Long wait times, uncertainty for PSLF Buyback debt relief
About 83,000 federal student loan borrowers who have submitted the Public Service Loan Forgiveness Buyback application continue to await a decision regarding their debt forgiveness.
As a result of a law introduced by the Bush administration in 2007, federal student loan borrowers who have dedicated at least 10 years of service to certain not-for-profits or government positions may receive accelerated student debt forgiveness by retroactively fulfilling payments missed due to forbearance or deferment, according to a news article from CNBC. Experts cited in the article noted that once the Saving on a Valuable Education plan was blocked in the courts in 2024, millions of borrowers were automatically enrolled in forbearance, their progress toward the PSLF Buyback option paused.
Experts urged borrowers who are eligible for debt forgiveness under the PSLF Buyback option to avoid being discouraged by the long wait times and complete their applications to the U.S. Department of Education. Those who apply should continue making monthly repayments on their loans, while borrowers on the SAVE plan can request to switch to the Standard Repayment Plan and complete their remaining PSLF Buyback payments for a potentially quicker transition.
Read more: CNBC
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