16 Mar URGENT: Your employees only have until October 31st to qualify for the Limited PSLF Waiver
Are you aware your employees can receive thousands more in Public Service Loan Forgiveness? However, they must act before October 31st.
What is Public Service Loan Forgiveness (PSLF)?
Student loan forgiveness for nonprofit employees. But only after they have made 120 “qualifying payments”.
What is the Limited PSLF Waiver?
The rules for a “qualifying payment” were not clear. As a result, the PSLF program has a 1% success rate. The Department of Education made changes, introducing the Limited PSLF Waiver.
Example of PSLF without the Limited PSLF Waiver:
Jane has $30,000 in undergraduate student loans. She has made 110 monthly payments. As a result, the Department of Education will forgive her loans after 10 more payments. In addition, Jane has $100,000 in graduate school loans. She has made 48 monthly payments. As a result, the Department of Education will forgive her graduate loans after 72 more payments.
Example of PSLF with the Limited PSLF Waiver:
Jane takes advantage of the Limited PSLF Waiver. She applies before the deadline. As a result, Jane may have both her undergraduate AND graduate loans forgiven after 10 more payments.
Why you should help your employees like Jane
PSLF will also benefit you when implemented correctly. It increases your employee retention. It supports your employees’ mental and financial health, and DE&I. If you are exploring an assistance program and would like our feedback contact us at firstname.lastname@example.org.