New Rules for Student Loan Forgiveness Program Might Help You

Many of you likely know about the federal Public Service Loan Forgiveness (PSLF) program,. The program allows you to eliminate loan debt if you work for a qualified public service employer. If you qualify, the program forgives the balance on your federal student loans after you make 120 monthly payments. While the program works well for some borrowers, others encounter problems and confusion. Some expected loan forgiveness, then never saw it materialize. In an effort to aid these borrowers, in spring 2018, the federal government created the Temporary Expanded Public Service Loan Forgiveness (TEPSLF) program. It allocated $350 million to help people  who might have been misinformed in the early days of the regular PSLF program. That summer, I described TEPSLF and how audiology and speech-language pathology professionals can use it. Before I share details of the updated version of this program, let me share the CliffsNotes version of the original program. Most of the regular PSLF rules still apply with one main exception: Past payments made on any of the following repayment plans, which normally would not qualify, can now count toward the 120 monthly payments needed. Graduated Repayment Plan Extended Repayment Plan Consolidation Standard Repayment Plan Consolidation Graduated Repayment Plan This is a pretty big deal if you have direct loans and have been working for a qualified employer for 10 years or more. There are two other necessary qualifications: You need to have be...
Source: American Speech-Language-Hearing Association (ASHA) Press Releases - Category: Speech-Language Pathology Authors: Tags: Audiology Slider Speech-Language Pathology Health Care Professional Development Schools Source Type: blogs