WHAT IS PSLF?
Public Service Loan Forgiveness (PSLF) is a federal program designed to encourage students to enter careers like teaching, government, nursing, public interest law, and the military.
You must make payments for 10 years (with a total of 120 payments), while working for the government or a nonprofit before qualifying for tax-free forgiveness.
In response to the COVID-19 pandemic, PSLF has undergone temporary changes:
- All federal student loans were put into forbearance with no payments due through December 31, 2022.
- The Department of Education has issued a limited waiver through October 31, 2022 to expand eligibility for PSLF qualification.
The limited-time PSLF waiver allows borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. The deadline to apply for this opportunity ends on October 31, 2022.
An estimated 176,906 active-duty service members have federal student loans that are already eligible for PSLF, or that could be consolidated into eligible loans, according to a report from the U.S. Government Accountability Office.
WHAT ACTIONS SHOULD I TAKE?
To qualify for the limited PSLF waiver, you need to have at least one Direct Loan and at least one approved PSLF form.
- Find out what types of loans you have. Visit the aid summary.
- Take action (consolidate, apply, or wait) depending on what type(s) of loans you have.
- Learn about the time-limited changes and how to apply at pslf.gov.
- Service members – as well as military family members who work in the government, nonprofit, or public education sectors – may be able to receive credit for student loan payments that previously didn’t qualify.
- Apply before October 31, 2022.
- The Department of Education’s Federal Student Aid office provides an information page.
- PSLF Explainer Document