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The number of Americans who say they are stretched thin has remained stubbornly high, according to several reports.
Federal Reserve Chair Jerome Powell recently called for continued vigilance in the fight against inflation, warning there may even be more interest rate increases to come.

Inflation ‘remains too high’

But in recent remarks, Federal Reserve Chair Jerome Powell said inflation “remains too high” despite those positive indicators, and warned that more interest rate hikes are still possible.
Central bank officials have already raised rates 11 times, pushing the Fed’s key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years. 
Already, four out of five consumers’ spending habits have been affected by inflation, according to TD Bank’s annual consumer spending index.

“Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,” said Chris Fred, TD Bank’s head of credit cards and unsecured lending.

Lower-income workers have been the hardest hit by higher prices, particularly for food and other necessities, since those expenses account for a bigger share of the budget, studies show.
Now, 78% of consumers earning less than $50,000 a year and 65% of those earning between $50,000 and $100,000 were living paycheck to paycheck in July, both up from a year ago, LendingClub found. Of those earning $100,000 or more, only 44% reported living paycheck to paycheck. 

Financial stress all around More

The Consumer Financial Protection Bureau has been cracking down on so-called junk fees, especially from financial institutions.
Many banks have lowered their overdraft and non-sufficient funds fees as a result, but now ATM fees are hitting new highs, according to a recent report.

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ATM fees rise while overdraft and NSF fees fall

“ATM fees are biting harder than ever,” said Greg McBride, Bankrate’s chief financial analyst.
The average total fee a customer pays for an out-of-network ATM transaction rose to $4.73, a record high, Bankrate found, based on data from non-interest and interest accounts. This total combines the average fee the out-of-network ATM owner charges, $3.15, with the average fee the customer’s own bank charges the customer for the out-of-network transaction, $1.58.

On the upside, overdraft fees and non-sufficient funds fees are now significantly lower. The average overdraft fee fell 11% to $26.61 from last year’s average of $29.80, while non-sufficient funds fees hit an all-time low of $19.94, on average, according to Bankrate.

However, few banks have done away with them altogether: 91% of banks still charge overdraft and 70% charge non-sufficient funds fees, Bankrate also found.
Last month, the CFPB ordered Bank of America to pay more than $100 million to its customers and $150 million in penalties for double-dipping on overdraft fees, among other violations.
“Despite recent progress in addressing overdraft fees, the job is far from complete,” said Nadine Chabrier, the Center for Responsible Lending’s senior policy counsel, in a statement.

Monthly fees can be hard to avoid

While free checking accounts are widely available, many banking customers are encountering monthly service fees and rising balance requirements, Bankrate found.
More than a quarter of checking account holders, or 27%, are regularly hit with fees, which can add up to an average of $24 per month, or $288 per year, according to another survey from Bankrate. 
The average fee on an interest checking account is typically even higher, while the average yield is just 0.05%.

“Avoid accounts that require stranding a balance to avoid [monthly service] fees when you can get a free checking account and move your excess funds into an online savings account at a time when yields exceed 5%,” McBride said. (Here are a few more competitive options worth considering.)
“Consumers can almost always avoid other account fees by using direct deposit, maintaining a minimum balance or limiting the use of ATMs that are not affiliated with their bank,” said Mike Townsend, a spokesperson for the American Bankers Association. “If you must use an ATM outside of your bank’s network, consider a larger withdrawal to avoid having to go back multiple times or using the free cash-back feature on debit card purchases.”
Some banking interest groups countered that offerings such as overdraft protection provide a much-needed safety net.
Without the option of overdraft protection, “people are more likely to turn to predatory lenders, hurting the same people the administration seeks to help,” Jim Nussle, president and CEO of the Credit Union National Association, said in a statement.
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Following the lead of buy now, pay later plans, credit cards are also offering similar plans for existing borrowers.
Experts say it’s important to read the fine print and consider all your borrowing options.
Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay.

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After making a big purchase with your credit card, you may log in to see your card balance and notice a new option to segment that purchase out and pay a lower interest rate on it over a fixed amount of time.
The offer may sound tempting, given today’s record-high interest rates on debt, which now average 20.5% for credit cards, according to Bankrate. But experts say you should think carefully before clicking “agree” to those terms.

Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay.
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The options rival BNPL options from companies such as Affirm, Afterpay and Klarna that let borrowers pay for purchases over time. While those started with a typical model of four interest-free payments over six weeks, offerings have since extended to higher rates over more time, according to Ted Rossman, senior industry analyst at Bankrate.
While those BNPL companies are acting more like credit card issuers, the latter, in turn, have taken on features similar to BNPL, he noted.
The choices come as rising interest rates have made carrying debt more expensive. The latest data shows consumers are struggling under rising balances, with total credit card debt recently topping $1 trillion for the first time.

For consumers considering their borrowing options, credit card BNPL programs are like “the least dirty shirt in the laundry,” Rossman said.
The credit card deals may carry more costs than other BNPL plans and may come with more extended timelines, noted Matt Schulz, chief credit analyst at LendingTree.
“These programs can vary fairly widely, so it’s really important people do their homework,” Schulz said.

1. Weigh the costs

While credit card interest rates average 20.5%, the BNPL credit card programs often come with a 9% or 10% rate, Rossman noted.
“One of the nicest things I can say about the 10% rate is just that it’s not 20%, but is that really your best option?” Rossman said.

Part of what people love about buy now, pay later is its predictability and transparency.

Matt Schulz
chief credit analyst at LendingTree

While that BNPL-like rate is better than what a credit card would generally charge, it’s still at or near a double-digit rate, he noted.
Other BNPL options offered by fintech companies may offer a range of interest rates between 0% and 36%, he said.
“Part of what people love about buy now, pay later is its predictability and transparency,” Schulz said, with regular monthly payments that make it easier to budget.
“But you have to weigh whether that predictability is worth potentially paying a little bit extra for,” Schulz added.

2. Beware the fine print

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Generally, credit card BNPL options include either a set monthly fee instead of interest or paying a certain amount of interest over the life of a loan, Schulz said.
Additionally, there may be minimum purchase amounts required to access credit card BNPL options.
“Fine print is always important, but especially when you’re talking about significant purchases that you’re trying to finance,” Schulz said.
Generally, you are still able to earn credit card rewards on these purchases, he said.
But because BNPL options on credit cards kick in after you’ve made a purchase, the balance will count toward your total credit utilization, a measure used in determining your credit score. Consequently, choosing to pay a balance off over time may lead to a higher utilization ratio — the amount of credit you’re using versus the total credit available to you — which may lower your credit score.

3. Consider other options

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Other companies specializing in BNPL options may not report those balances to credit bureaus, though the Consumer Financial Protection Bureau is working on changing that.
However, having multiple BNPL plans is not ideal.
Other borrowing options, such as offers for a 0% balance transfer or 0% introductory annual percentage rate card, may be a better choice, Rossman noted. Those deals may last as long as 21 months, he said.
Retailer-specific financing programs may also help plan for bigger purchases. However, it’s important to beware of deferred interest, which can leave you paying retroactive interest if your balance isn’t paid in full after a stipulated timeframe.
For borrowers with existing debt, nonprofit credit counseling may provide rates of 7% to 8% over four or five years that may rival the best personal loan rates, Rossman noted. More

Putting hundreds of dollars a month toward student debt may leave some borrowers unable to save for retirement.
With student loan bills about to restart after a three-year pause, experts have tips on making progress on both fronts.

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In a month or so, millions of Americans will have to adjust their budgets to once again put hundreds of dollars a month toward their student debt.
Their retirement savings may suffer as a result, experts warn.

“Workers are already facing obstacles to saving for retirement, especially inflation and market volatility,” said Adrian Miguel, director of advice at Schwab Retirement Plan Services. “The resuming of student loan repayments poses another challenge.”
Before the pandemic-era pause on federal student loan payments, which has now been in effect for over three years, research showed the debt was making it harder for borrowers to salt away money for their old age.
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Around a third of employees who had student debt were not contributing to a workplace retirement plan for which they were eligible, according to findings by Fidelity. The share of student loan borrowers saving at least 5% of their salary in their 401(k) retirement plan swelled to 72% during the payment pause, from around 63% prior to the Covid-19 pandemic.
“The payment pause is the first time that many borrowers received any sign of relief since they took on their loans, which for some could mean 10 or more years,” said Jesse Moore, senior vice president and head of student debt at Fidelity Investments.

Experts shared tips on how borrowers can pay down their student debt and keep growing their retirement nest egg.

