In recent months, Drake HR has shared some information about updates to the Public Service Loan Forgiveness program. However, some people may still not have heard about it, or they are not aware of the recent changes made to the program. If you still have student loans, please check to see whether you qualify for this program—it has become easier to apply and the approval rates have increased dramatically since the program was modified last year.

In fact, a current faculty member just let us know that their application was approved and *poof* all their student loans were forgiven. Here is their experience with the process:

I applied for consolidation of my loans in November 2021 and also submitted my verification of employment history shortly thereafter. My loans had been previously held by Nelnet. Once the loan consolidation application was approved, my loans went into forbearance as my application was reviewed. I was initially denied in February because I had not been under a previously approved repayment plan; however, the application was then turned over to the Department of Education. I was then notified in March of this year that the loan was forgiven. So, from start to finish it was an almost 5 month process but definitely worth it!  -Current Drake Faculty Member

The Skinny: After you make 120 qualifying monthly payment for PSLF while working for a qualifying employer, all you need to do is submit the PSLF form to receive loan forgiveness. As a not-for-profit institution, Drake University is a qualifying employer. Even if you do not yet fully qualify, the PSLF website recommends that you still submit the form annually, so it will be easier when you do fully qualify.

Drake HR is here to help! Page 2 of the form consists of Section 3: Employer Information. This is the section Drake HR will complete for you. Send an email to drakehr@drake.edu and let us know you need it completed. If you send us your partially completed form, please omit your social security number—you never want to email that. If you have worked at a variety of qualifying employers over the course of your 120 monthly payments, you will need those employers to complete their own page 2 (Section 3) of the form.

Special Notice for the COVID-19 Emergency: To take advantage of a limited-time PSLF waiver during the COVID-19 national emergency, it is recommended that you submit this form for each qualifying employer you’ve had since October 2007, even if you had an ineligible loan type, repayment plan, or some other disqualifying factor. You must submit your application by Oct. 31, 2022. Learn more here.

— Maureen De Armond, Human Resources