Does Forbearance Count Toward PSLF? Yes, Here’s How to Maximize It

Key Points:

• The Public Service Loan Forgiveness (PSLF) program has previously had complicated eligibility requirements that made it difficult for borrowers to receive loan cancellation.
• Recent student debt relief efforts are making it easier for PSLF borrowers to fast-track loan forgiveness by relaxing the rules surrounding “qualifying payment” requirements.
• One of the changes includes allowing some forbearance periods to count toward PSLF. This means that borrowers who have been in forbearance can still make progress towards loan forgiveness.
• To maximize the benefit of forbearance periods counting toward PSLF, borrowers should choose forbearance options that meet the program’s requirements.
• Borrowers should inform their loan servicer about their intentions to apply for PSLF and ensure that they are on an income-driven repayment plan that qualifies for the program.

Hot Take for Physical Therapists:

For physical therapists who are burdened with student loan debt, understanding how forbearance can count toward PSLF can be a game-changer. With the relaxation of “qualifying payment” rules, physical therapists working in public service positions can make progress towards loan forgiveness even during periods of forbearance. By carefully choosing forbearance options that meet PSLF requirements and staying on track with an income-driven repayment plan, physical therapists can take advantage of these recent student debt relief efforts to get out of debt faster.

Reference Article https://www.studentloanplanner.com/forbearance-deferment-count-pslf/