You’ve graduated from school, you’ve earned your degree and now you’re looking for the perfect job to launch your career. But the end of college also means it’s time to start paying back those student loans. Have you started thinking about your repayment plan? Did you know your service as a full-time AmeriCorps tutor can help qualify you for public student loan forgiveness?
Managed by the federal government, the Public Student Loan Forgiveness (PSLF) program forgives student loans for those employed full-time (more than 30 hours) in a public service position or by an eligible 501(c)(3) nonprofit who make 120 eligible payments over a 10 year period. If you plan to continue work in the public service or nonprofit space and are interested in applying, your service as a full-time AmeriCorps tutor may count toward these requirements!
Already applied for PSLF and were denied? There’s more good news! In May, the government announced the Temporary Expanded Public Service Loan Forgiveness program, which allows borrowers whose applications were previously denied due to an ineligible payment plan a second chance at the now $350 million in available funds. If you previously applied for PSLF and would like your application reconsidered, follow the instructions listed here.
Tutors must be making student loan payments while in service to qualify. Your Education Award received at the end of your term of service may be used toward these payments, but the recommended payment amount may differ depending on your participation in the Income-Based Repayment plan.
For full details on how your AmeriCorps service affects your eligibility, learn more at the Corporation for National and Community Service website. For general details on the PSLF program and for links to apply, visit the Office of Federal Student Aid website.
Have any lingering questions? Give us a call at 866.859.2825 or email us at [email protected] and we’ll be happy to help!