Submit your Public service loan forgiveness application before October 31
Short Term Opportunity
Until late in 2021, the U.S. Department of Education had rejected 98% of Public Service Loan Forgiveness applications. But for a limited period that will end on October 31, 2022, many of the requirements that led to rejections have been relaxed. So if you work for a 501(c)(3) nonprofit or a government agency, have Department of Education student loans, and hope for Public Service Loan Forgiveness, you should submit a PSLF application before October 31.
What To Do
You can and should file a PSLF application at StudentAid.gov before October 31 even if you have not yet made the 120 payments that will complete your qualification for forgiveness. Your payments to date will be reviewed under the temporarily relaxed requirements if you submit an application during the Limited Waiver period. Answer “No” to the question “Have you made 120 qualifying payments?” and submit your application. If you apply before October 31, your payments to date will get the benefit of the following relaxed requirements:
Normal PSLF Requirements
Included in Limited PSLF Waiver Until Oct. 31
|Full, on-time payments only||Late or partial payments can count|
|Direct Loan payments only||Payments on Direct, Perkins, or FFEL Loan payments can count if later consolidated as Direct|
|Payments through Standard or income-driven repayment plans only||Payments through any repayment plan (including Graduated, Extended, and others)|
|Must be employed full-time by a qualified employer at the time of applying for forgiveness||Can get forgiveness if not employed by a qualifying employer at the time of applying for forgiveness|
|Period of service for Teacher Loan Forgiveness (TLF) can’t also count toward PSLF||Period of service for TLF can count toward PSLF, as long as you certify employment for that period|
To learn more watch “Public Service Loan Forgiveness Expanded for Previously Ineligible Borrowers” and access additional informational materials and responses to over 70 FAQs that were asked during the live webinar. Be sure to also register for PSLF: Questions & Answers on Thursday, September 15 at 12 p.m. PT.