Fact vs. Fiction Archive

Fiction:
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.

Fact:
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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