The U.S. Department of Education has announced an overhaul of the Public Service Loan Forgiveness (PSLF) Program that they will implement over the next year. A limited PSLF waiver will allow all payments by student borrowers to count toward PSLF, regardless of loan program or payment plan. Borrowers will get the benefit of this waiver if they apply to consolidate into the Direct Loan program and submit a PSLF form by October 31, 2022. The waiver applies to loans taken out by students. For those have already applied for PSLF and were denied, previously submitted applications will be reviewed for errors to give borrowers the ability to have their PSLF determinations reconsidered.
To apply for PSLF, you must be employed full-time by a public service organization. Qualified early childhood organizations include licensed or regulated childcare, Head Start, and state-funded prekindergarten.
Research from the Institute and the Center for the Study of Child Care Employment (CSCCE) at the University of California, Berkeley confirms that teachers’ student loan debt in NY is significant. Half of the teachers in our sample have student loan debt: 52% of these teachers have loans in excess of $25,000 and 24% have loans in excess of $50,000.
The Institute’s Career Development Center will help the early childhood workforce navigate the loan forgiveness program application process. Contact firstname.lastname@example.org to connect with a Career Advisor.
Here are some resources to learn more about the waiver and the Public Service Loan Forgiveness Program.
- Public Service Loan Forgiveness Limited Waiver Opportunity
- Fact Sheet: Public Service Loan Forgiveness (PSLF) Program Overhaul
- Complete the Public Service Loan Forgiveness (PSLF) Form With the PSLF Help Tool
For more information, contact the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.