Public Service Loan Forgiveness (PSLF) program is going to get a major revamp, as announced by U.S. Department of Education. The move will benefit more than half of the program borrowers, who will receive loan forgiveness of $4.5 billions plus.
There are many temporary waivers available to the borrowers, like irrespective of the loan program or payment plan, all prior payments will come under the loan forgiveness program. Payments made as repayment will be counted under the loan forgiveness program. Late payments and partial payments will also be counted under the program.
Although to avail these benefits, the borrower must submit the PSLF application by 31st October 2022. The application can be used to apply for forgiveness or certify employment.