The US Department of Education recently announced significant changes to the federal student loan forgiveness program. Here's everything borrowers need to know:
Eligibility for the Public Service Loan Forgiveness program is temporarily expanded through October 31, 2022, so that it now includes borrowers who have older loans that didn't originally qualify as well as those who were in the wrong repayment plan but met the other requirements.More than 550,000 people could be see their debt wiped away sooner than expected due to the changes to PSLF, the Department of Education said.
Biden extends student loan payment pause to January 31The Department of Education will review past payments to count those made on Federal Family Education Loans. It will also count months that service members spent on active duty toward PSLF, even if loan repayment was on a temporary suspension through a deferment or forbearance. The department's review will also take a look at payments that were potentially miscounted by the company or organization servicing the loan.
loan from the federal government do not gain any benefit from the Public Service Loan Forgiveness waiver.
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