CSU-AAUP hosted a webinar on PSLF on Sept. 28 with the 4Cs and the Student Borrower Protection Center. Chris Hicks, a senior policy advisor at SBPC, gave a presentation on PSLF and the current waiver. You can watch the full webinar by clicking here. You can also access a short document with information on PSLF and the waiver here.
Borrowers who work in public service and make payments on their loans for 10 years can have the remainder of their debt will be forgiven through the PSLF program. The Biden Administration enacted a waiver for the PSLF program to make it easier for those who work in public service to get relief from student loans.
This waiver expires on October 31, 2022.
Key facts to keep in mind when applying for PSLF without the waiver:
- You can only do this with a direct loan that is in an income-driven repayment plan
- You can consolidate other types of student loans into a new direct loan, but this will restart the counter on your payments
- You must be working 30 hours per week or more, but you can combine multiple part-time jobs
- The payment pause months during COVID-19 count toward the 10-year payment requirement
What to know about the PSLF waiver:
- The waiver gives credit toward forgiveness regardless of the type of student loan - but those with FFEL or Perkins loans MUST consolidate. You won't lose past credit under this waiver
- The loans can be in any type of payment plan, not just IDR
- Military deferments and forbearances will count toward the 10 years of payments
- The waiver will count some months toward the 10 years of required payments that weren't previously counted
Steps to Take Now
- Check if your employer is a qualified public service employer using the PSLF Help Tool
- If your employer doesn't show up but you work for a 501(c)3 or other nonprofit organizations, you likely still qualify, but no other employees have filed for PSLF yet
- If you have loans other than direct loans, you will need to consolidate them (do this before submitting the PSLF form)
- Certify your employment with the PSLF form using the PSLF Help Tool (linked above)
