Federal Loan Forgiveness Program Offering Relief for Student Loans
A one-time limited waiver offer may offer additional benefits
Many state workers have pursued careers in public service after an expensive college education, while many more of you are going to school while working full time. For those of you still working to pay off the student loans that helped finance your education, you could be eligible for relief from the Federal Government: a “forgiveness” of the balance of your loans after you’ve made 120 payments.
According to the Federal Student Aid website:
If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program (PSLF).
The Public Service Loan Forgiveness Program allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years), while working for a qualifying public service employer.
The State of California is considered a government employer for the PSLF Program.
Note: If you are new to PSLF and want some background about the program, please visit the PSLF information page. There’s also a PSLF tool that helps you apply for this opportunity.
PSLF Waiver Offers Way to Get Closer to Loan Forgiveness.
The “limited PSLF waiver” refers to the time-limited changes to Public Service Loan Forgiveness Program rules that allow borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. However, this opportunity ends on Oct. 31, 2022. So, be sure to act now and use the links provided above to see if this opportunity applies to you.