The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on federal direct student loans following 120 months of qualifying payments for certain public service employees – including those who work for governments, 501(c)(3) organizations, and other nonprofits providing certain public services, including public education, military service, law enforcement, early childhood education and public health. A temporary PSLF waiver makes it possible for millions of public service workers to receive credit for past periods of repayment that would otherwise not qualify – thereby reducing or potentially eliminating student loan debt.
Attorney General Josh Stein's office has asked that organizations across the state of NC share the following information about Public Service Loan Forgiveness.
Take Time This Week To See If You Can Benefit From an Important, Time-Limited Chance to Reduce or Eliminate Student Loan Debt for Public Service Workers!
For example, under the waiver:
- Past periods of repayment will now count whether or not you made a payment, made that payment on time, for the full amount due, or on a qualifying repayment plan;
- Borrowers with a FFEL Program loan, Perkins Loan, or other federal student loans can benefit by consolidating their loans into a Direct Consolidation Loan and receive credit for periods of repayment pre-consolidation; and
- You are eligible for forgiveness even if you are not employed by a qualifying employer at the time of application.
But public service workers must act fast – the deadline to take advantage of this opportunity is October 31, 2022!
- Visit studentaid.gov/pslf/ or ncdoj.gov/PSLF (including a link to a PSLF webinar by Attorney General Josh Stein, the Student Borrower Protection Center and the U.S. Department of Education).
- Contact your student loan servicer and let them know that you are interested in PSLF and the waiver. Your loan servicer should be able to assist you.
Remember – the currently-scheduled deadline for the PSLF waiver is October 31, 2022.
Please set aside time this week to see if you can benefit – and thank you for what you do for your community and our state!