Yesterday (Aug. 24) President Biden announced an executive order to cancel up to $20,000 in federal student loan debt for all borrowers with an individual income below $125,000 ($250,000 for joint tax filers). If you have federal student loans, you are also likely eligible for cancellation of your entire remaining federal debt following ten years of working full-time for UC (or another qualifying employer) and making loan payments. Eligibility for the Public Service Loan Forgiveness (PSLF) program has been expanded under a time-limited waiver that currently expires October 31, 2022. Even borrowers who were previously ineligible or missed payments can now receive PSLF. So far, the average loan balance forgiven under PSLF nationally is over $60,000 per borrower. Please visit the UC Public Service Loan Forgiveness (PSLF) page to check your eligibility and start your application. We expect a surge of applicants who will need their UC employment certified well before the October 31 deadline, so it's important to apply right away. Join the #UCStudentDebtChallenge Attend one of our upcoming #UCStudentDebtChallenge Virtual Towns Halls to hear experts from the US Department of Education, UC Faculty and UC Human Resources explain how PSLF works and how to apply. Registration is required. Wednesday, August 31, 2022: |
The #UCStudentDebtChallenge — a joint initiative by UC faculty experts on student debt, the Academic Senate and UC Human Resources — is part of a larger effort to raise awareness among the nine million public servants who could become debt free through PSLF. With more than 200,000 employees, UC is one of the nation's largest qualified public service employers. Even if you do not have federal loans, we need your help to educate our colleagues. By helping our co-workers cancel their student debt, we can make UC an even better and more equitable place to work. Thank you for joining with us to help all UC employees become student debt free. Sincerely, Michael T. Brown, Ph.D. |
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