PSLF Payment Completion Fairness Act

Bill 117 hr 7465, also known as the PSLF Payment Completion Fairness Act, aims to address issues related to the Public Service Loan Forgiveness (PSLF) program. The PSLF program was established to forgive the remaining balance on federal student loans for borrowers who have made 120 qualifying payments while working in public service jobs.

The PSLF Payment Completion Fairness Act seeks to provide relief to borrowers who have been making payments towards their loans under the assumption that they would qualify for loan forgiveness, only to later find out that their payments did not count towards the 120 required payments. This discrepancy has led to frustration and financial hardship for many borrowers who believed they were on track to have their loans forgiven.

The bill proposes to address this issue by allowing borrowers who have made payments under a non-qualifying repayment plan to have those payments retroactively counted towards the 120 required payments. This would provide much-needed relief to borrowers who have been making payments in good faith, only to later discover that they were not on track to have their loans forgiven. Overall, the PSLF Payment Completion Fairness Act aims to ensure that borrowers who have been working in public service jobs and making payments towards their student loans are able to receive the loan forgiveness they were promised. By retroactively counting non-qualifying payments towards the 120 required payments, this bill seeks to provide fairness and relief to borrowers who have been unfairly burdened by the current system.