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Is Public Service Loan Forgiveness Right For You?

September 20, 2018 · < 1

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

Is Public Service Loan Forgiveness Right For You?

For doctors and residents carrying high student loan balances, public service loan forgiveness (PSLF), sometimes known incorrectly as public student loan forgiveness, can seem like a sweet deal. After all, when you’ve got tens of thousands of dollars to pay back, who wouldn’t jump at the chance to write off even a few?

But it’s not so easy as just signing up to get it. PSLF is a government-run program that forgives your loans if you meet a certain set of conditions. To actually receive PSLF, you may have to jump through hoops and avoid potential pitfalls.

If you’re thinking about doing PSLF, here are a few considerations to keep in mind ahead of time:

So, PSLF is possible, but there is a lot to keep track of along the way to make sure you qualify once you’ve hit your 120 payments threshold.

For a less complicated way to reduce your student debt and pay it off faster, SoFi student loan refinancing can help you save thousands—and checking your rate only takes two minutes.

SoFi Student Loan Refinance
If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.

CLICK HERE for more information.

Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

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