Last week, the Biden administration announced that it had identified 100,000 borrowers who will qualify for $6.2 billion in student loan forgiveness — but the loan forgiveness has been preliminarily approved under a specific program. Here’s who qualifies:
, or “waiver” for short. Under the waiver, the Education Department is temporarily changing two of the three PSLF rules:
Any repayment period can qualify for PSLF under the waiver, regardless of the repayment plan, whether the payments were made in full or on time, and whether the payment was made before or after Direct loan consolidation.
Not all of the student loan forgiveness through the waiver will be automatic, however. Borrowers who still have FFEL loans and Perkins loans and will benefit from the waiver would need to consolidate those loans via the federal Direct consolidation loan program. And borrowers who have not yet certified their employment by submitting the PSLF Employment Certification forms would need to do so.
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