‘Every little bit helps’

Before student loan payments restart, borrowers should make sure they know how much their monthly bill will be, Moore said. Shifting to a plan with a lower monthly payment, if available, can free up money for retirement savings and other goals.
If your payment seems too high to allow you to also save for retirement, explore the different repayment plans offered by the U.S. Department of Education. The Biden administration is working to roll out a plan in which borrowers pay only 5% of their discretionary income each month to their education debt. It’s also worth researching debt forgiveness programs.

It’s understandable to be eager to get out of debt, but if you delay saving in favor of accelerating your student loan repayment, you’ll miss out on the decades of compounding growth it takes to accumulate a healthy retirement savings. In fact, the younger you begin saving, the less you need to put away each month to meet your retirement goals.
“Remember, every little bit helps,” Moore said.
Starting in 2024, many companies will start to offer retirement match contributions when employees make their student debt payments.
“Be sure to check in with your employer on any updates to your benefits,” Moore explained.

Try to get full employer match

Paying down your debt is a form of saving, said Boston University economist Laurence Kotlikoff. That’s because it’ll free up more money for you down the road.
“So don’t worry excessively about saving less in the short term” for retirement, Kotlikoff said.
At the same time, you want to at least contribute enough to your workplace retirement account to get your employer’s full match, if they offer one, he said. The most common matching formula is 50 cents for each dollar contributed by the employee, up to 6% of pay, according to research from the Plan Sponsor Council of America.
You won’t be able to get that kind of return anywhere else, experts say. If you don’t contribute, you miss out on those matching dollars.

Consider lifestyle changes

Experts recommend examining your spending over the past few months and seeing where you can cut back as the resumption of student loan payments nears.
Cutting out even a few small expenses, such as a second coffee a day or a few subscriptions, can free up extra money you can redirect to bigger financial goals.
Some people might explore bigger changes, such as pursuing a different line of work or asking for a raise. Others might explore moving to another city where the cost of living is lower, particularly if their employer allows for full-time remote work. More

The median cost for a private room in a nursing home is more than $100,000 a year — and it’s $60,000 or more a year for a home health aide, according to a Genworth survey.   
Family caregivers spend more than a quarter of their annual income on caregiving costs, according to a 2021 AARP report.
Medicare and most health insurance plans generally don’t pay for long-term care.
Here are five steps that can help prevent burnout and financial stress for many family caregivers.

An estimated 48 million Americans are caring for someone over the age of 18. Many of them are family members caring for an elderly parent or older relative — and the value of that unpaid care is estimated at about $600 billion a year, according to a recent report by AARP.
Daphne Taylor, Debbie Taylor and Shelia Miller know the cost of caregiving firsthand. These sisters started caring for their 87-year-old mother after she had a stroke four years ago. Coincidently, the three had all retired around that same time. Miller and Debbie Taylor live in Alexandria, Virginia, while Daphne Taylor lives in Washington, D.C.

“We started out saying, ‘Okay, this is our life now,’ and we’ll do trial and error,” said Debbie Taylor, now 63, recalling how the sisters stepped in to provide around-the-clock care to keep their mother at home. 
“It was all a learning process,” said Daphne Taylor, 65, a retired project manager. She took the lead in creating spreadsheets to coordinate care, track medications and note her mom’s progress. She says the ups and downs of her mother’s health and coordinating necessary services has been frustrating. “I was always able to get done what needed to be done in the working world,” Daphne said.

Sisters Shelia Miller, Debbie Taylor and Daphne Taylor of the Washington, D.C., area care for their mother, Ernestine Taylor.

Managing health-related and long-term care expenses is also a challenge. Trying to arrange care quickly and efficiently, the sisters have paid out-of-pocket for medical equipment, transportation and supplies that were not covered by Medicare or insurance, including a $5,000 hospital bed. 
“We’re trying to take care of our mom 24/7,” Debbie said. “There’s just no way in the world that you have time to try and figure this all out.” 
The alternatives to being the primary caregivers for their mom are also expensive. The median cost for a private room in a nursing home is more than $100,000 a year — and it’s more than $60,000 a year for a home health aide, according to a Genworth survey.   

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Meanwhile, family caregivers spend more than a quarter of their annual income on caregiving costs, according to a 2021 AARP report. Many of them have stopped saving money or taken on more debt to pay for those expenses.
Planning ahead for long-term care can reduce some of the financial strain, says certified financial planner and CNBC FA Council member Barry Glassman, but few families actually do it. “It’s tough because a person in their 80s doesn’t really know when they may need help, or what help they may need, if at all,” said Glassman, who is president of Glassman Wealth Services, with offices in Vienna, Virginia, and North Bethesda, Maryland. 
Experts say taking these five steps can help prevent burnout and financial stress for many family caregivers.

