This is a segment of Bautis Financial’s college planning series, which includes webinars, podcast episodes, blog posts and downloadables to aid college-bound students and families in the admissions process. Visit our college planning hub for more valuable resources.
127,000 student loan borrowers have seen a total of $7.3 billon in loan forgiveness through the Public Service Loan Forgiveness Program, which applies to Federal, State and local government employees. Also included are teachers, first responders, nurses, military service members and non-profit employees.
To qualify, you have to make 120 months (10 years) of qualifying payments on Federal Direct Loans.
If you think you qualify, but aren’t sure, the Department of Education has an online tool to walk you through the application process. Find it here.
But hurry, the deadline to apply is October 31st, 2022… and you may need to consolidate some of your loans first, which can take time.
Related: Understanding Federal Student Loans and Other Borrowing Options
Begin your journey of mastering the college admissions process with Bautis Financial. Whether you’re a parent or guardian, student or school counselor, book a free consultation to discuss how our financial advisors can be a college planning resource.