This is a YouTube video titled "The 4 Rules for Public Service Loan Forgiveness (PSLF) #medschool #studentloans" containing an explanation about the Public Service Loan Forgiveness program, detailing its four main eligibility rules and conditions for loan discharge. The content is educational and focused on student loan forgiveness programs.
Public service Loan forgiveness is the holy grail of loan forgiveness. There's been almost a million borrowers that have received public service loan forgiveness and that program has four rules. Number one, you need to be on an income driven repayment program, IDR plan, IBR pay saved, one of those that we're going to talk about today. You need to make 120 payments. They don't have to be consecutive. This is cumulative. Third rule is you need to have qualifying student loans that is direct federal student loans. And the last last rule is that you need to be working at a qualifying instit that's a non for profit or a 501C3. So you know a lot of academic centers, VA Community Health based centers, those sorts of things. Okay, so that's the four rules for public service loan forgiveness. Oh and I should also throw in there you need to be working at least 30 hours per week at a qualifying institution. Okay so that's PSLF. And after you have made 10 years of payments, whatever the outstanding loan balance is, it is discharged tax free.
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