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Making it easier to ask for forgiveness for public service loans
October 29, 2020
In this complicated world, it's nice when things get a little easier.
Borrowers who qualify for public service loan forgiveness (PSLF) got some good news this week about enhancements about the process.
In an October 28 Electronic Announcement, the Department said it is making changes to clarify information, simplify processes, and improve the overall borrower experience in the PSLF program.
Among the changes are an expansion of qualifying loan payments to consider both prepayments and lump-sum payments, enhancements to the PSLF help tools, and a new, single PSLF form.
According to the Announcement, the changes to qualifying payments will allow a borrower who, for example, has a $100 monthly payment to make an on-time pre-payment of $500 and that will be considered as the payments for the next five months.
In addition, the Department said it is planning a major update to the PSLF Help Tool's design in November 2020. The redesigned tool will feature a modernized interface and revised format to help borrowers more easily determine their eligibility for the PSLF Program.
Also in November 2020, the Department will launch a new, single form for the entire PSLF Program. The new form will be called the Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application, or PSLF Form for short.