1. Seek help from the government and nonprofits 

Medicare and most health insurance plans generally don’t pay for long-term care. However, if an elderly individual is eligible for Medicaid or a U.S. veteran, there’s a good chance a family member can get paid for caring for them. 
Family caregivers may be able to be paid by Medicaid, depending on their state of residence. The amount of funds can vary contingent on the elderly person’s needs and the average wage paid to home health aides in that state. Go to the American Council on Aging’s website at medicaidplanningassistance.org to find out if your loved one is eligible for a Medicaid long-term care program that pays family members.

In many states, former service members can manage their own long-term care, including choosing a caregiver, who may be a family member — and their military pension can also cover caregiving costs. The U.S. Department of Veterans Affairs’ Caregiver Support Program website can provide more information on how a caregiver of a military veteran can qualify for financial assistance. 
Consider getting respite care for your loved one, too. Although options for family members to get paid for caregiving are limited, you may be able to get help with paying someone else to give you a bit of a break. Check out state and federal funding as well as private sources that may be available to help you pay for respite care on the ARCH Respite Network and Resource Center website. 
Research other government health and disability programs in your state, as well as disease-specific and nonprofit organizations that may offer financial resources for caregivers, on the Family Caregiving Alliance website.  

2. Take advantage of tax breaks

If your elderly parent or relative lives with you and qualifies as a dependent, you may be eligible to claim them as a dependent on your federal tax return. 
You can deduct medical and health-related expenses for yourself, your spouse and your dependents that exceed 7.5% of your adjusted gross income on your federal income tax return. Qualifying expenses may also include including home modifications, equipment and transportation.
You may also qualify for a dependent care tax credit for a percentage of up to $3,000 in qualified care expenses for one person or $6,000 for two people. 

3. Ask about employer benefits that can help

You may be able to save even more money by taking advantage of a health savings account, or HSA, and flexible spending account, or FSA, offered by your employer — and using that money to pay for qualified medical, dental and vision expenses for a dependent. 
You generally have to be enrolled in a high-deductible health insurance plan to contribute to an HSA — which allows for up to $7,750 in contributions for a family in 2023. If you’re 55 and older, you can contribute an extra $1,000. Contributions are tax-free, earnings are tax-free and you can withdraw the money tax-free for qualified medical expenses, too. You can make contributions to an HSA for 2023 until the tax deadline next April. 

It’s tough because a person in their 80s doesn’t really know when they may need help, or what help they may need, if at all.

Barry Glassman
president of Glassman Wealth Services

You may be able to contribute your pretax income to a health FSA as well as a dependent care FSA. A health FSA covers qualified health-care expenses. The contribution limit is $3,050 in 2023. A dependent care FSA allows you to put away pretax money to cover in-home or day care expenses for a dependent of any age while you are at work, up to $5,000 per household in 2023.
Consult a tax professional to find out if those accounts, as well as other tax breaks ,will provide some financial relief for your caregiving situation.  
Find out if your employer offers other caregiving benefits, such as paid time off for caregiving, mental health and counseling services, remote work and flexible schedules.

4. Find support from a group or care specialist

Emotional stress and burnout can add to the financial strain of caregiving. Connecting with other caregivers in a support group may alleviate or help you better manage the multifaceted aspects of caregiving. Search online for caregiver support groups that meet in your area or virtually. 
A care manager may be another avenue of support you can engage even before a crisis. “We can be their ‘black umbrella,’ being there in the corner for them when it starts to rain,” said Anne Sansevero of the Aging Life Care Association. “But they have it in their closet, and they’ve got everything organized.” 
Care managers are often social workers or nurses who can help with creating, evaluating and monitoring a plan to help you care for your loved one. They can make referrals and provide you with a list of resources in your area for in-home care, adult day programs and other services. The fee can range from $125 to $350 an hour, Sansevero said. 

