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1997 federal loand and Student Loan Public Service forgivenss

Started by rnpetty, August 22, 2018, 11:00:40 am

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I have been working in qualifying public service for 12 years and paying my loan on an income based reduction plan for five years. However, I have now been told I don't have the right kind of federal loan since it is from 1997 and that I need to re-consolidate and start the ten years for public service loan forgiveness time over. Is this correct?


Most likely yes. If you have a loan that old, it's likely an FFEL loan. Only Direct Loans qualify for PSLF.

PSLF has three requirements:
- Correct Loan Type
- Correct Repayment Plan
- Qualifying Employment

You can re-consolidate into a Direct Loan, but then your 120 payment clock starts at that point.