To maximize your PSLF benefit, repay your loans on the Income-Based Repayment (IBR) Plan, the Pay As You Earn Repayment Plan, or the Income Contingent Repayment (ICR) Plan, which are three repayment plans that qualify for PSLF. PSLF is best under IBR, Pay As You Earn, or ICR.
Moreover, do $0 payments count toward public service loan forgiveness?
Yes. Any month when your scheduled payment under an income-driven repayment plan is $0 will count toward PSLF if you also are employed full-time by a qualifying employer during that month.
Besides, does IDR qualify PSLF?
Only federal loans, not private loans, qualify for PSLF.
You must also have federal direct loans and make payments toward them under an income-driven repayment (IDR) plan. … To find out how much you could receive in forgiveness, check out the PSLF calculator.
How do I get out of PSLF?
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
How much can be forgiven under PSLF?
Depending on the payment plan selected, your forgiveness with PSLF would be up to $24,150.
What type of loans qualify for PSLF?
Eligible Loans: Eligible loans include Federal Direct Stafford Loans (Subsidized and Unsubsidized), Federal Direct PLUS Loans, and Federal Direct Consolidation Loans. Borrowers in the Direct Loan program do not need to consolidate in order to qualify for loan forgiveness.