Public Service Loan Forgiveness (PSLF) Program 

 

PSLF Waiver Offers Ways to Get Closer to Student Loan Forgiveness

 

Are you managing student debt? You may qualify for Public Service Loan Forgiveness—a program that rewards college graduates who work in the public sector. 

 

Borrowers employed by a government or not-for-profit organization may qualify for forgiveness. Instructions to get started with the process for both CSUF employees and non-CSUF employees working in the public sector are listed below.

 

Under this program, borrowers may qualify for forgiveness of the remaining balance of their Federal Direct Loans after they have made 120 qualifying payments on those loans while employed full time in an eligible federal, state, or local public service job, 501(c)(3) nonprofit job, or other not-for-profit that provides certain types of qualifying public services.

 

If you plan to pursue PSLF, it is important to become familiar with all program requirements on the FSA PSLF website. Now, for a limited period of time, borrowers may receive credit for past periods of repayment that would otherwise not qualify for PSLF under the “limited PSLF waiverOpens in new window ”. This new approach will add months or years of service credit for huge numbers of student loan borrowers by counting certain payments that had been ineligible. In some cases, borrowers will earn full loan forgiveness based on the changes. 

 

There’s no specific application for the waiver. Once borrowers have submitted PSLF forms and/or consolidated into the Direct Loan program, they will be automatically opted in and receive forgiveness if they qualify or an increased qualifying payment count. Employees interested in the PSLF program will need the employment verification section of the form completed by Payroll Services first.

 

WHAT'S NEW?

Here are some of the key improvements available under the Limited PSLF Waiver: 

  • Borrowers can receive credit for past periods of repayment on loans that would otherwise not qualify for PSLF. 
  • If you have Federal Family Education Loans (FFEL), Perkins loans, or other federal student loans, you will need to consolidate your loans into a Direct Consolidation Loan to qualify for PSLF both in general and under the waiver. Before consolidating, make sure to check to see if you work for a qualifying employer using the PSLF Help Tool. 
  • Past periods of repayment will now count whether or not you made a payment, made that payment on time, for the full amount due, or on a qualifying repayment plan. 
  • Periods of deferment or forbearance, and periods of default, still do not qualify. 

 

 

Getting Started - Non-CSUF Employees 

  1. If you don’t have one already, register for an FSA ID at StudentAid.gov/fsa-id/create-account. 
  2. Have or get Direct Loans (including through loan consolidation). You can consolidate your loans if you need to at StudentAid.gov/consolidation. 
  3. Complete your PSLF form and submit to your loan servicer. 

 

Getting Started - CSUF Employees 

The waiver is available to borrowers until October 31, 2022. To take advantage of the waiver, you need to: 

  1. You must certify employment for PSLF. To do so, please email Payroll Services at payroll@fullerton.edu with your request and include the below information. Payroll Services will generate a PSLF form and complete the appropriate employer sections and email the completed form back to the personal email address you provide. 
      • your full name,
      • your date of birth,
      • your address,
      • and a personal email account
  2. If you don’t have one already, register for an FSA ID at StudentAid.gov/fsa-id/create-account. 
  3. Have or get Direct Loans (including through loan consolidation). You can consolidate your loans if you need to at StudentAid.gov/consolidation. 
  4. Complete your PSLF form and submit to your loan servicer. 

 

Questions

If you have any additional questions, please contact Payroll Services at payroll@fullerton.edu or 657-278-2521.

 

 

 

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