Student Loan Forgiveness Application Status

Public Service Loan Forgiveness (PSLF) Program: Updates and Benefits

Program Overview

The Public Service Loan Forgiveness (PSLF) Program provides loan forgiveness for eligible borrowers who work in public service jobs. After making 120 qualifying payments, the remaining balance on Direct Loans is forgiven.

Recent Updates

The Biden Administration has made significant changes to the PSLF Program, including: * Expanded Qualifying Payments: Payments made under income-driven repayment plans now count towards PSLF. * Temporary Waiver: A temporary waiver allows borrowers with non-qualifying payments to receive credit towards PSLF. * Digital Status Tracking: Borrowers can now track the status of their PSLF form online through the My Activity section.

Benefits of PSLF

* Debt Forgiveness: After 10 years of service, eligible borrowers can receive forgiveness for their remaining student loan balance. * Low Monthly Payments: Monthly payments are calculated based on a percentage of discretionary income, making them more affordable. * Quick Forgiveness for SAVE Participants: The Student Aid Volunteer (SAVE) program forgives remaining student debt in as little as 10 years for borrowers with an original balance below $12,500.

Eligibility Requirements

To be eligible for PSLF, borrowers must meet the following requirements: * Work in a full-time, qualifying public service job. * Have Direct Loans or have consolidated loans into a Direct Consolidation Loan. * Make 120 qualifying payments under an income-driven repayment plan.

How to Apply

Borrowers interested in applying for PSLF should complete the PSLF Application Form and submit it to the U.S. Department of Education. The application can be found online at StudentAid.gov.

Additional Resources

* Student Aid website: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service * National Association of Student Financial Aid Administrators (NASFAA): https://www.nasfaa.org/