Student loan forgiveness non-profit can give people the chance to wipe out their debt.
It takes more than two decades for an average degree holder to pay off his or her student loans.
That repayment period is unreal.
However, if you’re a non-profit employee, you can qualify for student loan forgiveness.
That’s as long as you have made regular payments for 120 months.
Learn more about how to apply for student loan forgiveness non-profit.
(Bonus Tip: Want all the pros and cons of student loan forgiveness all in one easy and accessible spot? The Definitive Guide To Student Loan Forgiveness will go over each type of forgiveness program and weigh your options for you, so you don’t have to. Click here to get more info on the free guide.)
Student Loan Forgiveness for Non-Profit Workers
In this article:
- Public Service Loan Forgiveness (PSLF)
- The Qualifications
- What Loans Are Eligible for the PSLF?
- Which Jobs Qualify for the PSLF?
- What Counts as 120 Monthly Payments?
Public Service Loan Forgiveness (PSLF)
People working in public service fields such as teaching, nursing, and the military can apply for the PSLF.
The PSLF is a way to receive student loan forgiveness.
Non-profit employees can be free from their student loans forever if they qualify.
The Qualifications
Aside from being a public servant, you must meet other qualifications to be approved for student loan forgiveness. Non-profit organization employees should meet the following criteria:
- Have an Eligible Loan
- Be in Public Service
- Have Made 120 Monthly Student Loan Payments
What Loans Are Eligible for the PSLF?
Before applying, make sure your loan is eligible for student loan forgiveness.
Non-profit workers with loans issued under the William D. Ford Direct Loan Program are qualified. Other types of loans, such as the Perkins Loan, Grad Plus Loan, and FEEL Loan, are not eligible.
You can consolidate these loans into a Direct Consolidation Loan so that you qualify for the PSLF.
(Did You Know? Student Loan Forgiveness is a roundabout way to “wipe out” student loan debt. With several available student loan forgiveness programs offered by the Dept. of Education, borrowers are possibly able to qualify and apply for a forgiveness plan that might be a good fit for them. This free guide will help you discover all the ins and outs of qualifying and applying for a forgiveness program that you may be able to take advantage of today. Click here to learn more and get the free guide.)
Which Jobs Qualify for the PSLF?
You may be wondering which professions are eligible for public student loan forgiveness. Non-profit organization employees qualify as long as they are among one of the following:
- 501(c)(3) organization employees
- The military
- Public safety law enforcers
- Federal, state, or local government agency employees
- Public education, public health, and public library service workers
- Public service for people with disabilities and the elderly
Non-profit organization employees must be full-time employees.
Also, they must work an average of 30 hours per week.
The average number of hours worked per week is calculated on a yearly basis.
This means you don’t necessarily have to work 30 hours every week. You just have to work an average of 30 hours per week annually.
What Counts as 120 Monthly Payments?
You’ll need to complete 120 monthly student loan payments to qualify for public student loan forgiveness.
Non-profit organization employees can fulfill this requirement after 10 years.
Here are some of the conditions to meet for your monthly payments to count:
- The payments must be made under one of the Income-Based Federal Student Repayment Plans (PAYE OR REPAYE).
- You must commit to paying on time every month. Check your student loan repayment plan to learn when your monthly due date is.
- You must pay the full amount every month. Incremental payments will not be recognized as one of the 120 payments.
- You cannot pay in advance. For example, 120 monthly payments paid in five months is not eligible for the PSLF.
Pro Tip: You can use a student calculator to compute your loans. Also, check out the National Student Loan Data System for real-time updates on your loan status.
Check out this video by financial guru Dave Ramsey, who talks about student loan forgiveness non-profit.
The PSLF is one of the best and easiest ways to receive student loan forgiveness.
Non-profit workers have to complete only 120 payments to qualify!
This may seem too good to be true, but you earned it.
Through student loan forgiveness, non-profit workers finally get the privilege they deserve.
(Note: Need to know if you can qualify for student loan forgiveness? Many people qualify but never find out until it’s too late, and before they know it, they are overpaying on their student loans. Get the Definitive Guide To Student Loan Forgiveness to easily find out if you can qualify for one or more of the many Student Loan Forgiveness programs offered by the Dept. of Education. Click here to learn more.)
Do you have questions about how to apply for student loan forgiveness non-profit? Feel free to share your thoughts with us in the comments section below!
I applied for student loan forgiveness a few years ago. I was told I qualified, that I had to work for ten years at a nonprofit facility. I worked for Mississippi Action for Progress Head Start from October 2013 through December 2020 at which time I had to quit to take care of my intellectually disabled sister who had a series of mini strokes. She has since got better so I have returned to work (she stays with my daughter now) at MAP just this month. Will the time I spent on the job from 2013-2020 be counted with the time I am now spending on the job?