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PSLF? Has anyone been forgiven on this forum?

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PSLF? Has anyone been forgiven on this forum?

WOndering if anyone has been forgiven....if so how long did it take for the process from Dept. of Educaiton to do their part?

Message 1 of 17
16 REPLIES 16
Valued Contributor

Re: PSLF? Has anyone been forgiven on this forum?

I was reading that out of the 30,000 applications, only 1% were approved. I would guess just people got it from the sum set aside to help a limited amount of wrong PSLF borrowers. You might be able to find a few of you search hard enough, but I think they have a few success stories on Student Loan Hero. (Edited numbers)



Message 2 of 17
Established Contributor

Re: PSLF? Has anyone been forgiven on this forum?

I got turned down this past year. All payments were not the correct plan and since I had one loan that was FFEL they would not count any payments to the direct loans. The strange thing is I was paying the standard which is more for me that an income based and they denied on that basis.

 

I saw an interesting article the other day on this. 28000 applied and 96 got it.

 

https://www.nytimes.com/2018/09/27/business/student-loan-forgiveness.html

 

 

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 10/12/19:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 3 of 17
Valued Contributor

Re: PSLF? Has anyone been forgiven on this forum?

The fine print says that there majority of the payments must be through an Income-driven repayment plan and you can only count a FFEL loan if you consolidate. Of course they also let people consolidate in the middle and didn't tell people that it would reset the qualifying payments. These are details the everyday person will rarely be able to find because they are so deeply buried.

I just saw an article yesterday saying that they stress making plans for the DofE to have to provide better details to the servicers. Imo this is BS because all of the above details should have been explained to you by the servicer, preferably in writing, from the very beginning. Servicers continue to have vague websites on these topics and I think that until the DofE holds their contractors accountable for the information they give out and their actions this will continue to happen. See the Navient lawsuit currently in limbo. 1% getting PSLF is a sad number.
Luckily, they approved the emergency funds but only on a First come first serve basis. I can see this same thing happening in 10 years when the first applicants for IDR forgiveness will be eligible.



Message 4 of 17
Established Contributor

Re: PSLF? Has anyone been forgiven on this forum?


Luckily, they approved the emergency funds but only on a First come first serve basis. I can see this same thing happening in 10 years when the first applicants for IDR forgiveness will be eligible.

What are the emergency funds you are referring too?

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 10/12/19:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 5 of 17
Valued Contributor

Re: PSLF? Has anyone been forgiven on this forum?

Dynamicvb: Because they messed up the PSLF, it put pressure on Congress so they passed a spending bill.

"Student loan forgiveness gets one-shot, $350M boost
The Congressional spending bill passed last week offers some hope to student loan borrowers who previously thought they were ineligible for the Public Service Loan Forgiveness program.
If you counted yourself out because you weren't in an income-driven repayment plan, you may still qualify.
But relief is limited and given out on a first-come, first-served basis."
https://www.google.com/amp/s/www.cnbc.com/amp/2018/03/26/student-loan-forgiveness-gets-one-shot-350m...
Are you sure you don't still qualify?



Message 6 of 17
Established Member

Re:UPDATE... PSLF? Has anyone been forgiven on this forum?

Well I just made my 120th payment on 14 October!  PSLF application has been approved by FedLoan and the package is off to Dept of Ed for final approval.  Hopfully in the next few months I will have my forgivness! 

Message 7 of 17
Valued Contributor

Re: Re:UPDATE... PSLF? Has anyone been forgiven on this forum?

How exciting! Hope the gov approves it. Good luck!!



Message 8 of 17
Established Member

Re: Re:UPDATE... PSLF? Has anyone been forgiven on this forum?

Just an FYI!  I have been forgiven... now we see what havoc it plays to my credit!

Message 9 of 17
Valued Contributor

Re: Re:UPDATE... PSLF? Has anyone been forgiven on this forum?

Lab07: Congrats!! That's great news!
Looking forward to seeing your score change.



Message 10 of 17
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