Public Service Loan Forgiveness Eligibility for State Employees DEADLINE APPROACHING

[Human Resource Services]

SENT ON BEHALF OF THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES

This message outlines changes to the Public Service Loan Forgiveness
(“PSLF”) program, to bring attention to a benefit for which you may be
eligible. Full-time employees of New York State may have federal Direct
loans forgiven after 10 years of qualifying loan payments and public
service.

The U.S. Department of Education recently announced a limited waiver to the
PSLF program, expanding eligibility for loan forgiveness for public service
workers. The expansion is scheduled to end next week on October 31, 2022.
Please take the time now to see if you are eligible for this program and if
so, apply right away.

Ordinarily, payments on Federal Family Education Loans (“FFEL”), Perkins,
or other non-Direct federal loans did not qualify towards the required 120
loan payments required for loan forgiveness under the PSLF program.
However, under the temporary waiver program, your payments on non-Direct
loans (e.g., FFEL loans) may count towards the 10 years of loan payments
required for loan forgiveness. The waiver program will also count certain
payments on non-Direct loans that were late, for less than the full amount
due, or made in the wrong payment plan.

If you have FFEL, Perkins, or other non-Direct federal loans, you will need
to consolidate them into a federal Direct Consolidation Loan to take
advantage of the current limited PSLF waiver, and for loan forgiveness to
be granted.

Borrowers with non-Direct federal loans need to take the following two
affirmative steps prior to October 31, 2022 to take advantage of the Public
Service Loan Forgiveness program waiver:

1.       Apply to consolidate your federal loans into a Direct
Consolidation Loan here
<https://studentaid.gov/app/launchConsolidation.action> or by calling your
student loan servicer.

2.       After your loans are consolidated, complete the PSLF form. You may
use the PSLF Help Tool <https://studentaid.gov/pslf/>to assist you in
starting the PSLF form or access the form here.
<https://studentaid.gov/sites/default/files/public-service-application-for-forgiveness.pdf>
After filling out Sections I and 2, you will need to have your employer
complete Section 3 and 4. The completed form must then be submitted to the
address identified in Section 7 of the form.

You may use the PSLF Help Tool <https://studentaid.gov/pslf/> to learn
more, search for a qualifying employer, and begin your application for loan
forgiveness.. You may also contact your student loan servicer, visit DFS’s
Website <https://www.dfs.ny.gov/consumers/student_protection> or the U.S.
Department of Education’s website
<https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service>
for more information about the recent changes to the PSLF program.

Please use the links above to find answers to any and all questions you may
have. Human Resource Services will complete Section 3 and 4 of the PSLF
form, but are unable to answer any questions regarding the Public Service
Loan Forgiveness Program.

Do not delay. This benefit is available to public service workers like you
and the program expansion ends on October 31, 2022.

Please note: Public Service Loan Forgiveness is a separate program from the
newly launched Federal Student Loan Debt Relief program, where the
Department of Education will provide up to $20,000 in debt cancellation to
Pell Grant recipients and up to $10,000 to non-Pell Grant recipients with
loans held by the Department of Education. For more information on that
additional debt relief, visit

studentaid.gov/debtrelief


*HUMAN RESOURCE SERVICES*
912 Kehoe Building

101 Broad Street
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

Plattsburgh, NY 12901
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

(o) 518-564-5062 <(518)%20564-5062>

(f) 518-564-5060 <(518)%20564-5060>
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