Data Sheet: Public Service Loan Loan Forgive (PSLF) Program Review October 6, 2021 Contact: Press Office, (202) 401-1576, Press@ed.gov
  • The Public Service Loan Loan Forgive Program (PSLF) is a Important promise, but largely not satisfied to provide relief from debt to support teachers, nurses, firemen and others who serve their communities through hard work that is essential for the success of our country. By canceling the loans after 10 years of public service, PSLF eliminates the burden of student debt on public servants, makes it possible for many borrowers to stay in their work, and go to others to work in high need fields.

    Nowadays, the Department of Education is announcing a set of actions that, in the coming months, will restore the promise of PSLF. We will offer a limited exemption by time for student borrowers to count the payments of all federal loan programs or reimbursement plans towards forgiveness. This includes types of loans and payment plans that were not previously eligible. We will pursue opportunities to automate PSLF eligibility, provide borrowers how to obtain corrected errors and facilitate the members of the military to obtain credit towards forgiveness while they serve. We are going to pair these changes with an expanded communications campaign to ensure that the affected borrowers learn about these opportunities and encourage them to apply.

    These changes are important steps towards a better and stronger PSLF program, one that will move away from the current situation in which many of the borrowers receive forgiveness, and too many do not receive credit for years of payments that They did due to the complicated eligibility rules, maintaining errors or other technicalities. The Department is also working to identify additional improvements to ensure that public servants obtain relief they deserve, including associations with employers and review regulations. These actions are informed by the more than 48,000 comments, the department received a request for information on the improvement of the PSLF issued during the summer.

    The Department estimates that the limited exemption will only help more than 550,000 borrowers who had previously consolidated. Your loans see your progress towards PSLF grow automatically, with the average borrower receiving 23 additional payments. This includes approximately 22,000 borrowers who will be eligible immediately so that their federal student loans are discharged without more action on their part, for a total of $ 1.74 billion in forgiveness. Another 27,000 borrowers could qualify for $ 2.82 billion in forgiveness if they certify additional employment periods. For reference, only more than 16,000 borrowers have received forgiveness under PSlf before this action. We anticipate that many more will also receive additional credit, since we implement other changes over time, as with previously non-eligible payments that were not affected by a loan consolidation.

    The Covid-19 pandemic has placed a tremendous tension on public servants, which makes it even more critically than borrowers can access PSLF. Many public servants have been on the front lines of the pandemic, making personal sacrifices to keep the rest of us safe. Non-profit organizations are still recovering the work lost in the last year, and some public service workers have reported that they are considering the public service completely. The front-line sectors, such as teaching and medical care, are already seeing the shortage of exhaustion and employees. Relieve part of the financial strain associated with student debt can help borrowers in these sectors, as they continue to browse the fall of this pandemic.

    Today, the department is announcing that it will:

    Implement a limited PSLF exemption to count all the previous payments made by the student borrowers towards PSLF, regardless of the program of loan. The Department will offer a temporary opportunity to give credit to borrowers by PA previous

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