The Biden Administration has promised to make a one-time adjustment to every borrower’s account to credit more time towards Public Service Loan Forgiveness (PSLF).

MEA members who have FFEL, Perkins, or Parent Plus loans, must first consolidate into a Direct Loan before April 30, 2024, to take advantage of the one-time account adjustment. This will credit any payments made on those loans for purposes of PSLF.

The processing of all Public Service Loan Forgiveness applications will shut down entirely beginning May 1^st as control of the PSLF program migrates from the current processor (MOHELA) to the Federal Student Aid (FSA) site at www.StudentAid.gov. Once it reopens (estimated to take place in July) the FSA will become their one stop for “all things PSLF.” Read more about the transition here.

For more information on PSLF and the account adjustment, please visit nea.org/pslf.

Members who need to consolidate their loans, can do so at studentaid.gov/loan-consolidation.

Meanwhile, state Sen. Darrin Camilleri (D-Trenton) earlier this month urged the Michigan Department of Education to open additional application periods for school districts to take advantage of the state of Michigan’s Student Loan Repayment Program grants for educators.

The MDE responded with an announcement that districts will be allowed to make corrections to their Cohort 1 applications and a second cohort will be set for the fall. No details are yet available.

In addition, Camilleri is warning school districts to exercise caution when using private vendors to “help” school employees with federal student loan relief. One company, Fiducius, is being paid by many school districts to administer this process for them, but is asking for unrequired personal information in what should be a free and easy process.

Read more from Camilleri’s release.