On October 6, 2021, the Department of Education announced an overhaul that is coming for the Public Service Loan Forgiveness (PSLF) program for federally backed student loans! For a limited time (now through October 31, 2022), borrowers may receive credit for past payments made on their student loans that would not have otherwise qualified for PSLF.
Key parts to this announcement include:
- Implementing a limited PSLF waiver to count prior payments
- Simplifying what it means for a payment to qualify for PSLF
- Eliminating barriers for military service members to receive PSLF
- Automatically helping service members and other federal employees access PSLF
- Reviewing of denied PSLF applications and identifying/correcting errors in PSLF processing
- Improving outreach and communication with PSLF eligible borrowers
- Simplifying the PSLF application process
- Making long term improvements to PSLF through rulemaking
Helpful links:
Press release, fact sheet on PSLF program overhaul
What borrowers need to know: summary of new rules, next steps, FAQs
Want to know what this may mean for you? We at CCCS of Buffalo offer Student Loan Counseling! To speak with a knowledgeable counselor about your student loan options, please give us a call at (716) 712-2060 today to schedule an appointment!
