Fact vs. Fiction Archive

Fiction: If my children or grandchildren work in a public service job for 10 years, they can have their student loans forgiven.

Fact: It depends on the loan. The U.S. Department of Education has changed the qualifications for the Public Service Loan Forgiveness Program (PSLFP). Only direct federal student loans qualify for the PSLFP, which forgives loans for borrowers who have worked for 10 years in public service and made timely payments during that time. The name of the loan will tell you if itís a direct loanólook for the word "direct" (e.g., "direct PLUS loans").




Back to Archive


© Copyright 2018 Commonwealth Financial Network