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Is PSLF Buyback Worth It? What It Will Cost You
The Public Service Loan Forgiveness (PSLF) program requires 120 qualifying monthly payments while working for an eligible employer. But many borrowers are falling short because months spent in deferment or forbearance (even while employed full-time in public service) did not count. This is specifically harmful because of the SAVE forbearance, which found 8 million borrowers in forbearance due to court rulings outside of their control.
The buyback provision was introduced to address this gap. It allows borrowers to make a lump-sum payment covering past periods of deferment or forbearance…
The skinny
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