![]() But there's a downside - any payments made prior to consolidating won't count toward your 120 loan payment count.įor those working toward PSLF, submit the Employment Certification for Public Service Loan Forgiveness form annually. However, other federal loans can qualify if you consolidate them into a Direct Consolidation Loan. Only Direct loans qualify for the PSLF program. The Department of Education states, “If you have a period of employment with a non-qualifying employer, you will not lose credit for prior qualifying payments you made.” This includes Pay As You Earn, Revised Pay As You Earn, Income-Based Repayment, Income-Contingent Repayment or the Standard 10-year plan.ĭo all 120 payments have to be consecutive? No, they don't. Qualifying repayment plans include all income-driven repayment (IDR) plans. Other types of nonprofit organizations that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code, if their primary purpose is to provide certain types of qualifying public services.Nonprofit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code.Government organizations at any level (federal, state, local, or tribal). ![]() Department of Education, eligibility requirements state that you must be employed full-time for one of the following types of organizations: How do you know if you qualify for PSLF?Īccording to the U.S. After you're approved, the balance of your student loan debt will be forgiven by the government. Once you make your 120th qualifying payment, apply for PSLF using the PSLF Application for Forgiveness. After making 120 qualifying monthly payments under a qualifying repayment plan – an income-driven repayment plan.After 10 years of full-time employment with a government or nonprofit organization.Any social worker who has federal student loans is eligible for the Public Service Loan Forgiveness program: Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness program. Let’s explore the available options to see if you qualify for loan forgiveness. You might be eligible for student loan forgiveness and assistance through several programs. If you’re a social worker struggling to make your student loan payments, there is good news for you. Consider all loan forgiveness and repayment programs for social workers National options for student loan forgiveness for social workers Fortunately, student loan forgiveness for social workers is a viable option.Ĩ. Making the right choices can lessen stress and even mean the possibility of saving thousands of dollars. Hefty student loan debt leads to serious decisions about how to pay off your loans. So, paying off social work student loans on a limited salary can be challenging. ![]() However, to be approved to be a clinical social worker, you must complete a master's degree and two years of post-master's experience in a supervised clinical setting.Īccording to a survey by the Council on Social Work Education and the National Association of Social Workers, as of 2021, master's level social workers have on average between $68,000-$76,000 in student loan debt. In a sparse number of states and workplace settings, social workers only need a bachelor's degree in social work. This is higher than the national median annual wage of $41,950 for all workers. The BLS also reports that the median annual wage for social workers was $50,390 in 2021. This is much faster than the average for all occupations in the United States. ![]() The field of social work is growing with a projected 9% growth in employment between 20, according to the Bureau of Labor Statistics (BLS). Pursuing a career as a social worker is an excellent option and is a high-need profession.
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