Missed the Limited PSLF Waiver Deadline? Here's How You Can Still Benefit with the One-Time Adjustment Program

If you missed the Oct. 31,2022 deadline for the Limited Public Service Loan Forgiveness (PSLF) Waiver, don't despair, there is still a way to make use of its benefits!

 Last year, the U.S. Department of Education announced a one-time waiver that would allow borrowers to get credit towards loan forgiveness for repayment periods that would not otherwise qualify under the PSLF program. This waiver was called the Limited PSLF Waiver and helped many borrowers either get their loans forgiven or move closer to loan forgiveness.

 Though this waiver is no longer available as of October 31,2022, there is good news! The benefits of this waiver are largely continuing through a new program known as One-Time Adjustment. This program provides borrowers with an additional opportunity to have a portion of their federal student loan debt forgiven if they act before May 1, 2023. To maximize its value and make sure you receive all possible savings from this program, we encourage you to take action before that date rolls around!


The Public Service Loan Forgiveness (PSLF) program was established to provide loan forgiveness to borrowers who have dedicated at least ten years in public service. Eligible borrowers must make 120 qualifying payments while employed full-time by a government or certain non-profit employers, and if all of the criteria are met, the remaining federal loan balance can be forgiven.

 Unfortunately, due to complex rules and mismanagement, many public service workers were unable to access the benefits of PSLF - often because they had the wrong loan type or made payments under a non-qualifying repayment plan. To help resolve this issue, two new initiatives were created -The Limited PSLF Waiver and One-Time Adjustment. Unfortunately, the Limited PSLF Waiver ended in October of 2022 but there is still time to gain most if not all the benefits by acting now and qualifying for the One-Time Adjustment.


The One-Time Adjustment eliminates most of the PSLF Program’s rules temporarily, allowing both qualifying and non-qualifying payments to count. Payments on loans that do not traditionally qualify for PSLF such as FFEL or Perkins Loans will now count towards forgiveness with the consolidation of those loans into the Direct Loan Program by May 1st, 2023. Even if your payments were paused on your Direct Loans due to COVID-19 emergency circumstances, these months will still count towards loan forgiveness under the Adjustment. Additionally, forbearance periods of 12 or more consecutive months or 36 or more cumulative months as well as deferment periods before 2013 (except for in-school deferments) and Economic Hardship Deferments that occurred in or after 2013 will now count towards forgiveness. Lastly, periods of deferment and forbearance for specific military service will also count towards loan forgiveness under this program.

 The One-Time Adjustment is like the Limited PSLF Waiver but there are two main differences - if you are retired or no longer working for a qualifying employer you cannot receive forgiveness through this program, and Teacher Loan Forgiveness received prior to application will not be given credit towards PSLF.


The One-Time Adjustment can be a great way to reduce your federal student loan debt using the benefits of the PSLF Waiver even if you missed the prior deadline. As an employee of a public service entity, this opportunity might benefit you and your family's financial goals, don't wait until it’s too late again!

Finnitais available to help borrowers maximize the potential benefits of this program before the May 1st deadline. If your employer offers the Finnita program as part of its’ employee benefit program, give us a call at 833.GOTZOOM.  If your employer does not offer this program, have them reach out to us to see if we can help!

 Don't forget--it's important to do this well in advance of the May 1stdeadline! It's a great way to secure a promising future, so don’t hesitate -reach out and make sure you don’t miss this incredible opportunity!

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