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Federal Student Loan Cancellation May be Available

The Public Service Loan Forgiveness (PSLF) program guarantees complete student debt forgiveness to those who dedicate a decade or more to working in public service. Student loan repayments are scheduled to resume in September 2022 after a two-year pause.

On October 6, 2021 the Department of Education announced changes to the PSLF program rules for a limited time due to the COVID-19 pandemic. Under a new, temporary waiver period ending on October 31, 2022, student loan borrowers may receive additional credit for past periods of loan repayment that would otherwise not qualify for forgiveness.

New data from the Department of Education shows that policy fixes to the Public Service Loan Forgiveness program have resulted in more than 110,000 people with  student debt getting a total of $6.8 billion in relief. The average amount of debt forgiven per borrower is close to $60,000 and over 500,000 student loan borrowers will receive additional credit to meet PSLF requirements. SEIU members will need to take action during the temporary waiver period to benefit by October 31, 2022.

 

More information is available here.

 

 

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