August 8, 2022
Question:
I have student loans and work in public service; I heard that I have to apply for forgiveness by October 31st, is that true?
Answer:
Only if you are applying for the limited waiver program that was announced on October 6, 2021. Prior to this program, which DOES expire on October 31, 2022, many individuals didn’t meet the “qualifying payments” definition because they were either in the wrong type of loan, the wrong repayment plan, made (or didn’t make) the wrong payment amount, or various other reasons.
This temporary relief program will take all of those periods of time in consideration, including periods of deferment and even forbearance.
Here is an important alert from the Federal Trade Commission - Consumer Advice: Limited waiver for student loan forgiveness ends October 31 | Consumer Advice (ftc.gov)
We recommend that you DO NOT wait to act until October to apply for this if you believe you are eligible.
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