Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (TEPSLF)

RISE AmeriCorps Members are eligible for forbearance of most federally-guaranteed student loans. In addition, interest payments that accrue during service may be eligible for repayment by AmeriCorps. 


​HOW TO USE:

  • Public Service Loan Forgiveness  is a federal program that forgives the remaining balance on your direct loans if you meet the requirements.
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  • If you receive loan deferment or forbearance during AmeriCorps service, you can use the Segal Education Award to make a lump-sum payment on your direct loans and receive credit for a certain number of payments for PSLF.
    • ​The number of payments is determined by dividing the amount of your lump-sum payment by the full scheduled monthly payment amount, for a credit of no more than 12 qualifying monthly payments.​​​
  • The PSLF benefit is available only one time during all AmeriCorps service. However, you could choose to make qualifying PSLF payments under an income-driven repayment (IDR) plan during your service period.
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  • If you do not request a deferment or forbearance and instead make payments under an income-driven repayment (IDR) plan during your AmeriCorps service and that service lasts longer than 12 months, you could possibly receive credit for a larger number of qualifying PSLF payments than you would if you make a lump-sum payment.
    • This is because you can receive credit for a maximum of only 12 qualifying payments if you make the lump-sum payment. But each payment you make under the IDR plan (including a scheduled payment amount of $0) while you are serving as a full-time AmeriCorps member counts as a qualifying PSLF payment if it meets all the requirements.

WHO IS ELIGIBLE:

  • You must work full time for a qualifying employer. This includes:
    • Serving with AmeriCorps or Peace Corps
    • A government (at any level)
    • A non-profit (must be a registered 501 (c) (3).
    • Other types of not-for-profit organizations if their primary purpose meets the qualifications

  • You must be employed full time, but the definition of full time is flexible.
    • Meet the employer’s definition of “full time”
    • Work at least 30 hours/week
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  • If working more than one part-time job, the combined average time must be at least 30 hours per week
 
  • Only Direct Federal loans are eligible for PSLF Loan repayments and must be made in a timely manner (within 15 days of due date).
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  • If working more than one part-time job, the combined average of work must be at least 30 hours per week
 
  • Only Direct Federal loans are eligible for PSLF Loan repayments and must be made in a timely manner (within 15 days of due date).
 
  • To help you track your progress toward qualifying for PSLF, it is recommended that you submit the PSLF form annually or when you change employers. This will help when you are ready to apply for forgiveness after ten years of employment in public service.