For a limited time, borrowers who worked for a qualifying employer may apply to receive credit for payments made on loans that would otherwise not qualify for Public Service Loan Forgiveness (PSLF). Under the temporary rules, any prior period of repayment will count as a qualifying payment, regardless of loan program, repayment plan or whether the payment was made in full or on time. You continue to need qualifying employment.
This change will apply to student loan borrowers with Direct Loans, those who have already consolidated into the Direct Loan Program and those who consolidate into the Direct Loan Program by Oct. 31, 2022.
Prior to making these changes, only 16,000 borrowers were able to access forgiveness through the program. According to recent data from the U.S. Department of Education, the Public Service Loan Forgiveness (PSLF) Wavier has already helped more than 76,000 borrowers qualify for forgiveness, totaling $5 billion in relief in just over three months.