The Biden Administration has forgiven $116 billion in federal student loan debt, including $45 billion through the Public Service Loan Forgiveness (PSLF) program.
Are you a public service employee? Here’s How You Qualify To The Public Service Loan Forgiveness Program| Student PIRGs
The program, which had difficulties in the past, has been made easier by the Biden Administration for borrowers who have completed the work requirements.
To be eligible for PSLF, one must be a public service employee of a government agency or qualifying not-for-profit organization and make 120 qualifying monthly payments.
Other requirements include the following:
- full-time public service employee,
- having Direct Loans or consolidating other types of federal loans into a Direct Loan,
- participates in an income-driven repayment or standard repayment plan.
- A public service employee must submit paperwork to determine their employer’s eligibility and keep their loans enrolled in a qualifying repayment plan.
If you are a public service employee, you should submit the PSLF form yearly and enroll in the income-driven SAVE Plan.
PSLF can save borrowers thousands of dollars, so it’s recommended to public service employee to fill out the certification forms for all qualifying employment.
If you are a public service employee who works to low-paying professions such as firefighting, teaching, nursing, public interest law, the military, and religious work, you are eligible to apply to the program, according to NerdWallet.
Borrowers whose PSLF applications were previously rejected can also request a reconsideration. For a public service employee to be eligible for PSLF with the new relaxed payment count rules, you must submit your application by the end of 2023, NerdWallet added.
