The Minnesota Department of Education has announced a set of actions that will overhaul the Public Service Loan Forgiveness (PSLF) Program. The PSLF is an important program to provide debt relief to support teachers, nurses, firefighters, and others serving their communities. By canceling loans after 10 years of public service, PSLF removes the burden of student debt on public servants, makes it possible for many borrowers to stay in their jobs, and entices others to work in high-need fields.
The Department of Education will offer a time-limited waiver so that student borrowers can count payments from all federal loan programs or repayment plans toward forgiveness. This includes loan types and payment plans that were not previously eligible. They will pursue opportunities to automate PSLF eligibility, give borrowers a way to get errors corrected and make it easier for members of the military to get credit toward forgiveness while they serve. And they will pair these changes with an expanded communications campaign to make sure affected borrowers learn about these opportunities and encourage them to apply. You can learn more about this overhaul by clicking down below.
