Do you have federal student loans? If so, Drake Human Resources encourages you to take advantage of the temporary changes made to the Public Service Loan Forgiveness (PSLF) program. A limited waiver is in effect until Oct. 31, 2022, making it easier for millions of public service workers to get credit for past periods of repayment that would otherwise not qualify under the traditional PSLF—reducing, or potentially eliminating, student loan debt.
For example, under the Temporary waiver:
- Past periods of repayment are potentially eligible whether or not you made a payment, made that payment on time, for the total amount due, or on a qualifying repayment plan.
- Borrowers with a FFEL Loan, Perkins Loan, or other previously excluded federal student loans can benefit by consolidating their loans into a Direct Consolidation Loan and receive credit for periods of repayment prior to the consolidation.
- Months spent in deferment before 2013 will count under the Temporary PSLF waiver.
In short, the waiver will allow borrowers gain PSLF credit, even if you had been told previously that you had the wrong loan type or the wrong repayment plan.
To see whether you qualify, visit studentaid.gov/pslfwaiver. There, you will find the PSLF Help Tool and additional information to assist you with processing. 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 committed to helping all current and past employees complete the necessary forms. To ensure timely processing, send your employer portion to DrakeHR@Drake.edu prior to noon on Oct. 31, 2022.
All information must be uploaded to your loan carrier prior to 11:59 pm Eastern Time on Monday, Oct. 31, 2022 for full consideration. Mail-in submissions must have an employer signature date prior to Nov. 1, 2022 to qualify.
