Did you know there’s a way for student loans to be forgiven? If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Even if you took advantage of the payment waiver from March 2020 through January 2022 due to the pandemic, these months count toward the 120 qualifying payments! The Department of Education recommends that borrowers use the PSLF Help Tool to walk throught the application process.

Visit studentaid.gov to learn more about the PSLF Program, and to see whether you might qualify. Regulations were amended in July 2021 so that full-time employees of religious, not-for-profit organizations now qualify. There is a limited window to get credit for payments that previously did not qualify for PSLF under the new fix that will expire on October 31, 2022.

The links below may help you as you research the options that are available to you.

Principal Milestones: Repaying Your Student Loans

Link to PSLF information complied by Church Benefit Association.

Public Service Loan Forgiveness | Federal Student Aid

Fact Sheet: Public Service Loan Forgiveness (PSLF) Program Overhaul | U.S. Department of Education