5. Plan ahead for costs and decision-making

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Finally, a key strategy to saving money and reducing the emotional stress of care is planning early. 
If your older parent or relative is reasonably healthy and under the age of 70, consider helping them buy long-term care insurance if they can’t afford the premiums on their own, recommends CFP Ivory Johnson, founder of Washington, D.C.-based Delancey Wealth Management and a CNBC FA Council member. 
Cash flow, family dynamics and personal preference are all factors to consider when looking at long-term insurance. And be sure to understand the fine print. “You can absorb all the risk, you can transfer all the risk, or you can do a little of both,” said Susan Hirshman, director of wealth management at Schwab Wealth Advisory and the Schwab Center for Financial Research. “There’s not one general rule.” 
And discuss with older parents their wishes for who will make health and financial decisions if they are unable to do so. Know where they keep the legal documents that spell out these wishes — health-care proxy or power of attorney, living will or advance medical directive, and durable power of attorney for their finances. 
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Life Changes

A new aging filter on TikTok may help you better envision yourself in your elder years.
Experts say that may serve as inspiration to prepare now for a long life, including financial steps that may pay off big later on.
A recent Bankrate survey found not saving for retirement early enough is the number one financial regret.

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When it comes to planning for longevity, experts say it helps to envision your future self. A new aging filter trending on TikTok can help make that a reality.
While glimpsing a more wrinkled you in the reflection may come as a shock, it’s the steps you take immediately afterward that can help increase your financial security in your later years.

But chances are, you won’t take them.
“The dots need to be connected for consumers, especially given many other things that they have to think about,” said Hal Hershfield, author of the book “Your Future Self: How to Make Tomorrow Better Today.”

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Use an aging filter to overcome retirement inertia

A recent Bankrate survey found not saving for retirement early enough is the number one financial regret.
Experts say increasing your retirement savings deferral rate just slightly, say by 1%, can make a big difference over time. The earlier you start, the more you will benefit from compound interest, whereby the money you earn gets reinvested and earns even more.

The TikTok aging filter may serve as inspiration, but only if savers take the necessary follow-up steps, experts say. Admittedly, inertia may prevent them from doing so.

Once people see an image of their older selves, they tend to feel differently about their future decisions, said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab. Whether those effects will last six months or a year from now is uncertain, he said.
Successful, lasting behavioral changes typically come with incentives to work toward, such as saving money or exercising, Coughlin said. But once the incentives stop, the behavior often does as well, he said.
Pairing an aging filter video with prompts to save more money or invest more toward retirement may be effective, according Hershfield, who is also a professor of marketing and behavioral decision making at the University of California, Los Angeles.

How to plan for ‘future you’

Taking the initiative to plan for the “future you” now can pay off substantially in the long run, and not just financially.
Just about a quarter of why someone dies at a given age is due to genetics and the rest is mostly lifestyle, according to Carolyn McClanahan, a physician, certified financial planner and founder of Life Planning Partners in Jacksonville, Florida. She is also a member of the CNBC Financial Advisor Council.

“The best way to prepare is always keep yourself physically in good shape,” McClanahan said.
Here are three ways to make smart decisions that benefit you now and in the future:
1.  Focus on creating financial flexibility. Rather than focusing on retirement, think of saving as a way to give you more choices in the future, McClanahan suggested.
2. Pay attention to how much you spend. Having a high-priced lifestyle will not only cost you more now, but will also require you to save more toward retirement, McClanahan said.
3. Think of yourself doing everyday activities. To be more inspired to plan for your future self, it helps to realistically picture who that person will be and what they will need, Coughlin said. Ask yourself how your older self will approach everyday things such as who you will have lunch with or how you will get an ice cream cone. “Sometimes your goals are simple and the things that make you smile,” Coughlin said. More

Life Changes

Currently, “catch-up contributions” allow savers 50 and older to funnel extra money into 401(k) and other retirement plans beyond the employee deferral limit.
A change enacted via Secure 2.0 would have eliminated the tax break for higher earners by only allowing these deposits in after-tax Roth accounts, starting in 2024.
However, the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through the end of 2025, regardless of income.

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Higher earners who maximize retirement savings now have more time for pretax catch-up 401(k) contributions, thanks to new IRS guidance. 
Currently, “catch-up contributions” allow savers 50 and older to funnel an extra $7,500 into 401(k) plans and other retirement plans beyond the $22,500 employee deferral limit for 2023.

A change enacted via Secure 2.0 would have eliminated the upfront tax break on catch-up contributions for higher earners by only allowing these deposits in after-tax Roth accounts, starting in 2024.
But the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through the end of 2025, regardless of income.

