Clergy Loan Forgiveness

Clergy Loan Forgiveness

Clergy Loan Forgiveness

For the first time ever, clergy and church workers engaged in religious education, worship, and proselytizing—and who have carried debt from federal Direct student loans for at least 10 years—are now eligible to seek forgiveness through the US Department of Education’s (DOE) Public Service Loan Forgiveness (PSLF) program.

The change went into effect on July 1, 2021.

The program forgives a borrower’s remaining balance on subsidized and unsubsidized Direct loans after the borrower has “made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer,” according to the PSLF website.

Read the entire article by Church Law & Tax editor Matthew Branaugh here:

https://www.churchlawandtax.com/web/2021/august/church-workers-pastors-loan.html

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