The Biden administration is ramping up student loan forgiveness processing operations for two key initiatives. As millions of borrowers get ready to submit their student loan forgiveness applications, here’s what to expect.
Some borrowers may see a reduction in their monthly student loan payments after their student loan forgiveness has been applied to their balance, as the Education Department will be re-amortizing loan balances for borrowers in non-income-driven repayment plans.entitled to automatic refunds
last year. The waiver temporarily alters several of the PSLF program’s strict rules to expand what qualifies as “credit” towards the 120 qualifying payments required for borrowers to obtain student loan forgiveness through Public Service Loan Forgiveness. Specifically, the Limited PSLF Waiver allows the Education Department to retroactively count certain past periods of payments, deferments, and forbearances that otherwise may have been rejected.
Borrowers should select MOHELA — the Department of Education servicer contracted to handle the PSLF program — as their loan servicer. MOHELA is also the loan servicer that will process the PSLF Employment Certification forms. Existing Direct loan borrowers whose student loans are not serviced by MOHELA will have their loans transferred to MOHELA as the agency processes their PSLF forms.
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