Time is running out. Here’s what you need to know if you’re thinking about applying for student loan forgiveness under this expiring initiative.
Under the waiver initiative, the Education Department is able to go back and credit many loan periods towards a borrower’s 120 qualifying payments that, under the original PSLF rules, could not have counted. This includes any past period of repayment on any type of federal student loan as well as certain periods of deferment and forbearance.
While some of the relief under the Limited PSLF Waiver will be provided automatically, many other borrowers still need to take steps to qualify. Education Department officials are urging borrowers to apply.Whether a borrower must take steps to benefit from the Limited PSLF Waiver depends on their circumstances.
Borrowers with FFELP loans would need to consolidate those loans via the federal Direct consolidation program for those loans to get PSLF credit under the waiver. In addition, borrowers with many different individual student loans that have different PSLF payment counts can also consider Direct loan consolidation to maximize PSLF credit under the waiver.
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