Press Releases & Announcements
In Partnership for Public Service Loan Forgiveness
College Futures Foundation, together with each of our grantees and partners, has worked to create equitable access to educational opportunity that sets Californians on a path to economic mobility and a better life—especially those who have been disproportionately impacted by the rising costs associated with attending college. In the spirit of partnership, I ask you to join College Futures as a participant in the #CAChallenge for student debt relief and help our borrower employees access the opportunity to become debt-free through the federal Public Service Loan Forgiveness (PSLF) program.
PSLF is a debt relief program for public service workers–including all government, military, and 501(c)3 non-profit employees, and many who work for certain not-for-profit organizations not exempt under 501(c)3 that are providing a public service–that cancels the remainder of their federal student loans after ten years of work. Although an estimated 825,000 public service workers in California qualify to have their debts cancelled through PSLF, since the program’s creation in 2007, only about 10,000 have received cancellation statewide.
If you are an employer, please consider sharing information with your employees. If you are a borrower please be sure to check the details on PSLF and share with your friends. If we work together, I believe we can reach many more borrowers and help relieve the burdens of student debt.
The federal government announced a special eligibility window from October 6, 2021, through October 31, 2022, during which certain PSLF requirements will be waived, which means more borrowers will receive enough credit to have their loans cancelled, and others will be positioned to build on the credits they receive to continue their public service work and receive cancellation in the future.
However, this is not automatic, and borrowers must take proactive steps by October 31, 2022, to benefit. Employers are uniquely positioned to share this information with their employees.
Promoting PSLF eligibility helps employees save money, especially if they owe more than $10,000 for non-Pell Grant recipients and $20,000 for Pell Grant recipients. In addition, PSLF loan relief is an economic stimulus that helps reduce the race and gender wealth gaps in America.
I encourage you to take action now and join the #CAChallenge by sharing information about the PSLF opportunity with your employees and confirming their employment via the PSLF form.
There is no cost to employers or employees to access PSLF, and there is no cap on the amount that can be forgiven. Your organization does not need special knowledge or expertise in federal student loan programs to help your employees access this debt relief program. Below are three easy steps you can take on this limited-time opportunity.
- Send an Email About PSLF to Your Employees.
- Share About PSLF on Your Organization’s Social Media Channels Using This Toolkit.
- Encourage Your Peer Network of Employers to Join the #CAChallenge for Public Service Loan Forgiveness (feel free to use this letter and make it your own).
A final but important note: PSLF is only one of several loan forgiveness programs available to borrowers. Some may confuse PSLF with other opportunities or believe that their debt will be automatically forgiven through other programs. For many, PSLF may be the best avenue for the largest debt relief—and there is a limited time to apply. Please encourage your employees to act now and go to studentaid.gov to learn more.
For more information and step-by-step guide on PSLF for both employers and borrowers, please visit forgivemystudentdebt.org, a resource website provided by our grantee, NextGen Policy, and its partners at the Campaign for California Borrowers’ Rights.
Eloy Ortiz Oakley
President & CEO
College Futures Foundation