- Author: Pamela Kan-Rice
For UC employees applying for Public Service Loan Forgiveness, under updated PSLF rules, you can meet the Oct. 31, 2022, waiver deadline even if your request for employment verification has not been completed by that date.
To qualify under the waiver you should generate a PSLF employment verification form using the PSLF Help Tool before 11:59 p.m. EST on October 31, 2022.
If you need to consolidate your loans, the Department of Education has clarified that consolidation requests need to be submitted online through StudentAid.gov by the Oct. 31 deadline in order to count under the waiver. After taking these steps, you must still print, sign, have your employer(s) sign, and submit the PSLF form to MOHELA, the PSLF servicer as soon as possible.
To obtain the required employer information and signatures, Y\you must generate your PSLF application and employer verification form through the online PSLF tool for submission to UCPath before Oct. 31, 2022 (Application forms completed on paper or outside of the PSLF tool still must have employment certification and be submitted to the Department of Education by the Oct. 31 deadline).
More information about PSLF is at https://ucnet.universityofcalifornia.edu/working-at-uc/public-service-loan-forgiveness.html.
- Author: Pamela Kan-Rice
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.