The Public Service Loan Forgiveness program allows eligible teachers and public servants to have their student loans canceled after working in the field for 10 years and making 120 qualifying monthly loan payments. However, certain PSLF borrowers who were due to receive forgiveness last year may have been thwarted by administrative payment pauses.Now, the new PSLF Buyback program gives some of those borrowers an opportunity to "buy back" no-payment months that didn't count toward forgiveness while their loans were in forbearance or deferment, according to the Federal Student Aid office.In other words, if you're eligible for PSLF and have already worked the required 10 years but the federal payment pause caused you to miss the 120 payment mark last year, you can compensate for the missing months by applying for the buyback program."The buyback option is not a shortcut to accelerate your progress toward PSLF," said Elaine Rubin, director of corporate communications at Edvisors.com. You'll need to have hit the ten years of service and meet other conditions to qualify. If you're only five years into your teaching position, for example, you can't use this program to pay off your remaining five years of payments to get debt relief now.Here's what you need to know to see if you're eligible for the buyback program and file an application.What is the PSLF buyback program?The PSLF Buyback Program allows you to buy back certain skipped-payment months to count as qualifying payments under PSLF, which would speed up debt cancellation for a small number of eligible borrowers.For example, if you're a teacher who has worked 130 months in the role, you've already surpassed the required 10 years to be eligible for public loan forgiveness. But if your student loan was in deferment or forbearance for 15 months, you may have only made 115 months of payments. Normally, this would mean that you're not yet eligible for forgiveness under the PSLF program.Under the government's PSLF Buyback program, you can now make a payment (either in one lump sum or through multiple payments) within 90 days to cover the 5 months needed to fulfill your obligation and receive debt relief.What amount will you need to buy back? That depends on how many months short of the 120 goal you are and how much your monthly payment is. If you were on an income-driven repayment plan, your monthly payment could be as low as $0, Rubin said. But if your monthly payment is $200 and you've only made 117 payments, you'll need to pay $600 to complete the buyback process.After you submit an application requesting a buyback, the government will detail the total amount you must pay to your servicer within 90 days in order to have your remaining balance forgiven.Who's eligible for PSLF buyback?There are several requirements to be eligible for the PSLF buyback:You have worked at least 120 months in a qualifying public service role, including during the months when your student loan payments were in forbearance or deferredBuying back certain months of deferment or forbearance will get you over the threshold of 120 payments, allowing you to qualify for forgiveness under PSLFYour loan has a remaining balance greater than zeroIn other words, you cannot request a buyback if you have less than 10 years of service, and a buyback does not apply to defaulted loans or discharged loans.You can check on your qualifying payments for PSLF at StudentAid.gov, the central dashboard for this program. You can view more detailed information about the eligibility requirements here.How do I apply for the PSLF buyback program?Here are the steps for applying for the PSLF buyback program:If you have unreported periods of qualifying employment, submit them by using thePSLF Help Tool.Wait to review how yourpayment count adjustmentapplies to PSLF credit.Confirm the missing payment months you want to buy back and make sure you have approved qualifying employment for the same months (see how toverify these months).Submit a buyback request throughPSLF Reconsideration.Wait to hear back from StudentAid.gov about your final payoff amount.Rubin warns that the application is a bit confusing. "Be patient, but make sure that your information has been filed," Rubin said.You can check the status of your application through StudentAid.gov.Can I apply for PSLF buyback if I'm enrolled in SAVE?Yes, you can apply for the PSLF buyback if you're enrolled in the Saving on a Valuable Education plan. The SAVE program, an income-driven repayment plan, is considered an eligible forbearance type under the PSLF buyback.Payments have been on hold for SAVE borrowers since the summer, so if you're a PSLF borrower who would have received debt relief in the fall or winter, you're a prime candidate for the buyback program.How long will the PSLF buyback program be open?Rubin said the PSLF buyback program is currently open, and there is no hard deadline for applications.That being said, once you submit your application and learn your buyback amount, you have 90 days to make the buyback payment to your loan servicer. If you fail to pay the total amount within that time frame, you need to start over with a new application.With a new administration coming into the White House, the long-term fate of the PSLF buyback program is unclear. Rubin recommends taking the time now, while PSLF buyback is still available, to determine whether you're eligible and submit your application. 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