Teachers, nurses and other eligible public servants enrolled in the Public Service Loan Forgiveness program can see their student loan balances wiped out after 10 years in their field and 120 qualifying monthly loan payments. Due to the SAVE payment pause, however, certain PSLF borrowers who were due to receive forgiveness last year are still waiting.
To help, the PSLF Buyback program offers the opportunity for eligible borrowers to “buy back” no-payment months that didn’t count toward forgiveness while their loans were in forbearance or deferment.
The buyback option could help some borrowers in the PSLF program get debt relief sooner, but it’s not a shortcut to accelerate your progress toward PSLF, said Elaine Rubin, director of…
