Do your employees qualify for loan forgiveness?


The U.S. Department of Education (DOE) is revamping the Public Service Loan Forgiveness (PSLF) Program, which cancels loans after 10 years of public service by eligible borrowers. Among other things, the DOE is providing a temporary opportunity (through October 31, 2022) for borrowers to get credit for payments they’ve made that wouldn’t otherwise count toward PSLF.

Any prior payments made while working for a qualifying employer will count as a qualifying payment, regardless of loan type or repayment plan. The DOE says this change will be particularly important for borrowers through the Federal Family Education Loan Program, many of whom received inaccurate information from their servicers about PSLF. The waiver also includes borrowers with Direct Loans, those who have consolidated their loans into the Direct Loan Program and those with other types of federal student loans who apply to consolidate while the waiver is in effect.

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