CFPB is monitoring for PSLF waiver compliance

Federal Issues CFPB Consumer Finance Student Lending Student Loan Servicer

On January 26, the CFPB encouraged consumers to take advantage of the Public Service Loan Forgiveness (PSLF) limited waiver program before the October 31 application deadline. As previously covered by InfoBytes, last October the Department of Education announced several changes to its PSLF program, including a time-limited PSLF waiver for qualifying borrowers, which allows all payments to count towards PSLF regardless of loan program, payment plan, or whether the payment was made in full or on-time. However, the Bureau noted that consumers are complaining of servicers not providing the support they need to get the full benefit of the PSLF limited waiver. The Bureau stated that it is monitoring servicers for illegal practices to ensure public service employees are able to access PSLF relief. Consumers who experience issues with servicers providing the necessary information, support, and processing are encouraged to submit a complaint to the Bureau.