Public Service Loan Forgiveness Program , Overhauled by US Department of Education.<br />Significant changes to the federal student loan forgiveness program were announced by the agency on Oct. 6.<br />It could reportedly help over 550,000 borrowers working in government and nonprofit sectors.<br />The Public Service Loan Forgiveness Program (PSLF), which wipes out student loan debt for those who qualify after they've made monthly payments for a decade, .<br />has often been criticized for <br />being hard to navigate. .<br />According to government data, , over 1 million borrowers have made a qualifying payment, , but only about 5,500 people have received loan forgiveness.<br />Now, the Department of Education says it will "restore the promise" of the program via actions that will be implemented "over the coming months.".<br />One such action includes a limited-time waiver authorizing "all prior payments" to count toward the program, including those that didn't previously qualify.<br />According to an agency memo, the waiver will continue through Oct. 31, 2022.<br />Steps will also be taken to help military service members and federal employees utilize the program's resources.<br />Steps will also be taken to help military service members and federal employees utilize the program's resources.<br />These actions will help identify and address servicing errors or other issues that have prevented borrowers from getting the PSLF credit they deserve, U.S. Department of Education, via press release
