If you are a law enforcement official struggling with student loans, a student loan lawyer is a great resource for determining the best repayment plan for your situation. Here is some helpful information to know about student loan forgiveness for law enforcement.
Public Service Loan Forgiveness
Many law enforcement professionals work for or under a government agency, meaning they may be eligible for loan forgiveness through the Public Service Loan Forgiveness Program (PSLF). Started in 2007, this program offers loan forgiveness to individuals working in eligible public service jobs.
To qualify for the program, law enforcement officers must make 120 on-time payments while working full-time for a qualifying organization. However, while this program is very appealing, it can be difficult to get approved; It’s not uncommon for applicants to be denied after 10 years of public service. Additionally, it usually takes 10 years to make all 120 payments, leaving little room for flexibility if you want to change career paths. This being said, the program can be a great option for individuals who do qualify, and most law enforcement officers will be eligible, as they work for qualifying employers. Some other requirements you must meet to qualify for the PSLF include:
- Individuals must have eligible federal student loans, such as direct subsidized, unsubsidized, and PLUS loans.
- Individuals must work full-time—more than 30 hours a week—for an eligible employer.
- Individuals with multiple part-time jobs—that total a minimum of 30 hours a week— with qualifying employers can also be eligible.
- Individuals must make 120 on-time payments.
These are a couple of the baseline requirements for qualifying for the PSLF. If you don’t have qualifying loans, there are other repayment options, such as consolidating or refinancing.
Student Loan Forgiveness for Law Enforcement with Federal Perkins Loans
Perkins loans are loans provided by your college or university. While this program expired in 2017, old Perkins loans can still qualify for certain forgiveness options. If you are a law enforcement official who has Perkins Loans, you could get up to 100% of your loans cancelled in exchange for five years of eligible service. To qualify, you will need to be employed full-time as a law enforcement professional with an eligible organization. If you think you are eligible, you can apply for Perkins loan forgiveness through your college.
Contact a Skilled Arizona Student Lawyer Today
Choosing a career as a law enforcement professional can provide several options for student loan forgiveness and repayment. Most law enforcement professionals work for organizations or make that would qualify them for forgiveness options, such as the PSLF. If you are a law enforcement officer struggling to manage your student loans, an experienced student loan lawyer is a great resource for determining the best strategy for handling your loan situation.
At McCarthy Law, our attorneys are dedicated to helping students navigate the complexities of the student loan system. Under our student loan debt settlement program, our licensed attorneys negotiate with lenders to reduce the interest rate and principal balance of your student loans. At the end of a successful negotiation, our clients pay only a fraction of their original loan balance. To schedule a consultation with one of our skilled student loan settlement attorneys, call (855) 976-5777 or fill out our online contact form.