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PLSF Loan Forgiveness in your spare time?

Started by ManagingPartner, January 03, 2016, 08:27:55 pm

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ManagingPartner

Hi All!
I am a practicing attorney that also holds a leadership position with a nation-wide 501(c)(3) charity that works with youth.
I have an idea for a PLSF program that I thought that I would throw out there and see if anyone is interested.  If there
is interest, then maybe we can get something set up.  Please take a look below and reply to this thread if interested.

Here's the main points:
- PLSF loan forgiveness requires 10 years of repayment while one is employed "full-time" at a qualifying charity.
However, the program does not require that you are employed "only" at the charity.
- Our charity often needs leaders/volunteers after 5pm and on weekends - so you can work a regular job during
the week and use this repayment strategy by working on evenings and weekends.
- For PSLF purposes, that definition of "full-time" must be at least an annual average of 30 hours per week.
- But!  "If you are a teacher, or other employee of a public service organization, under contract for at least eight out of 12 months, you meet the full-time standard if you work an average of at least 30 hours per week during the contractual period and receive credit by your employer for a full year's worth of employment."
- Also! Any Vacation time counts towards the 30 hours per week.
- Additionally, as an employee, you would be paid.  However, the pay would be minimal - the real benefit to you you is that you get a PSLF loan payoff in your spare time.
- The benefit to our organization is that we get great people for very cheap - and people that are available to work nights and weekends.

So here's a plan - You are employed for an 8 month period to work 30 hours/week with two weeks (10 days) of floating vacation that can be taken in half-day increments.  This should be enough to get you credit for the full year.  In terms of hours, you would be looking at 35 weeks at 30 hours/week =1050 hours,
minus 80 hours for vacation, so a total hour commitment of about 970 hours each year.  You would be working weekends and evenings during the 8 months. 
You would have to pass a background check and take a class in Youth Protection Training.  The work may include on-site events that would take place in your area and likely a lot of computer work that you can do from home (paperwork approvals, copywriting, filing-type-stuff, etc.)

What do you think?  Any interest?  Comments?  Improvements? Something that was missed?



runz262

Hello ManagingPartner,

I'm interested in your idea.  I have a full-time job currently, and absolutely need something for weeknights and weekends.  Is there good contact information of where I can reach you?

Thank you.