The U.S. Education Department has introduced updates to the student loan forgiveness process for public service workers, including teachers, police officers, and social workers.
Student loan forgiveness process for some borrowers made easier. (Photo:iStock)
Updates on Student Loan Forgiveness
This move by the Biden administration aims to make it easier for borrowers to request relief, reducing the chances of application rejection, according to a report published in Yahoo News.
Public service workers can potentially qualify for the Public Service Loan Forgiveness (PSLF) program, which provides complete federal student loan forgiveness within 10 years or after 120 “qualifying” monthly payments.
However, to be eligible, borrowers must work full-time for a qualifying public service organization or part-time for multiple qualifying organizations, working at least 30 hours per week.
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Qualified for Student Loan Forgiveness Through PSLF
The Biden administration has recently relaxed some rules and changed what counted as a qualifying payment, expanding who can qualify for student loan forgiveness through PSLF. This waiver ended last fall, but the Education Department is still processing nearly half a million borrowers approved for student loan forgiveness through early February.
The Education Department is also introducing the IDR Account Adjustment, which extends the benefits of the Limited PSLF Waiver until the end of this year. This will allow many borrowers to receive retroactive credit toward student loan forgiveness under PSLF.
To be eligible for the PSLF program, borrowers must meet other eligibility criteria and fill out and submit the PSLF & Temporary Expanded PSLF (TEPSLF) Certification & Application.
The Education Department advises borrowers to submit this form periodically to ensure that they are making qualifying payments and on the right track. Failure to do so would require the submission of employment certifications for each employer where they worked while making qualifying monthly payments.
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