March 22, 2023

Critical update on student loans from Cambridge Credit Counseling

Our student loan counseling partner has announced an important update about the federal student loan waiver opportunity.

Cambridge Credit Counseling (the student loan counseling partner of NYSUT Member Benefits) has provided the following information to the NYSUT membership:

NYSUT members and their loved ones who missed the federal student loan waiver opportunity that expired on 10/31/22 have another chance to adjust their payment.

Cambridge Credit Counseling continues to provide free webinars hosted by NYSUT on the specifics of this opportunity; NYSUT members and their colleagues are encouraged to attend.

To register for an upcoming webinar, please visit

For more information about Cambridge Credit Counseling, click here.

This past week, the U.S. Department of Education quietly posted that it was extending its 5/1/23 payment count adjustment deadline.

The verbiage in the statement was as follows: “Borrowers who have commercially managed FFEL, Perkins, or Health Education Assistance Loan (HEAL) Program loans should apply for a Direct Consolidation Loan by the end of 2023 to get the full benefits of the one-time account adjustment.

Since no specific end-date was included, Cambridge Credit Counseling is urging everyone whose loans were not issued through the “Direct” loan program to request a federal Direct Consolidation loan sooner rather than later (this can be done by visiting

By consolidating, you can receive retroactive credit for all the payments you’ve made until now that otherwise would have been considered ineligible. This includes borrowers who have been told they have the “wrong kind of loans” (usually FFEL loans) or who were making payments through the “wrong repayment plan” (any plan other than one of the four income-driven plans).

For some borrowers who work in the non-profit sector, an adjusted payment count will push you past the 120 payments needed to qualify for Public Service Loan Forgiveness. But even if you won’t reach the 120-payment threshold by having your payment count adjusted, it’s still very much worth doing because you’ll be able to increase the number of qualifying payments toward the 120 you need. You would only have to make any remaining payments through one of the four income-driven plans.