Federal Loan Forgiveness Program Offering Relief for Student Loans
The deadline for an important one-time waiver is October 31.
Many of our fellow state workers have pursued a career in public service after an expensive college education, while many more are going to school while working full time. There’s possible relief available for those of you with student loans, offered by the Federal Government: a “forgiveness” of the balance of your loans after you’ve made 120 payments.
Here’s some information from 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 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. Deadline approaches!
The “limited PSLF waiver” refers to the time-limited changes to Public Service Loan Forgiveness (PSLF) Program rules that allow borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. This opportunity ends on Oct. 31, 2022.
**This article is a summary of an opportunity that some of our represented employees might be eligible. Please make sure you use the links provided above to see if this opportunity applies to you.**