In September, Independent Sector signed on to a letter to the Department of Education (DOE) in support of improvements to the temporary student loan program, which would help public servants, including nonprofit professionals, access funds for loan forgiveness.
The sign-on letter supports making updates to DOE’s website to prevent confusion by explicitly stating that the Public Student Load Forgiveness (PSLF) application must be filed even though the borrower believes it will be denied. Recently, loan officers caused confusion when they advised many applicants that they wouldn’t qualify, which caused eligible applicants to miss out on the program. The temporary fix, Temporary Expanded Public Service Loan Forgiveness (TEPSLF), would expand the list of qualifying repayment plans for a one-time exception, until the allotted $350 million is handed out.
These loan forgiveness programs are critical to helping nonprofits recruit, retain, and invest in its staff members.