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Nonprofit Student Loan Forgiveness: Time is Running Out to Apply for Waiver

Written By
Tammy Pitts
Chief Communications Officer
Tammy Pitts
Posted On
Category
Twblogpostoct2022pslf

Time is running out for nonprofit workers to apply for a temporary student loan forgiveness waiver that could help them reduce or erase their student loan debt.


What You Need to Know About Student Loan Forgiveness

There are two separate programs designed to reduce the student loan burden, but there is mass confusion within the sector because many news reports have lumped both programs into the same story. The first program is the longstanding, formal Public Service Loan Forgiveness program that can provide relief to nonprofit employees and others in public service jobs. The second program – the debt cancellation plan – which has received the most attention because it’s available to almost everyone with federal student loans – would cancel up to $10,000 (or $20,000 for some people who received Pell grants) of student loan debt.

PSLF Waiver to Expire - Check Your Status NOW!

The Public Service Loan Forgiveness (PSLF) Temporary Waiver ends Oct. 31, 2022, meaning individuals with federal student loans who work in public service jobs – which expressly includes charitable nonprofits -- only have until Halloween to submit their loan certification forms to determine whether more of your previous payments (late, early, lump sum, etc.) may count towards forgiveness. The formal PSLF, which has been around since 2007, has a Temporary Waiver that expires October 1, 2022. The Temporary Waiver significantly expands who's eligible. So even if you’ve been denied in the past, you now may be eligible, but only if you take immediate action. Check out the PSLF Help Tool now!


Bottom Line: All charitable nonprofit workers with federal student debt should check your eligibility status for Public Service Loan Forgiveness under the Temporary Waiver by Oct. 31, which is separate from the debt cancellation plan. Do not miss out on this one-time opportunity to receive forgiveness on previously ineligible payments.

FREE Webinar on Public Service Student Loan Forgiveness

The National Council of Nonprofits will be hosting a FREE national webinar on public service student loan forgiveness on October 18 at 3 PM. The webinar will include speakers from the Department of Education and other experts who have guided nonprofit employees through the easy process to apply for the temporary waiver.

Additionally, the Kresge Foundation hosted a webinar that you can view on their YouTube channel here: https://www.youtube.com/c/TheKresgeFoundation/videos

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