Public Service Loan Forgiveness Report

In spring 2014, the Board of Directors of the National Association of Student Financial Aid Administrators (NASFAA) convened a Public Service Loan Forgiveness (PSLF) Task Force, comprised a geographically diverse group of financial aid professionals from all types of postsecondary institutions, to develop recommendations for improvement and to strengthen the PSLF program. In June the NASFAA Board accepted and endorsed the recommendations provided by the task force, detailed in this final report.

Download Report

Background, PSLF Program

The Public Service Loan Forgiveness (PSLF) program was established in 2007 to encourage student borrowers to work in the public sector. Qualifying borrowers may have their Direct Loans forgiven after 10 years of full-time service in an eligible job. Currently, qualifying employers include federal, state, or local government agencies and tax-exempt 501(c)(3) not-for-profit organizations.

NASFAA PSLF Task Force Guiding Principles

The guiding principles of the Public Service Loan Forgiveness Task Force included a thorough review of the forgiveness program with special attention to:

Promoting fairness and equity for students across all sectors of postsecondary education
Promoting accountability
Encouraging simplicity
Providing schools with flexibility to respond to the specific needs of students
Promoting the use of technology wherever possible
Supporting recommendations with research and data analysis wherever possible

Recommendations

Among the recommendations detailed in the report are:

Continue the Public Service Loan Forgiveness Program
Retain the eligibility criteria to qualify for public service loan forgiveness
Institute limits on the amount of forgiveness
Keep public service loan forgiveness untaxed
Make Public Service Loan Forgiveness Program data public
Strongly encourage annual submission of employment certification forms, and
Increase communication about public service loan forgiveness

Download Report

Publication Date: 7/28/2014

LOG IN

ADD TO FAVORITES

Public Service Loan Forgiveness Report

Background, PSLF Program

NASFAA PSLF Task Force Guiding Principles

Recommendations

Related Content