In the September HR Monthly email, we reminded employees that as a not-for-profit Drake University is a qualifying employer for public service loan forgiveness (PSLF). Employees who have Federal Direct Loans and have made at minimum 120 payments on the Federal Direct Loans (after Oct. 1, 2007) may be eligible for the remaining loan balance to be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments, and loans must not be in default to be forgiven.

Last month, the U.S. Department of Education (DOE) expanded the types of loans and loan payments that count toward that 120 payment total. The DOE is calling the temporary expansion the “Limited PSLF Waiver” program. The waiver program will temporarily relax several rules governing the PSLF program.

Previously, only Direct federal student loans, and certain types of repayment plans based on a borrower’s income, would count towards a borrower’s student loan forgiveness term under PSLF. However, for most of 2022, the DOE will count past payments on non-Direct federal student loans, such as FFEL loans and Perkins loans (previously not eligible for PSLF relief), towards the 120 “qualifying” payments that a borrower must make to get student loan forgiveness.

The Limited PSLF Waiver will also allow payments made under any repayment plan to count as well; previously, only payments made under income-driven repayment plans and a 10-year Standard plan could qualify.

Visit a page explaining the PSLF form. Access the most current version of the form (expiring 08/31/2023).

Maureen in Human Resources can complete page two and sign it on behalf of Drake. If you want to complete the form you have three easy options to get HR’s assistance:

• Come by HR any time and drop off the form. We can let you know when it is ready for pick up.
• Set up a time to meet with Maureen and have page two completed while you wait.
• Email drakehr@drake.edu requesting assistance. We can email you a pdf of page 2 completed with your information—minus your social security number (we don’t email those).

If you have outstanding student loans and think there is even a possibility that you could qualify for the loan forgiveness program, we encourage you to look into this opportunity for loan forgiveness. For more information, visit the Public Service Loan Forgiveness information on the Federal Student Aid website.

— Maureen De Armond, Human Resources