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Relief for Borrowers: Public Service Loan Forgiveness

April 20, 2022 11:49 AM | Chelsey Blakenship (Administrator)

The U.S. Department of Education has made important changes to the Public Service Loan Forgiveness (PSLF) program which offers loan forgiveness for nonprofit and public employees after ten years of qualifying payments. Due to confusing bureaucratic regulations and an incredibly high rejection rate for borrowers, the Department of Education has issued a temporary waiver for some of the program requirements to help borrowers get back on track for loan forgiveness. Nonprofit employees and other eligible borrowers have until October 31 to take advantage of the Limited Waiver for Public Service Loan Forgiveness, which provides for forgiveness of eligible federal loans after 120 eligible payments while working for 501(c)(3) charitable nonprofits and government employers. Nonprofit workers who believe they are eligible for forgiveness or wish to have their employment at their current charitable nonprofit employer certified should take action through the PSLF Help Tool, available at www.StudentAid.gov/PSLF.


 
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