What this means for your student loans
With public service loan forgiveness, you can get all your federal student loans forgiven if you meet the requirements. The Education Department says these policy changes will result in 22,000 student loan borrowers who have consolidated student loans —including previously ineligible student loans — to become eligible immediately for $1.74 billion in student loan forgiveness without any further action. An additional 27,000 student loan borrowers could qualify for $2.
No, you don’t have to consolidate student loans to get student loan forgiveness. If you have Direct Loans such as Stafford Loans, for example, then these student loans are automatically eligible for public service loan forgiveness. With the new changes, any prior payments made on FFELP Loans will now be eligible and count toward student loan forgiveness. You should consolidate FFELP Loans into a Direct Consolidation Loan with the U.S.
If you don’t work for a public service or non-profit employer, the Public Service Loan Forgiveness program is still available for you to apply and meet the requirements. While it’s a long-term professional commitment, it could be a pathway to federal student loan forgiveness. With student loan relief ending in a few months, make sure you understand all your options for student loan repayment.
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