Parent PLUS Loan borrowers can have their debt forgiven after 10 years of working full-time for the government, nonprofit, or other qualifying employers. For the past year, retired public servants could submit an application to get retroactive credit towards the Public Service Loan Forgiveness Program. But the PSLF Waiver ended on Halloween. Now, if you want to get your loans forgiven, you must continue working in public service until you’ve met the eligibility requirements.
Related: Will Parent PLUS Loans Be Included in Student Loan Forgiveness?
If you’ve already retired or don’t work in public service, you have two other options to get relief: IDR forgiveness and forgiveness due to disability.
As I shared above, the government is in the process of reviewing federal student loan borrowers’ accounts to give them retroactive credit toward IDR forgiveness. It plans to finish that review by July 1, 2023.
Related: Student Loan Forgiveness for Social Security Recipients
If you borrowed Direct PLUS Loans to cover your children’s college costs, you don’t need to do anything to receive this benefit. The department will review your account automatically. But if your kids went to school before 2011, you may have loans made through the Federal Family Education Loan Program. If you do, you may need to consolidate those loans into a Direct Consolidation Loan before May 1, 2023, to qualify. Read more about converting FFEL Loans to Direct Loans.
The Education Department will write off your balance if you suffer a permanent mental or physical disability that leaves you unable to work. You can still qualify for a disability discharge even if you’re already retired. To apply, you’ll need to submit a letter from your doctor or the Social Security Administration supporting your claim.
Related: What Disabilities Qualify for Student Loan Forgiveness?