Public Service Loan Forgiveness (PSLF) Program Updates

April 23, 2024 / Faculty/Staff Highlights

Do you have outstanding student loans through the Federal Direct Loan Program? If so, you may qualify for student loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program.

The PSLF Program forgives the remaining balance of Direct Loans after borrowers make the equivalent of 120 qualifying monthly payments under an acceptable repayment plan while working full-time for an eligible employer such as NOVA. Borrowers are encouraged to verify their employment every year they are in repayment and making progress toward PSLF. Payments that were paused during the COVID-19 pandemic count toward the 120 qualifying monthly payments as long as all other qualifications were met.

For information on PSLF, including how to apply, see here.

Click here to register for a PSLF webinar on Wednesday, April 24, at 3 p.m. This session will cover the following topics:

PSLF Program for borrowers with an Income-Driven Repayment (IDR) plan
Eligibility for PSLF and IDR
Payment count adjustment criteria to receive credit toward loan forgiveness
How to apply for PSLF using the PSLF Help Tool

Please note that, starting in May 2024, MOHELA will no longer serve as the Department of Education’s sole PSLF contractor. The PSLF Program will be managed through StudentAid.gov and handled by several contractors, including MOHELA, who will process applications through the StudentAid.gov website and provide borrower support. During this transition (between May and July 2024), the processing of all PSLF forms will be paused. See here for more information.

Submitted by:
Clint Young, Financial Aid, JCYoung@nvcc.edu