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“The administrative transition period will help taxpayers transition smoothly to the new Roth catch-up requirement,” the IRS said in a statement. 
The Secure 2.0 change applies to employees making catch-up deposits to 401(k), 403(b) or 457(b) plans who earned more than $145,000 from a single company the prior year. 
Some 16% of eligible employees took advantage of catch-up contributions in 2022, according to a recent Vanguard report based on roughly 1,700 retirement plans.

Delay is ‘a very good thing’ for retirement plans

The delay is “a very good thing” for retirement plan administrators, said Dan Galli, a Norwell, Massachusetts-based certified financial planner and owner of Daniel J. Galli & Associates.
“There’s no way to do this right without a couple of years of preparation,” he added.

There’s no way to do this right without a couple of years of preparation.

Owner of Daniel J. Galli & Associates

About 200 organizations wrote a letter to Congress in July asking for more time to implement the 401(k) changes, and many are applauding the delay.
Retirement plan sponsors are grateful for the agency’s “critically important relief,” Diann Howland, vice president of legislative affairs for the American Benefits Council, said in a statement Friday.
“Without this additional compliance period, a vast number of plans and employers would not have been able to comply with the new requirement and likely would have had to suspend catch-up retirement contributions,” she said. 

‘Leverage the lower tax brackets’

While higher earners now have an extra two years for pretax catch-up 401(k) contributions, some may still consider after-tax deposits with impending income tax law changes, Galli said.
“This really coincides well with the changing tax brackets coming in 2026,” he said. Several provisions from the Tax Cuts and Jobs Act, including lower individual tax rates, will sunset after 2025 without intervention from Congress.

While pre-tax 401(k) contributions provide an upfront tax break, after-tax Roth deposits allow funds to grow and be withdrawn in retirement tax-free. And with possible tax hikes on the horizon, it may make sense for some investors to pay taxes now.
“What we’re doing with clients right now is trying to leverage the lower tax brackets for as long as we can,” Galli said. More

Life Changes

The U.S. Department of Education announced this summer that the public service loan forgiveness application can now be done completely online, including the required signatures by borrowers and their employers.
This change “eliminates delays, yielding a more efficient process,” said higher education expert Mark Kantrowitz.

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Navigating the Public Service Loan Forgiveness Program has been famously difficult. Fortunately, student loan borrowers may find that the process is getting a little easier.
The U.S. Department of Education announced this summer that the PSLF application can now be done completely online, including the required signatures by borrowers and their employers. This change “eliminates delays, yielding a more efficient process,” said higher education expert Mark Kantrowitz.

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The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years of on-time payments. In 2013, the Consumer Financial Protection Bureau estimated that one-quarter of American workers may be eligible.
Here’s what to know about the updated process.

PSLF help tool should make things easier

With the PSLF help tool, borrowers can search for a list of qualifying employers and access the employer certification form.
That form will confirm that you’re working in an eligible job and generate an updated tally of how many qualifying payments you’ve made (by the end, you need 120).
On the tool, you’ll be asked to provide an email address of someone at your place of employment who can confirm your position and sign the form. Previously, borrowers needed to track down the right people at their workplaces and get a physical signature from them.

Once the process is complete, the form should automatically be delivered to the Missouri Higher Education Loan Authority (MOHELA). That’s the student loan servicer that currently handles PSLF borrowers (previously FedLoan did so).
Try to fill out this form at least once a year, Kantrowitz added, and keep records of your confirmed qualifying payments.
The Education Department says the process should take less than 30 minutes to complete, and that you should have your W-2s or Federal Employer Identification Number handy.

Figuring out if you qualify for PSLF

There are three main requirements for public service loan forgiveness, although recent changes by the Biden administration provide some more wiggle room in certain cases:

Your employer must be a government organization at any level, a 501(c)(3) not-for-profit organization or some other type of not-for-profit organization that provides public service.
Your loans must be federal Direct loans.
To reach forgiveness, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan.

Keep in mind that so long as you remained in public service, all months during the Covid pandemic-era payment pause that’s been in effect since March 2020 count toward your 120 needed payments, whether or not you’ve been making payments on your loans.
Student loan bills are scheduled to resume in October.
The Biden administration recently touted that it has so far forgiven over $45 billion in debt for 662,000 borrowers through its improvements to the PSLF program.
“The Biden-Harris team is as committed as ever to upholding the promise of PSLF and ensuring borrowers who devote their careers to teaching our children, strengthening our communities, and serving our nation get the relief they’ve earned,” Education Secretary Miguel Cardona said in a recent statement. More