Employees can qualify for loan forgiveness program
Indiana University is a qualifying organization for the federal Public Service Loan Forgiveness Program, which forgives a specific type of student loan for people who meet certain conditions.
“For those IU employees who face the challenge of student loan repayment, an added benefit to working here is the opportunity to take advantage of the Public Service Loan Forgiveness Program,” said Phil Schuman, IU’s executive director of financial wellness and education. “Being a part of the program can help reduce your loan obligation on both a monthly and long-term basis and allow the opportunity to lower your financial stress and strengthen your financial security moving forward.”
The Public Service Loan Forgiveness Program is run by Federal Student Aid, an office of the U.S. Department of Education. To qualify for the program, you must:
- Be employed full time by a qualifying organization; IU is one.
- Have Federal Direct Loans, although some other federal loans may also qualify.
- Repay your loans under an income-driven repayment plan.
- Make 120 qualifying payments.
Last year, the U.S. Department of Education also announced a temporary period during which borrowers may receive credit for payments that previously did not qualify for the loan forgiveness program. The waiver began Oct. 6, 2021, in response to the COVID-19 pandemic.
If you believe you qualify for the program, contact studentaid.gov or your loan service for additional information or questions.
You can create a Public Service Loan Forgiveness certification form using the PSLF Help Tool. The tool will help you understand the program, the current waiver and what you need to do to participate.
Former employees can request a Slashtmp upload invitation by emailing firstname.lastname@example.org.
Alternately, forms can be mailed to UCO Customer Service, Employment Verifications, 1024 E. Third St., Room 101, Bloomington, IN 47405.
Bethany Nolan is a senior communications consultant in the Office of the Vice President for Communications and Marketing.