NYSUT is working hard to raise awareness and help members navigate the PSLF changes.
Public Service Loan Forgiveness erases the federal student loan debt of educators and other public service workers after 10 years of service and 120 qualifying monthly payments.
To qualify, you must have federal student loans and be employed full-time (30 hours or more per week) by a public service employer, which includes all public school districts, higher education institutions and not-for-profits.
Apply before Oct. 31 at studentaid.gov/pslf to take advantage of the temporary waiver.
If you haven’t worked 10 years in public service, it is recommended that you apply now to ensure that any payments that did not count prior to the limited waiver are counted toward your qualifying 120 payments.
In August, President Biden unveiled a new $10,000 loan forgiveness program for Americans earning up to $125,000 per year, plus an additional $10,000 for students who received Pell grants. Cambridge experts suggest members should pursue both PSLF and the newest forgiveness programs. Learn more here.
To help the many NYSUT members struggling to get out from under crushing debt, the statewide union offers free student loan debt workshops and services in partnership with Cambridge Credit Counseling. Since the pandemic, NYSUT has moved the workshops online, helping thousands with informational webinars and individualized follow-up support.
For info, go to studentloans.nysut.org.
NYSUT’s two national affiliates also provide help. The AFT offers student debt clinics, along with Summer, an online student loan management platform, aft.org.benefits.summer. The National Education Association offers links to webinars, FAQs and the Student Debt Navigator, nea.org/studentdebt.
Affiliates are also raising awareness. United University Professions offers virtual clinics every payday Wednesday, uupinfo.org.