The Biden administration has approved billions of dollars in student loan forgiveness under the Limited PSLF Waiver, according to new data, and more is on the way.
The Limited PSLF Waiver, which the Biden administration announced last year, was designed to address these problems. Under the waiver, the Education Department can retroactively credit many past loan repayment periods as “qualifying payments” towards PSLF regardless of the type of federal student loan or the repayment plan, or whether a payment was made in full or on time. A related initiative called theallows certain past periods of deferment and forbearance to count towards PSLF, as well.
Although the Limited PSLF Waiver ended on October 31, the Education Department and MOHELA are still processing a backlog of submitted applications. According toreleased last week by the department, the administration has so far approved $24 billion in student loan forgiveness for 360,000 borrowers through October under the waiver. And more is coming, as the data does not include the many PSLF forms the department received closer to the October 31st deadline, according to a department official.
The IDR Account Adjustment is ongoing. According to an Education Department official, 90,000 of the 360,000 borrowers already approved for student loan forgivenes under the Limited PSLF Waiver were able to get deferment and forbearance periods credited towards PSLF through the IDR Account Adjustment.
The Education Department is continuing to process PSLF applications that were already submitted before the October 31 deadline, and that process is expected to continue through the winter. Meanwhile, PSLF borrowers who missed the October 31 deadline for the waiver may still be able to benefit from the IDR Account Adjustment. Implementation of that initiative is not expected to be completed
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fantasy Football: Early waiver wire pickups for Week 12It's never too early to look toward your next matchup and a chance to bolster your fantasy football lineups. Here are two options to consider on the waiver wire ahead of Week 12.
Read more »
Fantasy Basketball Waiver Wire Pickups, Week 6: With injuries mounting, grab Killian HayesWeek 5 is in the books, and fantasy managers are left scrambling for backups after a slew of injuries. Here's a quick rundown of everyone who went down and will presumably miss some time.
Read more »
Week 12 Waiver Wire Pickups: Broncos waive Melvin Gordon, Chargers/Chiefs recap and Cordarrelle Patterson appreciation
Read more »
Fantasy football Week 12 waiver wire advice: Two running backs worth a flierQuick hitters and waiver wire advice for a handful of notable players after Week 11 of the fantasy football season.
Read more »
Waiver Wire Pickups for Week 12: Samaje Perine, Darius SlaytonWe're hitting the Week 12 waiver wire with jenpiacenti to look for guys like Samaje Perine, Darius Slayton and Matt Ryan Get the full list ↓
Read more »
Fantasy Football Waiver Wire Pickups, Week 12: Veteran backs and young receivers among top addsWe get a reprieve from the byes during Thanksgiving Week, so perhaps your fantasy roster problems aren't too dire. But some of us are preparing to break the bank for Latavius Murray, which feels like the last gasp of a nearly eliminated roster. If your lineup needs a boost, read on. All potential pickups mentioned here are unattached in a majority of Yahoo leagues.
Read more »