Student loans are some of the most common debts Americans face. They total over $1.6 trillion — 92% of which fall under the federal debt category. However, the government provides borrowers with various debt relief plans, like the Public
Loan Service Forgiveness (PSLF) Program. While it offers a unique method to wipe out all your federal student loan debt, the process can also be tricky.
Many individuals who got denied for PSLF or Temporary Expanded Public Loan Forgiveness (TEPSLF) don’t realize they can get credit for past payments under the limited PSLF Waiver. They can enjoy such benefits even if they didn’t make payments in time, pay the full amount due, or use the right repayment plan. This article will discuss everything you need to know about the PSLF Waiver and the steps you need to take to earn all its advantages.
What is the PSLF Waiver?
The PSLF Waiver is a temporary program designed to help select public service workers achieve loan forgiveness. This limited opportunity eases many of the rigid rules for PSLF and TEPSLF initiatives — both of which only have a 2.1% approval rate. Its goal is to boost these disappointing acceptance figures.
Here’s how it works. PSLF requires 120 Qualifying Payments (QP) for loan forgiveness. However, the PSLF Waiver gives teachers, nurses, military members, and other public servants a chance to reach as far back as 2007 and make qualifying payments today. If you have 120 QP, you may be eligible for the retroactive student loan forgiveness!
Note that the PSLF Waiver will sidestep some of the program’s more stringent regulations and will accept the following payment types:
- Remittances for the Federal Perkins Program and Federal Family Education Loan
- Payments made for a non-qualifying repayment plan
- Delayed remittances
- Past partial payments
- Remittances by military service members while on active duty, even loan deferment or forbearance not being repaid
While the plan may sound like a dream come true, there is one critical catch. The PSLF Waiver is only valid until October 31, 2022. We suggest starting now if you want to enjoy its perks.
Benefits of the PSLF Waiver
The PSLF Waiver doesn’t change PSLF’s core requirements, including having a direct or direct consolidation loan, making 120 qualifying payments, and working full-time for the government or a non-profit organization. However, it offers life-changing advantages for qualified individuals. Let’s look at some of its more notable benefits below:
Increase the Number of Qualifying Payments
On October 6, 2021, the U.S. Department of Education (ED) announced the effectiveness of the PSLF Waiver in response to the COVID-19 pandemic. From that date until October 31, 2022, qualified individuals may receive credit for past repayment periods dating as far back as 2007. This program should help public servants get closer to their loan forgiveness
Enjoy Tax-Free Forgiveness
The Internal Revenue Service (IRS) doesn’t tax loan amounts forgiven under the PSLF program. For this reason, you don’t have to worry about taxes and interest in making PSLF Waiver payments.
Enhance Financial Standing
Once you qualify for the PSLF Waiver Program, your debt-to-income ratio will improve, helping you gain access to other loans you might need. Also, it will boost your credit score, making it easier to apply for other lines of credit.
Who Is Eligible for the PSLF Waiver?
The PSLF Waiver applies to direct loan borrowers who work (or have worked) full-time in Public Service Jobs since October of 2007.
You May Need to Consolidate
The changes under this program affect student loan borrowers with direct loans, those who have completed consolidation into the Direct Loan Program, and those who correctly apply for consolidation by October 31, 2022. Under the PSLF Waiver, you can apply for PSLF and consolidate your loan before the deadline to receive qualifying credit for your payments. Note that it covers loans under the William D. Ford Federal Direct Loan Program, but does not include repayment periods for
parent PLUS loans.
Sign Up for the Ultimate PSLF Waiver Course Now
The PSLF Waiver Program offers public servants a fast and convenient way to achieve student loan debt forgiveness. Our course, PSLF Waiver: Get It Right, provides you with the knowledge and tools you need to get approved — no matter what it takes! Our goal is to guide qualified individuals through the red tape, confusing jargon, and information overload. The process may seem overwhelming, but it’s not.
Here’s what you need to do to receive PSLF Waiver benefits:
- Apply for your waiver: If you have at least one Direct Loan and one approved PSLF form, you qualify for the PSLF Waiver.
- Complete the consolidation process (If Necessary) : Most applicants need to consolidate their loans to qualify for the PSLF Waiver. Consolidating student loans can be confusing. Our course will help you determine if consolidation is needed for approval of your PSLF Waiver. If so, then it will lead you through our simple step-by-step process.
- Connect with experts: With an affordable $99 investment, you gain access to our customer care team. You can reach out to our specialists through your Udeany page or our members-only Facebook community. We will be here every step of the way
until your waiver is approved.
- Stay on track: We know how challenging it is to acquire 120 qualifying payments. Many people will need to continue accumulating payments even after their Waiver has been approved. Our course helps you stay on track, qualify for the lowest payment possible, and therefore have more of your student loan debt forgiven.
- Achieve forgiveness: The PSLF Waiver may help you achieve instant forgiveness or it may help you get much closer to the finish line. When you purchase our course, you get a simple plan of action and a clear understanding of the steps necessary to achieve total (and tax-free!) forgiveness of all your federal student loan debt.
Remember, the PSLF Waiver Program is only valid until October 31, 2022. “PSLF Waiver: Get It Right” provides qualified applicants with the fastest, simplest, and most affordable solution to student loan forgiveness. Enroll now to achieve the financial freedom you deserve.