Black students take out the most student loan debt in America – averaging $52,000 per borrower – and paying it back can take a lifetime.
The Public Service Loan Forgiveness (PSLF) program is supposed to forgive federal student loan debt for some workers, but it’s difficult to access. A new change, though, could help.
The PSLF forgives the remaining balance of federal student loans after 10 years of monthly payments while working for the government or a nonprofit.
The Biden Administration recently made it easier to access.
In October 2021, a waiver was created to expand the program and make it easier to qualify and apply. The waiver makes more types of payments count towards the program.
Applicants will still need to verify their eligibility to see if they qualify. They must prove they work full-time for a federal, state, local, or tribal government or a nonprofit organization. They must also provide their W-2 and spend about 30 minutes filling out the application online.
The intention of the waiver was to broaden access to student debt relief as a result of the economic impact of the pandemic. The process is still somewhat confusing and takes time – and applications are due by October 2022. If you may qualify, it’s wise to take advantage of it before it’s gone!