The Biden administration has announced that it will forgive $66 billion in student loan debt for borrowers who have been defrauded by their schools or who have worked in public service for 10 years. This is a significant step towards relieving the burden of student debt on millions of Americans.
👨🏫 What is PSLF / Temporary Expanded Public Service Loan Forgiveness?👩🏫
Public Service Loan Forgiveness (PSLF) is a program that forgives the remaining balance on federal student loans after 10 years of full-time, qualifying public service employment. The Temporary Expanded Public Service Loan Forgiveness (TEPSLF) program provides additional forgiveness for borrowers who have made payments under PSLF but have not yet reached the 10-year mark.
Qualifying public service employment includes jobs in:
Education
Public safety
Public health
Social services
Government
How to qualify for PSLF / TEPSLF?
To qualify for PSLF / TEPSLF, you must:
Have federal student loans
Make 120 qualifying payments
Work full-time for a qualifying employer
You can check if your loans are eligible for PSLF / TEPSLF by scheduling a free discovery call with us Click Here
⚖️ What is Borrowers Defense?
Borrowers Defense is a program that allows borrowers to have their federal student loans forgiven if they can prove that they were misled or defrauded by their school. Borrowers can apply for Borrowers Defense if they believe that their school engaged in deceptive or unfair practices, such as misrepresenting the school's accreditation or job placement rates.
How to apply for Borrowers Defense
To apply for Borrowers Defense, you must first complete an application online. You will need to provide documentation that supports your claim of being misled or defrauded by your school.
The Department of Education will review your application and make a decision on whether or not to forgive your loans. The process can take several months or even years.
❌ What if I don't qualify for PSLF, TEPSLF, or Borrowers Defense?
If you don't qualify for PSLF, TEPSLF, or Borrowers Defense, there are still other options available to you. You can:
Refinance your loans to get a lower interest rate
Consolidate your loans to make it easier to manage your payments
Make extra payments to pay off your loans faster
The Biden administration has made it easier for borrowers to qualify for PSLF, TEPSLF, and Borrowers Defense. If you think you may be eligible for any of these programs, we encourage you to schedule a free discovery call with us Click Here