The Illinois Department of Financial and Professional Regulation (IDFPR) announced that the Department has issued a letter to all federal student loan servicers encouraging them to immediately implement best practices to help alert and educate eligible student loan holders on the Public Service Loan Forgiveness (PSLF) program. As the primary contact for many student loan borrowers, servicers are in the best position to raise awareness of PSLF and help borrowers take advantage of the program. PSLF will forgive the remaining student loan balance of full-time government employees and certain employees of nonprofit organizations. making 120 payments. In order for more borrowers to qualify for forgiveness, President Biden announced temporary changes to the program, including waiving some previous requirements. However, many borrowers are unaware of these changes and may lose loan forgiveness as a result. Temporary changes expire on October 31, 2022.
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