Loan forgiveness action plan all borrowers crave
You know you want it. But how to get started on the right track toward Public Service Loan Forgiveness?
Inventory your federal loans
Start by looking up your federal student loans on the National Student Loan Data System using your Personal Identification Number.
Round up those pesky private student loans
You'll find those by pulling your credit report which you should check out about once a year anyway.
Check that you qualify to choose Income-Based Repayment
Income-based repayment rocks. People working towards Public Service Loan Forgiveness almost always need to choose the Income-Based Repayment plan. Figure out whether you've got a dramatic enough debt to income ratio by using one of the online IBR calculators.
Consolidate FFEL Loans into Federal Direct
Only Federal Direct loans are eligible for Public Service Loan Forgiveness. If you have FFEL loans (federal loans like stafford loans that you borrowered from a bank or private lender), you MUST consolidate your student loans or reconsolidate your FFEL loans into Federal Direct for them to be eligible.
Choose Income-Based Repayment
You've got to make the right kind of payments to earn forgiveness. Don't forget to choose Income-Based Repayment.
Cravable Borrower Action Plan
Here's a cool printable version to make it easy!
