Big news on student loans

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In October 2021, the Biden administration issued a “limited waiver” to some of the strict requirements of the Public Service Loan Forgiveness Program (PSLF). Eligible payments now include former federal loans, as well as non-income-tested repayments and late payments. While many have already received forgiveness under this temporary waiver or are working toward eligibility, the US Department of Education estimates that hundreds of thousands more borrowers will be an average of two years closer to loan forgiveness. due to the provisions of the waiver.

Educators and other public service workers must submit a PSLF application by October 31, 2022 to receive the benefits of the limited waiver. More info here.

Act before October 31, 2022!

Visit Public Service Loan Forgiveness, log in with your Federal Student Aid ID (or create one if you don’t have one), and make sure your contact information is up to date. The U.S. Department of Education uses this as their primary means of contact to update you on the status of your PSLF application.

If you have a direct loan, made 120 payments, and applied for PSLF, you should soon receive an automatic rebate or updates on your payment count.

If you have a direct loan and have NOT applied for PSLF, you must apply for PSLF immediately, even if you have not yet reached 120 payments. If you have a Federal Family Education Loan (FFEL) or a Perkins loan, you must consolidate into a direct loan first, then apply for the PSLF before
the waiver period ends on October 31, 2022.

To begin your application, visit PSLF and use the Department of Education’s PSLF Help Tool.

Why you should apply

You must submit the PSLF application even if you have not yet made 120 qualifying payments or reached 10 years of service. Submitting the application will help confirm that you are on the right track by ensuring that you are making eligible payments and working for an eligible employer.

This will also allow Federal Student Aid (FSA) to alert you if changes are needed and, as part of the temporary override, ensure that any payments you have made that are eligible under the temporary override but who would not otherwise be eligible under the regular PSLF requirements are counted. towards your total.

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