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What employers need to know about the Public Service Loan Forgiveness waiver

With an October 31 deadline looming, many employees who have made 120 full monthly payments while working at a qualifying employer are eligible for forgiveness – and it’s a quick win for employers seeking a high ROI financial wellbeing benefit.

By Bridget Haile | October 20, 2022 at 03:26 PM
money and mortarboard (Photo: Shutterstock)

The Public Service Loan Forgiveness (PSLF) Limited Waiver is working: More than 90% of all forgiveness granted has come through its expanded eligibility, with the US Department of Education granting more than $10 billion in debt relief to more than 175,000 student loan borrowers, according to the DOE.

It was disappointing, then, that the waiver was not extended as part of the Biden Administration’s sweeping actions around student loan debt last month, including forgiving thousands in loans for millions of borrowers. And even though HR leaders and their employees are left scratching their heads at the timing (extensions have practically become par for the course in our space), the good news is that many more individuals are aware of PSLF. Couple employee awareness and interest with employer support, and you have a recipe for forgiveness!

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