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The Public Service Loan Forgiveness Program: Paying Back Debt Series

If you’re set on applying or attending graduate school in the future and/or plan on working for a U.S. federal, state, local, or tribal government or not-for-profit organization, then the Public Service Loan Forgiveness Program may be an option for you.

The Public Service Loan Forgiveness Program forgives the remaining balance on your Direct Loans if you have the following qualifications: You must work full-time at a federal, state, local, or tribal government or nonprofit organization, have direct loans, make 120 monthly payments, and repay your loans under an income-driven repayment plan.

So what are a few jobs that qualify for this program? A few examples would be government jobs, working for the Peace Corps or AmeriCorps, public safety and law enforcement jobs, public interest law, public health, public library and education services, and military service.

Exceptions to this program would be working for advocacy/political groups and labor unions or clergy/religious work. To apply for the program, use the PSLF Help Tool. The online application is similar to a job application and will provide instructions on filling it out. You’ll have to take the form to your employer to officially sign and upload to the website.

However, it’s important to note that the requirements for qualifying for the PSLF can be tricky. There have also been horror stories with the PSLF, like being enrolled in the wrong repayment plan or holding the wrong type of loan, or making payments for years while working in public service.

This program is just one of a few ways to repay your debt. For more opportunities, keep an eye out for the paying back debt series on the CEC blog!

 

Climbing the Corporate Ladder

It’s quite common for college students and recent grads to feel a little overwhelmed about not knowing where they will end up in their career. Many hope to immediately land that perfect job after graduation, offering incredible benefits and a six-figure salary. But in reality, most begin their careers working as a junior-level employee making an average salary with very few benefits. This is disappointing especially for those who want to advance their careers as quickly as possible. It is also rare for very few millenials stay at their first employer long-term, and many decide to only stay a few years before moving on to their next job. However, climbing the corporate ladder takes patience, determination, and hard work.

It may be more beneficial to stay at your first employer a little longer if you want to quickly advance your career. Staying at the company for a longer period of time gives you the opportunity to fully adjust and immerse yourself in the company’s culture. It also allows you to build a solid professional network. Since seasoned employees love to meet and share their experiences with new hires, make every effort to grow your network early on, particularly with those who are more senior than you. If possible, schedule a coffee chat with them and pick their brain on their career path, thoughts on the current and future challenges of the business, and any advice they’d be willinging to share. If the meeting goes well, keep them as a connection and they can serve as your future mentor. Also network with people outside your department. This will give you a broader sense of how the company operates and give you greater credibility when you get promoted.

Final Tips for Climbing the Corporate Ladder:

    • Be the first one in and the last one to leave the office
    • Always perform your current job extremely well, and better than everyone else at the same level within the organization
    • Take ownership on projects and new ideas and constantly seek new ways to learn, grow and challenge yourself
    • Communicate your goals to managers clearly and they will present you with opportunities
  • Show quantifiable results
    • Be an outstanding team player/be willing to collaborate with everyone
  • Always treat others with respect. This could be as simple as smiling and warmly greeting your colleagues every morning.