The federal government announces that the Public Service Loan Forgiveness deadline is coming up. Borrowers employed full time by a qualifying nonprofit or the government while making payments for student loans may have additional opportunity for student loan forgiveness. Many teachers, social workers and first responders, as well as some doctors and lawyers, may qualify.
Borrowers must apply for a waiver by October 31 in order to take advantage of the benefit. The PSLF waiver is separate from the one-time student loan forgiveness plan as it cancels any remaining federal student loan debt for eligible government and nonprofit workers after they have made 120 qualifying monthly payments, which takes at least 10 years. The amount of student debt relief is not capped.
But the PSLF program has been riddled with problems.
The temporary waiver attempts to resolve those issues so that some borrowers can retroactively qualify for student loan forgiveness under PSLF.
The Public Service Loan Forgiveness program, created by Congress in 2007, isn’t going away — but the temporary waiver will expire October 31.
See the link below for more information on eligibility and the application process.