Considering pursuing an MBA, but worried about the debt burden it would require you to take on? Well, I’ve got good news for you. It is possible to get your student loans forgiven. Qualifying for repayment assistance can be tricky, however, so check out Shannon Vasconcelos’ guest post on the Fortuna Admissions blog for the details on the complex requirements for student loan forgiveness.
Over the years, I’ve spoken with many college students and graduates whose greatest wish is a magic wand to make their student loans disappear. While magic wands are a rare commodity in college finance, there does exist a tool for making your loans vanish into thin air. It is called Public Service Loan Forgiveness.
The Public Service Loan Forgiveness (PSLF) program was created by the federal government in 2007 to encourage graduates to fill high need public service positions, or at least to prevent high student loan debt from discouraging graduates to do so. The program forgives remaining loan balances for borrowers who have made ten years of payments on their student loans while working in public service.