PSLF Overview Flyer

Public Service Loan Forgiveness What is it? Higher education There’s no doubt that $63,100 Non-profit student loan debt has health care If this, is you, you become a huge burden for $56,000 might be able to benefit people of all ages, but it’s from Public Service Loan a problem that affects Forgiveness (PSLF), people in education and designed to reward those who healthcare in particular. choose jobs in public service. Based on self-reported student AVERAGE What’s on offer? The unique debt information from individuals STUDENT opportunity to have your federal using Fidelity’s Student Debt DEBT PER Tool. As of December 31, 2020 EMPLOYEE loan balances forgiven tax-free. How do I qualify? You need to meet five key eligibility criteria in order to qualify: 1 2 Work for a qualifying employer Work full-time That means tax exempt groups You can have any role, but it must be classified as a non-profit by the IRS. full-time. Here’s how you determine that: Governmental Public schools agencies & universities How your employer 30+ hours defines your role per week The military Non-profit hospitals Charities (e.g., 501(c)(3) organizations) Full-time Note that public service employees who work for Labor Unions and partisan political organizations do not qualify.

3 4 Have a federal direct loan Be enrolled in a qualifying If you don’t, you can consolidate repayment plan other types of federal loans such as: Keep in mind that an income-driven payment program will leave the most balance for forgiveness – which is what you want – FFEL Perkins Stafford PLUS compared to a 10-year standard plan. REPAYE IBR 5 ICR PAYE Make 120 total loan payments with a qualifying employer This might be over multiple qualifying employers, Income-driven 10-year standard or multiple time periods with breaks in between. Salary Loan payments Remember, you should apply every year, while you are on your way to making 120 payments. And be sure to stay up to date as only on-time payments for the full monthly amount qualify. How do I apply? Annual certification Final forgiveness Check in annually with the Department of After completing your 120 qualified Education to ensure that your employer and payments, you are ready to apply payments qualify – you’ll need: for final forgiveness. Student loan login details Use the automated, expert solution at Federal Employer Identification Number fidelity.com/forgiveness to complete this final step, or do it yourself by going to the Eligibility information Federal student aid site, studentaid.gov Contact in your HR department And that’s it, your remaining loan balance and interest forgiven, leaving you plenty to spend on the other things in life you care about! For help from an expert to determine your eligibility or support filling in your forms, visit Fidelity.com/forgiveness This is intended to be educational. Public Service Loan Forgiveness is a Department of Education sponsored program and is therefore subject to changes made by the government entity. It is not guaranteed. © 2022 FMR LLC. All rights reserved 1031937.2.0