Student Loan Industry Pros
Call for Reform to PSLF
No Time to Waste for PSLF Reform
Last month, dozens of student loan industry organizations submitted a letter to the White House calling for further action to expand and strengthen the Public Service Loan Forgiveness program. Navigate was but one signatory of a large effort, spearheaded by the Student Borrower Protection Center, to urge the President and Secretary of Education to continue efforts to protect borrowers and simplify the forgiveness process.
With the application window for the Limited Waiver Opportunity—which expanded access to PSLF to previously excluded borrowers—ending in just a few months, and federal student loan payments set to resume on September 1st, it’s time for immediate action.
Calling for Continued Student Loan Action to Protect Borrowers
The letter to President Biden calls for several steps towards reforming PSLF. Among them:
- Expanding expanding, and coordinating more closely between Public Service Loan Forgiveness, the Limited Waiver Opportunity, and current efforts to adjust Income-Driven Repayment (IDR)
- Expand the LWO to include those who are paying Parent PLUS loans
- Extend the LWO deadline into 2023 to give more borrowers time to apply
- Expand the LWO and PSLF to ensure that all borrower types receive credit for the entirety of the time since they first entered repayment
- Extend the student loan payment moratorium to ensure those who apply for the LWO don’t needlessly re-enter repayment before their loan forgiveness is processed.
We know the White House is considering its options when it comes to student loans. We hope for, and are working towards, swift action that will benefit all borrowers.
If you’re pursuing Public Service Loan Forgiveness and you haven’t met with us yet, schedule your free 15-minute Discovery Session to find out if you qualify for PSLF, or what you can do if you don’t.