https://immattersacp.org/weekly/archives/2022/02/22/6.htm

Update or submit your application for the Public Service Loan Forgiveness program

In 2021, the U.S. Department of Education eased the application and approval process for borrowers who work full-time for a qualifying employer, such as a government organization or not-for-profit organization that provides certain types of qualifying public service.


In 2021, the U.S. Department of Education released executive actions to ease the application and approval process for borrowers who want to take advantage of the federal Public Service Loan Forgiveness (PSLF) program, which forgives the remaining balance on direct loans after the borrower makes 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer, such as a 501(c)(3) nonprofit organization, government organization, and/or other not-for-profit organization that provides certain types of qualifying public service. Military service also qualifies. In addition, for many physicians, time in residency counts toward qualified employment, as the majority of training programs are in public or nonprofit 501(c)(3) hospitals.

A new limited waiver will help an estimated 550,000-plus borrowers who previously consolidated their federal student loans see their progress toward forgiveness grow automatically. Through the limited waiver, the Department of Education will be offering a temporary opportunity to give borrowers credit for prior payments they made that would not otherwise count toward the PSLF program. Any prior payments made while working for a qualifying employer will count as a qualifying payment, regardless of loan type or repayment plan.

The waiver will run through Oct. 31, 2022, so current applicants should check the Department of Education website and make sure their contact information and other information are up to date. In addition, those who have direct loans but have not yet applied for the program can also submit an application by the Oct. 31, 2022, deadline.