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On August 24, the White House unveiled its plan to forgive significant portions of federal student loans for millions of Americans. At the same time, the pause on direct student loan payments was extended to December 31, reportedly the last such extension that will be granted.
Please note that the planned balance reductions and the extended payment moratorium are separate from the Public Service Loan Forgiveness waiver period that was announced last October 6, and that is still set to expire on October 31, 2022.
While precise details of when and how the lump-sum forgiveness plan will take effect, there are several elements of the plan worth noting:
For more information, read the White House fact sheet on all proposed changes and be notified when additional information becomes available.
How do these changes impact NYSUT members who want to take advantage of the PSLF waiver opportunity but who have federal loan balances that would be eliminated by the proposed lump-sum forgiveness?
It’s your choice.
If you’re anxious about waiting until the application process rolls out, you could still complete the required steps to secure full balance forgiveness before the waiver expires on Halloween.
If the Administration’s relief plan won’t completely eliminate your debt, then you could follow the appropriate steps to qualify under the waiver, and then apply for the additional relief in January.
Confused? We’re here to help!
Your NYSUT Member Benefits package includes free student loan webinars and one-on-one counseling with Cambridge Credit Counseling.
The next round of webinars, featuring plenty of live Q and A, are scheduled for September and October. If you haven’t yet discovered how the waiver could eliminate your loan balances or get you back on track for forgiveness, you need to attend because the waiver period expires on 10/31/22. This includes those of you who won’t have made 120 payments by that date.
Register for a webinar today!
You can also contact Cambridge’s Todd Friedhaber (tfriedhaber@cambridgecredit.org) or Martin Lynch (mlynch@cambridgecredit.org) to set up an appointment to discuss your options.
