All About Public Service Loan Forgiveness
"Many student loan borrowers have received some relief in recent years, as the U.S. Department of Education paused student loan payments and collections on most federal student loans in March 2020 due to the coronavirus pandemic. And while it's been extended multiple times, that suspension is only temporary," U.S. News & World Report reports.
..."If a borrower is approved and makes more than 120 qualifying payments, those extra payments will be refunded. Processing time once approved for loan forgiveness varies, but could take up to several months, during which the borrower must remain at a qualifying employer.
'It's troubling because you have to be employed at a qualifying employer both when you applied for forgiveness as well as when the forgiveness is granted,' says Jill Desjean, senior policy analyst with the National Association of Student Financial Aid Administrators."
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Publication Date: 5/3/2022
