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PSLF Program Deadline Approaching: Apply by 2024 to Get Student Loans Forgiven

The PSLF Program deadline approaches, with over 3.6 million debtors expected to receive increased loan forgiveness, with many automatically forgiven, due to a payment count adjustment by the ED.

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Student Loan Forgiveness Eligibility
Student Loan Forgiveness Eligibility

PSLF Program Deadline Approaching: A substantial increase in loan forgiveness is anticipated for over 3.6 million debtors enrolled in the William D. Ford Federal Direct Loan (Direct Loan) Program, with a considerable number of them having their loans automatically forgiven. A payment count adjustment is being carried out by the U.S. Department of Education (ED) in an effort to more precisely reflect the payment tallies of borrowers.

This adjustment, which will last until summer 2024, is expected to finish on July 1, 2024. All Direct Loans and Federal Family Education Loan (FFEL) Program loans managed by ED will immediately receive it.

This adjustment is available to PSLF, IDR, and ED Direct or FFEL Program borrowers.

The payment tally adjustment will include payments or months not previously recorded toward loan forgiveness.

Borrowers who qualify will approach the conclusion of their repayment period and, consequently, closer to being forgiven. Certain debtors will be granted loan forgiveness automatically. Borrowers who have surpassed the required payment amount may be eligible to receive a refund of the excess amount.

Every applicant account in which ED holds at least one Direct Loan or one FFEL Program loan will be reviewed. Automatic updates will be made to the payment counts of eligible borrowers.

The payment count adjustment will accrue time towards IDR forgiveness, including any months in a repayment status, 12 or more months of consecutive forbearance, or 36 or more months of cumulative forbearance, irrespective of payments made, loan type, or repayment plan.

SAVE Student Loans Program: Is the program for student loans taxable?

When does the application deadline for this program fall?

Borrowers whose loans are in default stand to gain by repaying the loan.

Prior to April 30, 2024, they are strongly encouraged to submit an application for a Direct Consolidation Loan in order to fully benefit from the payment count adjustment.

Qualifying for Public Service Student Loan Forgiveness (PSLF) Program