Fact vs. Fiction Archive

If my child or grandchild qualifies for the Public Service Loan Forgiveness Program, I can pay more than the required amount or make payments during the grace period so that the loans are forgiven earlier.

All 120 loan payments necessary for forgiveness must be made in full and on time while the borrower works full time in a qualifying public service position. The payments do not have to be consecutive. Any additional amounts, however, will not be applied to the next payment or the 120-payment goal. Also, payments made while the borrower is still in school or in a grace, deferment, or forbearance period do not count toward the goal.

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