Public Service Loan Forgiveness Eligibility for State Employees

[Human Resource Services]

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


*DO NOT DELAY - THIS PROGRAM EXPANSION ENDS ON OCTOBER 31, 2022*

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 that runs through October 31, 2022.  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.

It could take a few months to obtain a Direct Consolidated Loan once you
have applied. Because you must consolidate your loans and submit the PSLF
form prior to October 31, 2022 to benefit from the PSLF waiver program, we
recommend you begin the process to consolidate your loans as soon as
possible.

You may use the PSLF Help Tool <https://studentaid.gov/pslf/> to search for
a qualifying employer and learn what actions you need to take to be
eligible 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.


*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

(f) 518-564-5060

*plattsburgh.edu <http://plattsburgh.edu>*





*Human Resource Services webpage - plattsburgh.edu/hr
<http://plattsburgh.edu/hr>*
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