BenElevate Public Service Loan Forgiveness Informational Webinar Recording Information
BenElevate helps 501(c)(3) organizations take advantage of the federally-administered Public Service Loan Forgiveness (PSLF) program to boost employee retention and satisfaction by getting their outstanding student loan debt forgiven. For an overview of the services they offer, please check out this flyer.
Individuals who have worked for 501(c)(3) organizations, state government(s), and/or the federal government for a total of 10 years are eligible to take advantage of the PSLF program. Employees do not have to have worked for the same employer for 10 years consecutively to be eligible to claim forgiveness.
For example, an employee who worked for the State of Illinois for 3 years, in the for-profit sector for 2 years, for the federal government for 2 years, and then for a 501(c)(3) organization for 5 years would be eligible to claim PSLF forgiveness, as they cumulatively worked for 10 years with eligible employers.
Additionally, anyone who worked for an eligible entity during the loan repayment pause caused by the COVID-19 pandemic may still count the years worked during the pause towards the PSLF requirements.