Improving the Public Service Loan Forgiveness Program
The Department of Education recently announced permanent changes to the Public Service Loan Forgiveness program to make it easier for borrowers to see their federal student loans forgiven under the program. Many of these changes were announced earlier this year on a temporary basis; they will take effect in July 2023.
Specifically, the Department announced that it will
- Allow borrowers to count late or partial payments and to count certain periods of forbearance or payment suspension toward PSLF
- Credit borrowers for payments before they converted their outstanding loans to a direct loan managed by the federal government, as required
- Simplify and standardize the criteria to qualify for the program. For example, working 30 hours a week will be considered full-time, while adjunct faculty will receive a credit of 3.35 hours of work for every credit hour taught
AACTE encourages you to check your availability to benefit from the Public Service Loan Forgiveness program and/or the relief from federal student loan debt.
Tags: federal issues, funding, higher education