Student Loan Hero recently added a Public Service Loan Forgiveness calculator to its offering of free tools for borrowers and parents.
The Public Service Loan Forgiveness (PSLF) program allows student loan borrowers who work for organizations in the public service sector, such as the government and nonprofits, to have their remaining federal student loan debt forgiven after approximately 10 years of repayment. The U.S. Department of Education reports that as of April 2016, 595,109 borrowers have submitted the employment certification form, while 397,340 borrowers are currently eligible and on track to receive student loan forgiveness through PSLF.
According to Student Loan Hero, its PSLF calculator (https://studentloanhero.com/calculators/public-service-loan-forgiveness-calculator/) could potentially help hundreds of thousands of eligible student loan borrowers estimate how much debt they might have forgiven through the program and better plan their repayment strategies.
“Considering the number of student loan borrowers who will likely qualify for PSLF and the staggering amount of debt currently owed, there’s huge potential for student loan debt relief under this program,” CEO Andrew Josuweit said. “Our goal is to help borrowers select the best possible repayment options, and this new calculator will help them evaluate whether a career in public service could be worth it from a debt repayment standpoint.”