Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 15, 2011

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Student borrowers who have chosen to give back to their community with a career in public service can get some relief on their student loans through the Public Service Loan Forgiveness Program.

“The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs,” the Federal Student Aid website says.

The opportunity came about as part of the College Cost Reduction and Access Act of 2007.

This program offers forgiveness for the balance remaining on the loan after 120 payments have been made on the student loan. Students who are working in a full time public service position are eligible. These payments must have begun after Oct. 1, 2007 and can be made through most repayment plans and thus are available to borrowers with a variety of different loan payments.

A public service organization includes any federal, state or local government entity and charitable non-profit organizations. The specific job title or duties do not matter, only that the borrower is an employee at a qualifying organization. In addition, the borrower may hold more than one of these positions during the 120 payments and still qualify as long as he or she was working full time at the time of each payment.

Loans in the Direct Loan Program qualify for this program, including Direct Consolation loans, which may combine loans through other programs into a single payment. The borrower cannot be in default on these loans to participate in the program.