Time Running Out for Student Loan Servicers to Help Servicemembers with Student Loans Get Debt Relief

The Consumer Financial Protection Bureau is urging student loan servicers to aid servicemembers who may be eligible for student loan debt relief.

Servicers can review the information they already have to find military borrowers with Federal Family Education Loans or Federal Perkins Loans who would stand to benefit by consolidating into Direct Consolidation Loans to qualify for the Public Service Loan Forgiveness (PSLF).

Then, servicers can provide information to these military borrowers to ensure that they are informed about the PSLF Waiver and its benefits, and follow through to provide any assistance military borrowers need to benefit under the program.

An important deadline in this process is Oct. 31, 2022.

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