The Public Service Loan Forgiveness program helps eligible teachers and public servants wipe out their student loan balances after working in the field for 10 years and making 120 qualifying monthly loan payments. However, certain PSLF borrowers who were due to receive forgiveness last year may have been thwarted by administrative payment pauses.
To help, the PSLF Buyback program offers the opportunity for eligible borrowers in the PSLF program 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 get debt relief sooner, but it’s not a shortcut to accelerate your progress toward PSLF, said Elaine Rubin, director of corporate…
