With many job opportunities available at hospitals, schools, and other nonprofit institutions for communication sciences and disorders professionals, the Public Service Loan Forgiveness (PSLF) Program may provide student loan repayment options for you. In a two-part series for The ASHA Leader—"Navigating Student Loan Forgiveness for Audiologists and SLPs" and "Is Public Service Loan Forgiveness for You?"—financial planning expert Jacob Parish offers tips to understand and navigate PSLF.
PSLF allows qualifying professionals working full time in public service to have their federal direct student loan balances forgiven after 120 qualifying payments. To be eligible for PSLF, you must meet three qualifications regarding employment, loan type, and repayment-plan type.
To be eligible, you must meet both parts of the employment requirement:
Qualifying loan types:
Some loans do not qualify, such as:
Qualifying payments must be made after October 2007 and fall under one of the income-driven plans to qualify. Eligible income-driven plans include:
Some ASHA members might be eligible for student loan forgiveness. These resources can help you determine if you are eligible and the requirements to apply for the PSLF program and maintain your eligibility: