The Public Service Loan Forgiveness plan is a United States governmental program, which was established under the Higher Education Act of 1965 to give indebted graduates a means out of their massive federal student loan debt by participating in public service, primarily full-time. As part of the program, the graduated borrowers may apply for federal student loans forgiveness if they have worked in public service, for at least five years. In order to qualify, the borrowers must demonstrate a direct connection between their employment and their benefits from the Department of Education’s Student Aid Programs. Eligibility criteria are based on the applicant’s annual salary, the amount of loan debt the applicant carries, and the monthly gross income of the applicant. Directly related to the Public Service Loan Forgiveness is the Public Sector Loan Forgiveness, also referred to as the PSLEX program. The goal of the PSLEX program is similar to that of the PSAX program, however, the requirements to be eligible to participate in the program are different. Unlike the PSAX program, however, loan recipients must work directly with their lenders to enroll in a service that will count toward their forgiveness. Applicants for the PSLEX must also be sponsored by a nonprofit organization. That nonprofit organization must be one that is primarily supported by a grant from the federal government or other private sector sources. There are two ways to apply for the loan forgiveness through the federal government’s loan repayment program. One is the standard application for a federal Student Loan, which is available online. The second is the alternative for individuals who do not qualify for federal Student Loan forgiveness programs but do qualify for private sector student loan repayment assistance. The online application process can be completed in just two minutes or less. Online applications for federal loan forgiveness are processed as quickly as possible. Individuals who are eligible to participate in the federal Student Loan forgiveness program include: borrowers who have exhausted all possible federal assistance; borrowers who do not qualify for subsidized and unsubsidized (Stafford) loans; and individuals who have not been eligible for military service or immediate receipt of a high school diploma. These individuals must complete an income-based repayment plan after graduation. In order to qualify for the relief provided through the program, an individual must show that he or she is not eligible for some sort of financial assistance from the government and/or his or her parents while enrolled in college. Two standard forms are required: the IBR or the FAFSA, and a PIN or the EFC. If you are not eligible for standard IBR or the FAFSA, you must complete an income-based repayment option. There are two types of income-based repayment options available to individuals who qualify for forgiveness programs. The first is the Income Based Repayment (IBR) which pays all of your loans, including those awarded for college and which may contain some interest. The second is the Installment Repayment (IPR) program, which pays the amount of your loan balance plus an additional interest rate for six months after graduation. Both options are fully approved by the Department of Education, but the IBR requires completion of an income-based repayment plan while the PIN requires completion of an installment plan. In most cases, neither program is approved. Because many people take advantage of the forgiveness programs, the government has implemented strict requirements to participate. Individuals who wish to participate in the program must meet the following conditions: have fully completed all payments on all federal loans; have not been defaulted on; and have not missed any payments. Although you may qualify, there are several conditions that can disqualify you. If you are missing more than three payments, you cannot apply for forgiveness. Even missing one payment can result in the cancellation of the application. If you do qualify for public loan forgiveness, you must make consistent payments on all your loans while enrolled in school. If you go back to school and miss a payment, you will only be granted forgiveness if you complete a repayment plan. Also, you must make consistent payments for at least five years in order to fully qualify. If you are struggling with your debt, student loan refinancing may be able to help you eliminate your burden. The interest rate is much lower than it would be for the combined amount of your federal loans. In addition, you could qualify for forgiveness of the remaining portion of your loan if you repay the loan using the money you receive from your refinancing.