A major program for student-loan borrowers in public service is facing big changes — and delays.
Over 7 million borrowers are pursuing the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.
Thousands of those borrowers, though, might have completed their qualifying payments but are still waiting for relief. That’s because they applied for the PSLF buyback, which allows borrowers to “buy back” months spent in deferment or forbearance periods by making payments equal to what they would have owed at the time. Borrowers can apply for a buyback only if those payments would enable them to reach the 120-payment threshold…