The U.S. Department of Education has implemented temporary changes to the Public Service Loan Forgiveness (PSLF) program rules that make it easier for federal student loan borrowers to receive credit for past periods of repayment that would otherwise not qualify for forgiveness. These changes end on October 31, 2022. After this date, normal PSLF rules will apply.
Millions of government and private, non-profit employees have federal student loans and may now be eligible for loan forgiveness or additional credit toward forgiveness under these time-limited PSLF changes.
This Wednesday, August 24th, The U.S. Department of Education is hosting The White House Public Service Loan Forgiveness Day of Action informational session for Federal/State/Local/Tribal Governments' employees. Learn more to see if you are eligible for this program.
What's changed under the limited
Public Service Loan Forgiveness (PSLF) waiver?
- You can receive credit for periods of repayment made on Direct, Federal Family Education Loan (FFEL), or Perkins Loans.
- Past payments under any plan count for non-consolidation loans through Oct. 31, 2022.
- Past payments made on loans before consolidation count, even if on the wrong repayment plan.
- Past payments that were made late or for less than the amount due count for non-consolidation loans through Oct. 31, 2022.
- Past payments made on loans before consolidation count, even if paid late, or for less than the amount due.
- When you apply for forgiveness and/or when you receive forgiveness, you don't need to still be employed by a qualifying employer.
I encourage you to join The White House Public Service Loan Forgiveness Day of Action informational session this Wednesday to learn how this program can benefit you.