BMD advises clients on how to leverage the recruitment and retention benefits of the Public Student Loan Forgiveness (“PSLF”) Program. The PSLF Program enables certain healthcare and other public sector employees to qualify for forgiveness of the remaining balance due on Federal Direct Loan Program loans after making 120 qualifying payments while employed full-time by a qualifying healthcare or public service employer.
Implementing a successful PSLF Program initiative has several advantages beyond just loan forgiveness for eligible employees. Our clients leverage this zero-cost benefit to help employees immediately lower monthly student loan payments, seek additional advanced degrees at lower costs, enjoy expanded career advancement opportunities and accelerate retirement savings and growth.
BMD supports our clients’ PSLF Program initiatives by helping determine employee eligibility, developing employee-specific strategies aimed at maximizing loan forgiveness, coaching employees on loan consolidation options; modifying loan repayment plans; and preparing all audit and certification documents.