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Eligible For The PSLF Waiver? Act Now!

Note: If you’ve never worked for the government or a non-profit, the following is not applicable.

Through October 31st of this year, 2022, you may be eligible to have your student loans forgiven if you previously worked for the government (including the military) or a non-profit organization and were not able to qualify your student loan payments toward the PLSF program.

PSLF History Refresher: The Public Student Loan Forgiveness (PSLF) program will forgive any remaining student debt if the following two conditions have been met:

  1. The borrower worked for government entity or non-profit for 120 months at least 30 hours/week.
  2. The borrow had federal direct loans that were income driven (IBR, PAYE, REPAY, ICR)

The PSLF waiver is waiving the second of these two requirements. An example might be a borrow with FFEL or Perkins loans after October 2007 that worked for the military for 10-years. That borrow could now retroactively apply for PSLF forgiveness and have her loans forgiven.

Caveat! You must consolidate your loans into a direct, income driven loan before applying. Also, Parent Plus loans do not qualify.

For more information check out these two sources:

  1. https://studentaid.gov/announcements-events/pslf-limited-waiver
  2. https://www.studentloanplanner.com/pslf-waiver-how-to-qualify/
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