Expanded student loan forgiveness for UC employees

Last week President Biden announced an executive order to cancel up to $20,000 in federal student loan debt for all borrowers with an individual income below $125,000 ($250,000 for joint tax filers).

If you have federal student loans, you are also likely eligible for cancellation of your entire remaining federal debt following 10 years of working full-time for UC (or another qualifying employer) and making loan payments. 

Eligibility for the Public Service Loan Forgiveness (PSLF) program has been expanded under a time-limited waiver that currently expires Oct. 31, 2022. Even borrowers who were previously ineligible or missed payments can now receive PSLF. The University of California (EIN: 94-3067788) is a qualified employer for the PSLF program.

So far, the average loan balance forgiven under PSLF nationally is over $60,000 per borrower.

UC employees are invited to attend a #UCStudentDebtChallenge Virtual Town Hall on Wednesday, Aug. 31, to hear experts from the U.S. Department of Education, UC Faculty and UC Human Resources explain how Public Service Loan Forgiveness works and how to apply. Registration is required. 

Attend a morning or afternoon session on Wednesday, Aug. 31:

• 10-11:30 a.m. PT
• 2-3:30 p.m. PT

Register at https://fidelityevents.com/UofCali.  

For more information about the Public Service Loan Forgiveness Program, visit https://ucnet.universityofcalifornia.edu/working-at-uc/public-service-loan-forgiveness.html.

Read more