Public Service Loan Forgiveness (PSLF) Consultation
Student loan help for those who help others.
What is PSLF?
Public Service Loan Forgiveness (PSLF) is a U.S. government program that was created to help professionals working full-time in public service with their federal student loan debt burden. The program allows borrowers employed by government organizations and qualifying nonprofit organizations to have their Federal Direct Loans forgiven after 10 years of repayment (or 120 qualifying payments).
Who is eligible for PSLF?
To be eligible for the 10-year PSLF program, you must:
- Be employed by a qualifying nonprofit OR a U.S. government organization at any level (federal, state, local, or tribal) — including U.S. military service
- Work full time, at least 10 years, for a qualifying agency or organization
- Have Federal Direct Loans (or consolidate other federal student loans into a Direct Loan)
- Be enrolled in an eligible repayment plan (typically an IDR plan)
- Make 120 qualifying payments
Note that the PSLF program is for federal student loans only — it is not available for private student loans. Learn more about PSLF eligibility in our FAQs.
How does PSLF work?
For eligible borrowers in the PSLF program, their remaining federal student loan balance is forgiven after they’ve made 120 qualifying payments and worked at a qualifying employer for at least 10 years. However, qualifying for — and staying in — the PSLF program is not a one-step process. You’ll need to:
- Contact your loan servicer to see what types of federal student loans you have. You may need to consolidate your loans to Federal Direct student loans.
- Check your employment eligibility. Confirm your employer meets the qualifying criteria as a government entity or qualifying nonprofit organization.
- Organize the information you need for your application. This includes your verified Federal Student Aid (FSA) ID, your employment dates, and your Employer Identification Number (EIN) that is typically found on a W2.
- Certify your employment every year. It is recommended to rectify employment annually or if there is a change in employment.
- Enroll in a qualifying repayment program. As a requirement of PSLF, you must enroll in a qualified repayment plan — typically, an Income-Driven Repayment (IDR) plan.
- Apply for forgiveness. Once you’ve made 120 qualifying payments and met all requirements, you can submit your final PSLF form.
Frequently Asked Questions About PSLF
Public Service Loan Forgiveness (PSLF) is a U.S. government program that allows eligible borrowers employed full-time at qualifying nonprofits and government entities to have their Federal Direct Loans forgiven after 10 years of qualifying repayment (120 payments total), usually under an Income-Driven Repayment (IDR) plan. To be eligible for the program, you must:
- Be employed by a qualifying nonprofit OR U.S. government organization at any level (federal, state, local, or tribal) – including U.S. military service
- Work at least 10 years on a full-time basis for a qualifying agency or organization
- Have Federal Direct Loans (or consolidate other federal student loans into a Direct Loan)
- Be enrolled in a qualifying repayment plan
- Make 120 qualifying payments
For more information, go to the PSLF page on the Federal Student Aid website.
For borrowers with federal student loans, or a combination of federal and private loans, our student loan experts can help you weigh your options. During your consultation, a specialist will break down your student loan profile, provide a chart on what your new loan payoff could look like, answer questions about what terms are the best for your unique situation, and answer any application questions you may have. If student loan refinancing is determined to be your best option, they can help you understand what information impacts the interest rate that you might expect to be offered on your loan refinancing. Items such as your FICO score, income level, student loan balance, and current interest rate structure can impact your offer, and your specialist can walk you through how to qualify for the lowest rates on your loans.
If you’re looking to review your financial cost for education of a current or upcoming program, our specialists will provide a funding report that will show options with federal loans, private loans, out-of-pocket costs, and if there is a funding gap.
Our student loan consultation is designed to help you explore your federal and private student loan repayment options. After you request a consultation, you'll receive an email with a link to our secure online portal where you'll be asked to provide several items to build out your profile so that your consultant can give you the most accurate assessment based on your unique situation. This information will include:
- Types of loans that you currently hold (federal, private, direct, subsidized, unsubsidized, etc.)
- If you have any federal loans, you will be asked to provide the My Aid Data file, which you can obtain via your studentaid.gov account
- The balance and interest rate for each of your loans
- Current payment schedule (if applicable)
- Authorization to conduct a soft credit pull, which generally does not affect your credit score
If you’re looking to discuss funding current or upcoming education, this information will be useful:
- Whether you’re looking to discuss your own funding needs or for a dependent
- The borrower’s current level of education (high school, undergraduate, graduate, etc.)
- Any scholarships, grants, or other forms of funding you expect to receive
- Any other information that might be relevant to your educational needs and plans
Once your profile is complete, you will be able to schedule your free student loan consultation.
Get expert advice with a student loan consultation
Need help understanding your student loan forgiveness or repayment options? You can schedule a free 30-minute consultation with one of our specialists to explore your forgiveness options, including how to qualify for PSLF.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans, you will no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans, which may include, but are not limited to, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or certain forgiveness options granted to Parent Plus borrowers. Please carefully consider your options when refinancing federal student loans and consult www.studentaid.gov for the most current information.
This information is provided for informational purposes only and is not intended to constitute professional financial, legal, accounting, or tax advice. KeyBank is a private national banking association and is not affiliated with, endorsed by, or acting on behalf of the United States Department of Education. We do not guarantee outcomes, estimates, availability, or timeframes. We offer an optional, complimentary service to clients who seek assistance in exploring student loan funding options.
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The student loan consulting services are an optional and free service, and do not constitute legal, tax, investment, accounting or other professional advice. For full details, please refer to the KeyBank Student Loan Consulting Services Terms & Conditions.
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To qualify for Public Service Loan Forgiveness (PSLF), you must be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service); work full-time for that agency or organization; have Direct Loans (or consolidate other federal student loans into a Direct Loan); repay your loans under an income-driven repayment plan; and make 120 qualifying payments. For full program requirements, visit: studentaid.gov/manage-loans/forgiveness-cancellation/public-service.