If you’re an Argonne employee, you may quality to have the balance of your federal student loans waived. The Public Service Loan Forgiveness (PSLF) program forgives student loan debt after 120 qualifying monthly payments when you work full time (or at least 30 hours per week) for a qualifying employer — and Argonne is a qualifying employer.
Qualifying employers are:
- Government organizations at any level (federal, state, local or tribal)
- Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code — Argonne falls under this category
- Other types of not-for-profit organizations that provide certain types of public services such as public education, public health, public library services, law enforcement and military service, to name a few
Besides working for a qualifying employer, you must also have a qualifying loan. A qualifying loan for PSLF is any loan you received under the William D. Ford Federal Direct Loan (Direct Loan) program. However, it is possible to consolidate other federal loans with your Direct Loan and then apply to this program.
This program benefits those under an income-driven repayment plan, rather than a standard 10-year repayment plan (because after 10 years on a standard plan, there is no remaining balance). You may convert your 10-year plan to an income-driven plan.
Additional information and FAQs about the program are available online.
By Shari MacGregor