(Though missing it could be just as scary.)
The differences between the standard PSLF requirements and the more lenient requirements available through Oct. 31 are significant.
Thatstudent loan forgiveness applicationis live albeit in beta form and due by Dec. 31, 2022.
Editor’s Note: The deadline for applying for the Public Service Loan Forgiveness waiver has passed.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
you’re free to learn about submitting a PSLF waiver applicationhere.
But if only it were truly that simple.
The programhas been plaguedby poor communication and conflicting information from the U.S. Department of Education and student loan servicers.
The requirements will return to the original rules held by the PSLF program after a yearlong hiatus.
Put in yourapplicationby Oct. 31 to see if you qualify.
What Benefits Does the Temporary PSLF Waiver Offer?
Federal Family Education Loans (also known as FFEL) now qualify for the program under the limited waiver.
Imagine paying 7 cents more than the required amount of your monthly bill.
In the past, that payment wouldnt count toward your 120 because it wasnt exact.
That odd requirement has been removed.
Late payments will now also count as well.
Those payments will now count toward forgiveness.
Who Will the PSLF Waiver Help?
In addition, 27,000 borrowers could become eligible for $2.8 billion in forgiveness by certifying employment.
More than 550,000 previously consolidated borrowers will have more qualifying payments.
In total, the average borrower will have two years cut off their repayment toward forgiveness.
Lee Dossett, a physician in Kentucky, was one recipient of loan forgiveness in January 2022.
How Do I Know if I Qualify for the PSLF Waiver?
Whether you qualify for forgiveness will rely on the types of loans you have.
FFEL loans will now qualify, as well as Perkins and direct loans which were previously eligible.
Within that portal, you should be able to identify your loan types.
The tool will eventually provide you with the form you need based on the information you provide.
What if I Dont Qualify for the PSLF Waiver?
If you find yourself in that group, you have other options.
You might have other ways to have your loans forgiven, canceled or discharged.
If youve yet to apply for that forgiveness,heres what you’re gonna wanna do.
Robert Bruce is a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
