Dear Members,
I hope all is well with you and your family & friends!
Many people have had questions about PSLF (Public Service Loan Forgiveness) over the last couple of months. I am going to share a little information to help you understand and possibly benefit from this government program.
PSLF is a program that started under the College Cost Reduction and Access Act of 2007 to provide indebted professionals a way out of their federal student loan debt by working full-time in public service.
The program has various requirements, such as, being employed with public sector employers (i.e., schools & non-profit organizations) and making qualified payments determined by the loan servicer. However, due to a temporary change in the act that went into effective October 6, 2021, the U.S. Department of Education (ED) announced a provisional period during which borrowers may receive credit for payments that previously did not qualify for PSLF (Public Service Loan Forgiveness) or TEPSLF (Temporary Expanded PSFL). This means that if you have a Direct Loan and worked full-time for qualified employers, like Michigan State University, you might qualify to benefit from this act.
However, you must submit the appropriate paperwork by October 31, 2022, to take advantage of this temporary waiver. I would encourage anyone who is interested in utilizing this program to visit the link below to obtain all the necessary information and required documents. Please do not wait until the October deadline to submit your information! Note-This program does work. I have had my Direct Loans forgiven under this program by completing the required documents.
Get your paperwork started today!! Use the link below.
Tonya Jamison
Legislative Chair