-for-profit organization.It’s important to note that your employer must be a non-profit or the government (like the VA). Some nurses are contractors (i.e. you get a 1099 instead of a W2) or they work for private practices. This won’t qualify.Working for labor unions or partisan organizations, for profit organizations or for non-profits that are not tax-exempt are all not considered qualifying employment under this program.Your student loan qualifies for the PSLF if you specifically received a loan under the William D. Ford Federal Direct Loan (Direct Loan) Program. Perkins loans and other types of federal loans don’t qualify for this program.The downside to this program is that it will take you 10 years to qualify as you need to have made 120 payments to have the rest of your loan balance forgiven.This particular program began in 2007 and so the first set of PSLF benefactors can start receiving forgiveness starting in 2017 (beginning in October 2017, you can start submitting applications for the program.)More detailed information on the process can be found here: Guide To Public Service Loan Forgiveness.If this sounds challenging or confusing, you can get professional help to figure out what repayment program or student loan forgiveness program might work best for you.We recommend The Student Loan Planner to help you put together a solid financial plan for your student loan debt. Check out here.Have you considered student loan forgiveness before? We’re happy to hear your thoughts in the comments.