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Jackson Health System
Student Loan Resources
Your student loan journey is one of a kind. This page offers tailored resources to help Jackson Health System employees navigate repayment options with confidence and ease. Whether you’re navigating Public Service Loan Forgiveness (PSLF) or choosing the best repayment plan, these resources are here to help you make informed decisions.
Public Service Loan Forgiveness
(PSLF)
What is PSLF?
As a w-2 employee of a non-profit corporation working 30 or more hours per week you qualify for tax free forgiveness of your federal student loans. You must complete 120 qualifying payments to be eligible. (Learn more here:
https://studentaid.gov/manage-loans/forgiveness-cancellation)
Enrollment
To enroll in PSLF you must turn in an employer certification form. Your employer signs off verifying you work over 30 hours per week and the dates of your employment. Additional details can be found at:
Annual Employer Certification
If you are enrolled in a qualifying repayment plan, updating your PSLF employer certification is recommended annually.
Directions
W-2 employees of Jackson Health PM&R are asked to complete the electronic PSLF employer certification form using the PSLF Help Tool found here: https://studentaid.gov/pslf/
When you arrive at the end please select electronic verification and list the following email: Tom.Jones@Test.com
Employer Certification
If you are enrolled in an Income Driven Repayment plan it is reccommended to update your PSLF employer certification annually. Your authorized signer is Tom Jones (Tom.Jones@Test.com)
Choosing a Repayment Plan
What is available?
Currently this is a bit of a moving target with the SAVE court case. As of now you could choose:
Federal
Standard (10-30 Years Fixed Repayment)
Graduated
Extended
SAVE (Saving on a Valuable Education)
PAYE (Pay As You Earn)
New-IBR (Income-Based Repayment)
Old-IBR (Income-Based Repayment)
ICR (Income-Contingent Repayment)
Private
2-20 Year Repayment Terms. Refinance through one of many private lenders. (After refinancing, you DO NOT qualify for federal programs like PSLF or income-driven repayment plans)
Key Differences
Navigating these plans is challenging and ever-changing. Key differences include:
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Interest Subsidies
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Payment Amount
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Inclusion of Spousal Income
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PSLF Qualification
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Much More
For help our own Bart Singleton breaks them down. (Video Link)
Enrolling In An Income-Driven Plan
Enrolling in a plan can be done so at https://studentaid.gov/idr/
You will need to certify your income, so have ready your tax return, paystub, w-2, etc. Questions such as "Has your income significantly decreased since you last filed your taxes?" will dictate which documents are used.
Changing Plans
Changing plans is an option and can be done through StudentAid.gov. You’ll need to recertify your income, similar to the initial enrollment process. Keep in mind, this change can significantly impact your payments, either increasing or decreasing them, depending on various factors.
Switch to Private Loans?
In a vast majority of cases, we do not recommend moving away from federal loans. Be sure to know all options before doing so. Refinancing can lower interest rates, so there will be instances when it makes sense. Many companies are available to you in the marketplace and most offer a rate quote on their websites.