IFPTE Hosts Dept. of Education Webinar on Limited Public Service Loan Forgiveness Waiver, Which Ends Oct 31
The U.S. Department of Education has modified the rules of the Public Service Loan Forgiveness Program (PSLF) , offering IFPTE members with student debt who work in federal government, state and local government, or at 501(c)(3) nonprofits the ability to qualify for debt forgiveness.
With the waiver period ending on October 31, the Department of Education and IFPTE held a webinar this week to provide information and answer questions for IFPTE members who may qualify for the PSLF waiver. Ashley Harrington, a senior advisor in the Department of Education’s Office of Federal Student Aid, lead the seminar session and answered questions from IFPTE members.
The Biden Administration has asked for unions to work with their leadership and members to find individuals who may qualify for the PSLF waiver, and IFPTE is pleased to help get the word out. PSLF was enacted in 2007 and the 2017 was the first year borrowers were eligible for forgiveness. However, the complicated and poorly communicate eligibility requirements during the first decade of the program left 99% of applications for PSLF rejected (see IFPTE’s earlier efforts to address the PSLF program’s shortfalls here).
Under the waiver, which was announced on October 6, 2021, borrowers can receive credit for past periods of repayment that would not otherwise qualify for PSLF and get closer to loan forgiveness. Loan payments may qualify you for forgiveness even if you:
Were not on an eligible repayment plan
Did not pay the full amount due
Did not pay on time
However, the limited PSLF waiver DOES NOT change or remove these requirements:
Have Direct Loans or consolidate into Direct Consolidation Loans
Make 120 qualifying payments
Be employed full time by government, 501(c)(3) not-for-profit, or other not-for-profit organization that provides a qualifying service
It’s important to submit a PSLF form during the waiver period to lock in credit for any payments which were counted as qualifying under the limited PSLF waiver.
IFPTE thanks Ashley Harrington for sharing information and her expertise on PSLF with IFPTE members. Further, IFPTE appreciates the Department of Education and the Biden-Harris Administration for responding to for offering resources directly to our union members and instituting the waiver to fulfill the intended purpose of the PSLF program. A PDF of Ashley’s presentation can be downloaded here.
If you would like to learn more about the limited PSLF waiver, apply for PSLF, learn if you qualify for PSLF, or search the eligible employer list, visit the PSLF website here.