Exploring the Options for Student Loan Forgiveness Relief

The Education Department has introduced a new option for student loan forgiveness called the "buyback" program, which allows borrowers in specific circumstances to count certain deferment and forbearance periods towards Public Service Loan Forgiveness (PSLF). While other temporary flexibilities are currently available, this new program will provide an additional pathway to student loan forgiveness for PSLF borrowers. The buyback program allows borrowers to pay the equivalent of what they would have paid under a qualifying repayment plan for PSLF during non-qualifying periods. However, there are specific rules and restrictions, and borrowers must have at least 120 months of qualifying employment to apply for a buyback. The process for requesting a buyback involves using the Education Department's PSLF Reconsideration portal and waiting for a response.