In the event that you work full-time for a government entity or non-profit, and received any education loan beneath the William D. Ford Federal Direct Loan Program, you might be eligible for the Department of Education’s Public Service Loan Forgiveness Program (PSLF).
Once you make 120 payments, the loan is forgiven. However, the payments don’t need to be consecutive.
And for a short while, you can find nearer to your education loan forgiveness for public service by completing a waiver to credit payments you have previously made.
Ways to get past education loan payments credited toward loan forgiveness
Borrowers have until October 31 to ask DOE to count past payments toward the 10-year payment requirement by completing the waiver, submitting their employers for eligibility review or consolidating in to the Direct Loan Program, based on the PSLF waiver information page on the federal student aid website.
“Beneath the new time-limited rules, any prior amount of repayment will count as a qualifying payment, irrespective of loan program, repayment plan or whether you made the payment completely or promptly. Nevertheless, you do continue steadily to need qualifying employment,” says the DOE.
To qualify for federal education loan forgiveness, you need to also be repaying under among four forms of income-driven repayment plans, which are granted predicated on a debt-to-income ratio.
Remember that various other rules apply and Parent PLUS loans aren’t eligible beneath the limited PSLF waiver.
First, check if your employer qualifies with a search on the Federal Student Aid website.
Thoughts is broken deemed qualified to receive forgiveness, you’ll get a count of the amount of qualifying payments you earn, in accordance with DOE.
Attracting public health IT workers
Less expensive education loan payments can help to raised attract and retain talent in public areas health IT.
Cultivating a robust, sustainable public health IT workforce is a goal for the Office of the National Coordinator for Health IT.
This past year, the agency awarded $73 million in American Rescue Plan funds through its Public Health Informatics and Technology Workforce Development Program make it possible for institutions of advanced schooling to create a consortium and train a lot more than 4,000 individuals over a four-year period to be able to build-up the U.S. public health IT workforce.
Due to the recent education loan relief decisions designed to make federal education loan repayment more manageable for current and future borrowers, monthly premiums for undergraduate loans may also be cut in two, based on the August 24 White House fact sheet.
“The Department of Education is proposing a fresh income-driven repayment plan that protects more low-income borrowers from making any payments and caps monthly premiums for undergraduate loans at 5% of a borrowers discretionary income 1 / 2 of the rate that borrowers must pay now under most existing plans,” the White House says.
Andrea Fox is senior editor of Healthcare IT News.
Healthcare IT News is really a HIMSS publication.