Apply soon for Public Service Loan Forgiveness (PLSF)
On Aug. 24, 2022, President Biden announced an executive order to cancel up to $20,000 in federal student loan debt for all borrowers with an individual income below $125,000 ($250,000 for joint tax filers). If you have federal student loans, you are also likely eligible for cancellation of your entire remaining federal debt following ten years of working full-time for UC (or another qualifying employer) and making loan payments.
Eligibility for the Public Service Loan Forgiveness (PSLF) program has been expanded under a time-limited waiver that currently expires on Oct. 31, 2022. Even borrowers who were previously ineligible or missed payments can now receive PSLF.
So far, the average loan balance forgiven under PSLF nationally is over $60,000 per borrower.
We expect a surge of applicants who will need their UC employment certified well before the Oct. 31 deadline, so it’s important to apply right away.
Visit the UC Public Service Loan Forgiveness (PSLF) page to check your eligibility and start your application. A recording of the #UCStudentDebtChallenge Virtual Town Hall (held on Wednesday, Aug. 31) will be posted on the page as soon as it is available.Tags: PSLF, Public Service Loan Forgiveness, student loans