North Carolina Attorney General Josh Stein has shared the following information about the Public Service Loan Forgiveness (PSLF) program. Since our members have adult children or former colleagues who may benefit, we ask that you spread the word in the public servant community about this loan.
The Public Service Loan Forgiveness 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 military service, law enforcement, public education, and public health.
A current, but temporary, PSLF waiver announced by the U.S. Department of Education 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. 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 an 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.
The deadline to take advantage of this opportunity is currently set for October 31, 2022.