Deadline for Public Service Loan Forgiveness is Oct. 31; new Student Loan Debt Forgiveness program is accepting applications

The Cincinnati State Financial Aid Office reminds employees that the deadline to apply for the Limited Public Service Loan Forgiveness program is October 31, 2022.

To qualify for PSLF, you must

• be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service)
• work full-time for that agency or organization
• have Direct Loans (or consolidate other federal student loans into a Direct Loan)
• repay your loans under an income-driven repayment plan
• make 120 qualifying payments

For more information, visit https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service.

One-Time Federal Student Loan Debt Relief

The U.S. Department of Education encourages students seeking loan debt relief to complete the newly opened form at https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.

The application deadline is December 31, 2023.

As a result of a court case, the Department of Education is temporarily blocked from processing debt discharges, but those who are eligible are encouraged to apply. Applications will continue to be reviewed while court action is pending.

Student loan relief is available in two tiers:

• $20,000 for those who ever received Pell Grant funds
• $10,000 for those who did not receive Pell Grant funds

Eligibility for the program is open to:

• Individuals who made less than $125,000 in 2021 or 2020
• Families that made less than $250,000 in 2021 or 2020

These federal student loans are eligible for relief, if loan funds were disbursed (received by the loan recipient) on or before June 30, 2022.

• William D. Ford Federal Direct Loan (Direct Loan) Program loans
• Federal Family Education Loan (FFEL) Program loans held by Department of Education or in default at a guaranty agency
• Federal Perkins Loan Program loans held by Department of Education
• Defaulted loans (includes Department of Education-held or commercially serviced Subsidized Stafford, Unsubsidized Stafford, parent PLUS, graduate PLUS; and Perkins loans held by Department of Education)

More information about this new program is available at https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.