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Education Secretary Miguel Cardona has frequently encouraged borrowers on Twitter to use the waiver now, and while Federal Student Aid head Richard Cordray previously said he is "pushing hard to get approval if we can get it extended," he noted doing so could face challenges due to limits in executive authority. While many advocates and lawmakers are hoping the PSLF waiver won't expire anytime soon, Education Department officials have maintained messaging that borrowers should make use of it while they can. Sheldon Whitehouse and Jeff Merkley introduced legislation last month that would cut the number of qualifying payments in half and allow any prior payment to qualify toward forgiveness progress. PSLF has gotten the attention of other Democratic lawmakers, as well, who are hoping to make up for the years of flaws within the program. The legislation gained the support of major unions including the American Federation of Teachers and the Service Employees International Union, and it comes as the Education Department is working through the rulemaking process, which includes proposed reforms to programs like PSLF that are set to be implemented next year.
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The bill includes 1,400 payments, an extension of. Menendez and Norcross' bill would codify some of those reforms and further improve the program by:Īllowing public servants with loans or any work in public service before 2007 (when the program was created) to qualify for PSLFĮliminating the 120 payment requirement and only requiring ten years of public service workĮxpanding current PSLF waiver beyond October 31, 2022Įnsuring borrowers or parents with PLUS loans who are also in public service can qualifyĬlarifying full-time employment is at least 30 hours a week and ensuring adjunct or part-time higher education faculty can qualifyĮxpanding the definition of a public servant to include all eligible workersĪnd allowing teachers to simultaneously qualify for PSLF and the Teacher Loan Forgiveness Program. US President Joe Biden has signed a 1.9tn (£1.4tn) economic relief bill that aims to help Americans impacted by the Covid-19 pandemic into law.
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That's why Biden's Education Department announced reforms to the program in October, including a waiver through Octothat allows any prior payments - including those deemed ineligible - to count toward loan forgiveness progress. Leading up to Biden's presidency, 98% of borrowers who applied for PSLF were denied due to paperwork errors and student-loan company mismanagement of the program. "This legislation will also improve recruitment and retention in key public service fields that have and continue to experience severe workforce shortages." "This legislation aims to fix these long-standing issues and deliver on the promise of the Public Service Loan Forgiveness Program by repaying those who dedicate their lives to serve and improve our communities with student loan forgiveness," he added. "From day one, the Public Service Loan Forgiveness Program has been plagued with issues and inadequate oversight, resulting in less than ten percent of applicants being approved for loan forgiveness despite their dedicated service to our nation," Menendez said in a statement. Specifically, the legislation would codify recent - but temporary - reforms President Joe Biden's Education Department implemented last year to ensure any borrower who qualifies for the program will get loan forgiveness. Donald Norcross introduced the Second Chance at Public Service Loan Forgiveness Act, which aims to permanently reform the Public Service Loan Forgiveness (PSLF) program, intended to forgive student debt for government and nonprofit workers after ten years of qualifying payments. Two Democratic lawmakers want to ensure public servants have all the time they need to access the student-loan forgiveness they were promised.
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Their reforms include student-loan forgiveness for those in public service prior to 2007. Norcross introduced a bill to make reforms permanent for public servants. Last year, the Education Department announced temporary reforms to PSLF. Other program limitations may also apply – please see for details.Senator Bob Menendez (D-NJ). This program has specific eligibility requirements and not all households may be eligible.įunds may not still be available by the time a household applies. §1001 provides, among other things, that whoever knowingly and willingly makes or uses a document or writing containing any false, fictitious, or fraudulent statement or entry, in any matter within the jurisdiction of any department or agency of the United States will be fined not more than $10,000 or imprisoned for not more than five years, or both. Landlords and tenants are particularly put on notice that 18 U.S.C. Texas Coronavirus Relief Bill Rental Assistance Program administered by the Texas Department of Housing and Community Affairsįalsification of documents or any material falsehoods or omissions in an Application to this program, including knowingly seeking duplicative benefits, is subject to state and federal criminal penalties.