To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

Limited Waiver Opportunity for the Public Service Loan Forgiveness Program

On October 6, 2021, the U.S. Department of Education announced a change to the Public Service Loan Forgiveness (PSLF) program.  Now, for a limited period of time, borrowers with federal student loans may receive credit for past periods of repayment that would otherwise not qualify for PSLF.  You need to take action by October 31, 2022 to qualify.

As of the end of April 2022, 1,290 student loan borrowers in Connecticut have already been approved to receive a total of more than $82.7 million in loan forgiveness under the PSLF limited waiver opportunity - an average forgiveness of approximately $64,000 for each borrower. 

Learn more and see if you qualify for the limited waiver PSLF program.
What is the PSLF program?

The PSLF program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying public service employer. 

What is the PSLF Limited Waiver Opportunity?
  • Under the limited waiver, prior payments made on federal student loans will count as qualifying payments towards PSLF, regardless of loan program or payment plan. This waiver will allow student borrowers to count all payments made on loans from the Federal Family Education Loan (FFEL) Program or Perkins Loan Program. It will also waive restrictions on the type of repayment plan and the requirement that payments be made in the full amount and on-time for all borrowers. To receive these benefits, borrowers will have to submit a PSLF form by October 31, 2022, which is a single application used to certify employment and evaluate a borrower for forgiveness.
  • Borrowers who currently have FFEL, Perkins, or other non-Direct Loans, will get the benefit of this limited waiver if they apply to consolidate into the Direct Loan program and submit a PSLF form by October 31, 2022. The waiver applies to loans taken out by students.
  • Active duty service members may count deferments and forbearances toward PSLF. This solves a problem for service members who have paused payments while on active duty but were not getting credit toward PSLF.
  • Borrowers whose applications were previously denied have the ability to have their PSLF determinations reconsidered. This will help identify and address servicing errors or other issues that have prevented borrowers from getting the PSLF credit they deserve.

Even if you were not previously eligible for the PSLF Program you should apply again before October 31, 2022 because you may qualify under the new limited waiver rules.

Requirements to Qualify for the Limited Waiver PSLF Program
Please consult the following resources for more information on how to qualify for the PSLF limited waiver opportunity:

U.S. Department of Education Federal Student Aid PSLF Guide

Consumer Financial Protection Bureau (CFPB) PSLF Guide