The Massive PSLF Overhaul: What You Need to Know

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If you’ve been on track for Public Service Loan Forgiveness (PSLF), there have been some recent changes that may impact you and could make your life easier.

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Some federal loans that were previously eligible are now eligible for tax-free forgiveness. Your payment history on these loans will count toward the 120 necessary payments. There are numerous other changes that tend to favor the borrower.

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If PSLF is not an option for you, taking advantage of surprisingly low interest rates for refinancing private student loans might be a great option. Read on to learn about the recent changes to the PSLF program.

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On October 6, the Department of Education (DOE) announced major changes to Public Service Loan Forgiveness (PSLF). A limited waiver was issued temporarily changing the requirements of PSLF. The temporary changes were issued in part to remedy the disastrous PSLF program and to benefit borrowers who took out Family Federal Education Loans (FFEL) and Perkins Loans.

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Payments Made on FFEL Loans and Perkins Loansway The most significant change is with FFEL borrowers. In the past, FFEL loans were not considered eligible for PSLF. And the only way to make them eligible was through a direct federal consolidation which erased all prior payment history.

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The limited waiver is allowing borrowers with FFEL and Perkins loans to complete a direct federal consolidation and be credited for their past payment history back to October 2007.

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Read The Full Article By Clicking Below

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The Massive PSLF Overhaul: What You Need to Know

If you’ve been on track for Public Service Loan Forgiveness (PSLF), there have been some recent changes that may impact you and could make your life easier.

Some federal loans that were previously eligible are now eligible for tax-free forgiveness. Your payment history on these loans will count toward the 120 necessary payments. There are numerous other changes that tend to favor the borrower.

If PSLF is not an option for you, taking advantage of surprisingly low interest rates for refinancing private student loans might be a great option. Read on to learn about the recent changes to the PSLF program.

Payments Made on FFEL Loans and Perkins Loansway The most significant change is with FFEL borrowers. In the past, FFEL loans were not considered eligible for PSLF. And the only way to make them eligible was through a direct federal consolidation which erased all prior payment history.

The limited waiver is allowing borrowers with FFEL and Perkins loans to complete a direct federal consolidation and be credited for their past payment history back to October 2007.

Read The Full Article By Clicking Below

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