Written by Peter Martin, NAVREF Program Support Specialist

Have you explored the possibilities of Public Service Loan Forgiveness? Although much of the attention has been geared towards general student loan relief plan, we would be remiss if we did not bring attention to the end of the PSLF extension and PSLF accessibility in general. 

For those that do not know, currently, public servants with any type of federal loan, can retroactively apply their payments to the 120 total payments (10 years’ worth of payments) required for forgiveness. This includes payments from federal loans that are not direct loans, late payments to federal loans, payments that did not meet the minimum amount, and payments towards federal loan from employment prior to public service(Federal Student Aid). Outside of the current expanded benefits, the Student Borrower Protection Center estimates that out of the 9 million borrowers that are eligible to benefit from PSLF, only 15% have filed the paperwork to follow their progress (Student Borrower Protection Agency).  

PSLF has the potential to be useful for hiring and retention, two subjects that are often challenge areas for many NPCs. By encouraging and helping employees apply, employers will also be creating a culture that prioritizes the interests of employees. Thus, NPCs can add an entirely new avenue of service to their missions, especially as a sector that employs veterans, former hospital workers, and others public servants. 

Implementation of PSLF assistance at your NPC: 

• Easy access to certification of years of employment 

• To apply for PSLF, applicants will need to certify their time in public service. Employers will be required to fill a form on behalf of their employees that are applying. 

• As and ED, make sure that your office or your Human Resources director has the resources on hand to assist employees 

• Both sites below are good starting points for those tackling their student loans 

• Student Loans, Forgiveness | U.S. Department of Education 

• Home | Federal Student Aid 

• Make PSLF a staple of your onboarding process: When starting a new job, loan forgiveness may not always be a something new employees think about when starting in a new position. 

• Remember that your do not have to be an expert, but you should be familiar with the process. Use he guide below to familiarize yourself with potential form of assistance and share it with your employees. 

• Consumer Financial Protection Bureau’s guide for employers 

Beyond this expanded period of loan forgiveness, PSLF will still be available, and the unfortunate reality is that much of the vital information is not reaching those in debt. Many loan servicers fail to provide information on programs such as PSLF.  

If you have not yet taken advantage of the PSLF expansion, we encourage you to find out more through the links below: 

PSLF Explained- Youtube Video 
White House- Public Student Loan Forgiveness 
PSLF Help tool- studentaid.gov