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Public Service Loan Forgiveness (PSLF)

A federal program that forgives the remaining balance on certain federal student loans after a borrower has made 120 qualifying monthly payments while working full-time for a qualifying employer (government, certain non-profits, etc.).

Reserve Components of the Armed Forces

The branches of the U.S. military that include the National Guard and various military reserves (Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve, Coast Guard Reserve). Members typically serve part-time unless activated for full-time duty.

Federal Direct Loan

Student loans funded by the U.S. Department of Education, including Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans. These are the types of loans eligible for PSLF.

Higher Education Act of 1965

The primary federal law governing federal aid to higher education, including student loan programs.

Qualifying Payment

For PSLF, a payment that meets specific criteria, including being made on a Direct Loan, under a qualifying repayment plan, for the full amount due, within 15 days of the due date, and while employed full-time by a qualifying employer.

Covered Service

Military service by a member of a reserve component, defined by the number of points credited toward eligibility for retired pay (e.g., 80 points for a 'full year' and 50-79 points for a 'partial year').