Part 1: What is Public Service Loan Forgiveness?

Posted 9/20/2022

The Public Service Loan Forgiveness (PSLF) program is an amazing opportunity for borrowers who spend their careers working for government and non-profit organizations. Qualifying for PSLF is a bit complicated, but well worth the payoff. To make the process more understandable, we’ve split this article into three parts:

1. What is Public Service Loan Forgiveness?
2. How Do I Apply for Public Service Loan Forgiveness?
3. How Do I Take Advantage of the Limited PSLF Waiver?

Details about Public Service Loan Forgiveness

The PSLF is a program designed to encourage and reward public service. Unlike President Biden’s recently announced plan of limited debt relief for all borrowers, the PSLF program offers TOTAL forgiveness of all eligible loans.

To qualify for PSLF you must meet the following requirements:

Work full-time for a qualifying employer
Have Direct Loans or consolidate existing loans into a new Direct Loan
Enroll in an income-driven repayment (IDR) plan
Make 120 qualifying payments over 10 or more years
Certify your employment and income each year

We detail how to determine your eligibility and apply for PSLF in part two of this article.

What is the Limited PSLF Waiver?

For a short time, the government has made it easier to qualify for PSLF. Eligibility rules for applicants have been relaxed, and a wider range of loan payments count toward the 120 required for PSLF. This temporary program could shave years off your PSLF qualification and save you thousands of dollars.

To take advantage of the limited PSLF waiver, you must act immediately! The deadline to submit your request is Oct. 31, 2022. We cover the steps you need to take in part three of this article.

What if You’ve Been Denied PSLF Before?

Now is the time to reapply! The federal government has recently created a process that allows people like you to be reconsidered for PSLF. Learn all about it here.

Next Steps