The debt forgiveness at the end of the repayment term under these plans used to trigger a tax bill, butSigned into law by then-President George W. Bush in 2007, the Public Service Loan Forgiveness program allows certain nonprofit and government employees to have their federal student loans canceled after 10 years, or 120 payments.to it.
Your employer must be a government organization at any level, a 501 not-for-profit organization or some other type of not-for-profit organization that provides public service.To reach forgiveness, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan.
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