Are you a current borrower looking for relief when it comes to your student loans? Rest assured, the Public Service Loan Forgiveness (PSLF) program is here to help you. According to Betsy Mayotte, president of The Institute of Student Loan Advisors, borrowers are entitled to this relief as it is written into federal law. Even if there are changes in Congress, it would take an act of Congress to eliminate the program.
But what if there are changes in legislation? Don’t worry, current borrowers would still be able to work towards loan forgiveness under the program. Any changes would most likely only apply to new borrowers, with existing borrowers being grandfathered in. This means that even in the worst-case scenario, current borrowers would still be eligible for relief.
So, what can borrowers do to ensure they are on track for loan forgiveness under PSLF? Utilize the PSLF help tool to search for qualifying employers and access the employer certification form at StudentAid.gov. By filling out this form at least once a year and keeping records of your qualifying payments, you can work towards the 120 qualifying payments needed to have your remaining debt forgiven.
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