Any chance there’s anyone here who can answer the question, is there language in this most recent stimulus package Trump signed today stating that furloughed student loan payments will count towards the Public Service Loan Forgiveness?
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Hi @CHinman,
I’m editing this because what I wrote earlier was not correct.
It looks like if you request the emergency forbearance the next six months WILL count towards your qualifying payments for PSLF. So there isn’t really any reason not to do it.
More info here: What the CARES Act Means for Repayment of Federal Student Loans - Student Loan Borrowers Assistance
We need to organize. Join the student debt strike and spread the word: strike.debtcollective.org
Call your Senators and Rep and demand full student debt cancellation as a part of the next wave of stimulus: Organizing to win College For All
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Hi Thomas,
Thank you for this, but according to the studentaid.gov website time in forbearance will not count towards PSLF.
Link here: Coronavirus and Forbearance Info for Students, Borrowers, and Parents | Federal Student Aid
Is this old information?
Where can we find the most up to date info?
Thanks!!
Hi @wleah,
Yep this is confusing. My initial response (which I edited) was based on that Department of Education info you are referencing. That info is dated March 13, 2020.
As best I can tell there were two stages of activity so far. First, the Department of Education took its own action to temporarily suspend payments and interest on most student loans. Although the interest suspension was automatic, if you wanted the emergency forbearance you had to request it. And under this Department initiated action PSLF qualifying payments would be paused of you went on the emergency forbearance.
Second, on March 27 Congress passed and the President signed the CARES Act stimulus package. That goes further than what the Department of Education chose to do on its own. Under the CARES Act most student debt payments and interest are automatically suspended through Sept. 30 and that those six months of suspended do count towards qualifying payments for PSLF. The lawyers at Student Loan Borrowers Assistance are very reliable and seem to be on top of this and updating their reference guide as new guidance and clarification is available. For the time being I would go with the info they are posting here: What the CARES Act Means for Repayment of Federal Student Loans - Student Loan Borrowers Assistance
The situation is still in flux. Congress and the President will likely try for additional stimulus. We don’t know what it will include yet but it might go even further than what currently exists regarding student debt, including some form of mass cancellation. So we should all be calling our Senators and Representatives to demand that they do that.
But for the time being this is the best info I have at the moment. I know it is confusing.
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