Everything to Know About The Public Service Loan Forgiveness (PSLF) Waiver was originally published on uConnect External Content.
Editor’s note: At Idealist, we’re experts in the social-impact sector. But what we’re not experts on is student loan forgiveness. The objective of the following piece is to offer a general overview of the program and the waiver, and to point you in the right direction for additional resources. We encourage you to visit Federal Student Aid’s Help Center for any questions or assistance with the Public Service Loan Forgiveness waiver.
Many social-impact professionals with federal student loans are aware of the Public Service Loan Forgiveness (PSLF) program, which makes it easier for certain public and nonprofit workers to manage their debt. Last year, the U.S. Department of Education launched the PSLF waiver to expand eligibility for the program and alleviate some of the financial burden caused by the COVID-19 pandemic. This waiver is set to expire October 31, 2022.
Whether you’re considering a career in social impact, starting a job at a nonprofit, or are a seasoned professional, the PSLF program can help you become debt-free faster.
What is the PSLF program?
The PSLF program was initiated in October 2007 to forgive the student loan debt of borrowers working in the public or nonprofit sectors based on certain requirements. As part of the program, borrowers who work for a qualifying employer can have their remaining debt forgiven after making 120 payments toward their Federal Direct Loans using a qualifying repayment plan.
Student loan debt is a major source of stress that has a negative impact on mental health. The COVID-19 pandemic presented even more challenges for borrowers, prompting a series of changes concerning student loans. As a temporary update, the PSLF waiver’s expanded eligibility is allowing millions of people who may not fit PSLF’s original requirements to benefit from the program.
To help borrowers learn more about their eligibility for the program, Idealist’s Associate Director of Editorial & Career Content Alexis Perrotta sat down with Senior Advisor Ashley Harrington from the Office of Federal Student Aid for a webinar on all things PSLF. Watch a recording of the webinar on Idealist’s YouTube channel for more information about the program, and find answers to common questions about the temporary waiver below.