For standard term-based programs, if a school's financial aid office establishes full-time status as greater than 12 credit hours, the financial aid office may still define a three-quarter-time enrollment status as 9 credit hours and a half-time enrollment status as 6 credit hours.
For PSLF purposes, you are considered a full-time employee if you work an average of 30 hours or more per week during the period being certified on your PSLF form regardless of whether your employer considers you full-time for other purposes.
Ensure you meet ALL PSLF eligibility requirements; part-time employment does not meet the qualifications for loan forgiveness. Employees who average more than 30 hours per week are given credit for time worked at qualified employers.
The PSLF Program forgives the remaining balance on your Direct Loans after you've made the equivalent of 120 qualifying monthly payments while working full time for a qualifying employer.
You must be a direct employee of a qualifying employer for your employment to qualify. This means that employees of contracted organizations, that are not themselves a qualifying employer, won't qualify for PSLF including government contractors and for-profit organizations.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.
Yes, as long as your income is stable and reliable. Lenders want to ensure you have enough income to make monthly mortgage payments. You most likely will need to provide recent paycheck stubs and a two-year work history from the part-time employment.
Teacher Loan Forgiveness (TLF) Program
To qualify for TLF, you must have been employed as a full-time teacher at an eligible school for five complete and consecutive academic years.
If you have not consolidated your Direct Loans, you can buy back months starting with Oct. 2007, when the PSLF program was established by law. If you have Direct consolidation loans, you can buy back starting with whichever is most recent: Oct. 2007 or the earliest disbursement date of your Direct Consolidation Loan.
You must work full-time to be eligible for PSLF. But the definition of “full-time” is flexible: IF YOU HAVE ONE JOB You have to meet your employer's definition of “full-time” OR work at least 30 hours per week, whichever is greater.
Employment with a U.S. government entity at any level (federal, state, local, or tribal), or an organization that is tax exempt under section 501(c)(3) of the Internal Revenue Code is a qualifying employer for PSLF regardless of the specific services that are provided.
Does my income level determine my eligibility for Public Service Loan Forgiveness (PSLF)? There is no income requirement to qualify for PSLF.
For PSLF, you're generally considered to work full time if you meet your employer's definition of full time or you work at least 30 hours per week, whichever is greater.
Full-time student definition
To be considered full-time, the student must have enrolled for the number of hours or courses their school considers to be full-time attendance. Students who work on "co-op" jobs in private industry as a part of a school's official program are also considered full-time students.
Federal student loans as a part-time student
If you're attending school on at least a half-time basis, you might be eligible for federal student loans. This generally means signing up for at least six credits per semester, though your school might have its own definition of half time.
Public and nonprofit private school teachers can qualify for PSLF, which forgives your remaining loan balance after 10 years of employment. Teachers at low-income schools may receive up to $17,500 in forgiveness through TLF after completing five years of service.
You can potentially receive forgiveness under both the Teacher Loan Forgiveness (TLF) program and the Public Service Loan Forgiveness (PSLF) Program. But normally you can't receive forgiveness for both programs for the same period of teaching service.
If you work in certain public service jobs and make 120 payments on your Direct Loan(s), you may be eligible to have your loans forgiven. If you are a teacher in a low-income school or educational service agency, you may be eligible for Teacher Loan Forgiveness.
Borrowers working at least 30 hours per week are considered full-time employees. Underwriters require written employment verification confirming full-time status and the likelihood of continued employment for the next three years.
The Two-Year Employment Standard
This is a commonly used standard within the mortgage industry, when it comes to documentation. Most lenders like to see steady employment and/or income for at least the past two years.
You can get a mortgage with a part-time job. Lenders often count earnings from part-time employment as qualifying income for a home loan. You'll likely need to have held the part-time job for at least two years. Furthermore, your part-time income must also be steady and reliable.
After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.
If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., at least 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.