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If you have or are working for a government (think federal, state, local, schools, etc.) or non-profit organization AND want to take advantage of the limited-time Public Service Loan Forgiveness (PSLF) program waiver, you need to act fast!

In the past, PSLF has left many applicants feeling rejected and confused. However, you may benefit from the temporary changes to the Public Service Loan Forgiveness program. The deadline to apply for the limited-time PSLF program waiver is October 31, 2022.

The limited-time PSLF waiver program expands the definition of “qualifying payments,” allowing borrowers to get credit for past payments even if they were denied because:
• They didn’t make payments on time
• They didn’t pay the full amount due
• They weren’t in the right repayment plan

Depending on the type of federal student loan, borrowers may have to consolidate the loans first to be eligible for this waiver. Borrowers with DIRECT loans (federal student loans 2010 or later) can go directly to the PSLF Help Tool to start the application process.

If you do not know what type of student loan you have, go to FederalStudentAid and log into your account. You can create an account here as well. Use the PSLF Help Tool to determine if your employer is eligible or check out the White House’s PSLF page for a 3-step tool to help you determine if you are eligible for this program.

An hour or two of work may save thousands of repayment dollars by crediting formally ineligible payments. By October 31, 2022, you must either complete the PSLF Help Tool or if you are submitting a manual PSLF form (not generated by the PSLF Help Tool), your employer’s signature* must be dated on or before October 31, 2022.

If your employer is eligible, AND you complete all the steps of the PSLF Help Tool by October 31, 2022, you can benefit from the limited-time PSLF waiver. You must print the form on the PSLF Help Tool, sign it, along with your employer’s signature, and submit the complete PSLF form to the PSLF servicer, MOHELA (the address is on the form).

If you complete the PSLF Help Tool and your employer comes up as “likely ineligible/undetermined” or “ineligible,” but you believe your employer is eligible, continue to complete all the steps of the tool and then request a review of your employer. You won’t be able to print the PSLF form, but if your employer is ultimately deemed eligible, and you have satisfied the application deadline requirements, you can receive the benefits of the limited PSLF waiver.

As of September 15, 2022, the Department of Education reported over $10B (billion) of student debt was wiped out; over 170,000 borrowers have had their debt forgiven.

*All signatures must be hand-written

Go to FederalStudentAid/Announcement & Events page for more information. And stay tuned for more information and a webinar announcement on the Biden-Harris Student Debt Relief Plan.