Federal Student Aid (FSA) is committing to clearing out “thousands” of requests made by borrowers enrolled in the Public Service Loan Forgiveness (PSLF) program, but is urging applicants to be patient as the process unfolds.
The remarks come from Richard Cordray, chief operating officer at FSA, who in a recent tweet called on borrowers to utilize online resources to best review updates to the status of their application.
Please continue to be patient, log in to FedLoan’s borrower portal to check your progress, and try not to flood our phone lines so we can focus on doing this work for you. pic.twitter.com/vEself8Z3s— Richard Cordray (@FSACOO) February 22, 2022
In urging borrowers to refrain from “flooding” phone lines, FSA indicated that the office would be better equipped to implement its work in overhauling the program — made possible by the Department of Education’s (ED) recent PSLF waiver — if borrowers tracked their repayment status using FedLoan’s borrower portal.
While the department continues to process these claims, it is also tasked with sorting through how to handle the eventual wind-down of the payment pause for federally-held student loans, which is currently slated to expire after May 1.
Another extension could be offered and would enable ED to continue to deliver more targeted debt relief before having to restart repayment on the loan portfolio, which has undergone changes in servicing and faces a host of challenges in ensuring that borrowers are aware of their need to make payments.
Since the pandemic’s emergency declaration has been extended by President Joe Biden, the administration could further utilize its previously implemented authority to offer another extension, but the continued short-term extensions will make it more difficult to discern when the benefit will actually expire and how borrowers can best prioritize their repayment options.
Publication Date: 3/2/2022