PSLF Question

[dynamicvb]

For those of you who have applied for the PSLF program. Did you get in the program right from the start or wait until you had close to the 120 months of payments for the forgiveness? I've been in educational institutions about the entire time I've had the loans and I've paid through part of that time, but I never applied for the program as I thought I needed to wait until I had made all the payments. I'm at the point now that I realized I have no idea how many payments I have made as the loans have come in and out of deferment. I'm guessing I'm probably hitting 6-7 years of payments.

I'm planning on submitting my paperwork soon. do I need to submit an application for each job that would qualify as I have moved positions during these loans or do I just submit one covering all the years? There was a little over a year where I did not work at a company that would qualify for this plan.

Please advise.

[Anonymous]

I'm not in the PSLF so my information from what little I've alraeady researched.
First, the loan servicer keeps a count. Call and ask FedLoan Servicing to send you in writing your total number of qualifying payments. They can do this, the person who answers the phone will often tell you they can't though because FLS has horrible Customer Service. Don't email them because they tend to only answer a fraction of the emails sent. I often have to speak with a supervisor to get stuff.
Second, you are supposed to be sending in some annual certification on your employment. This will be submitted with the application to the government. Many people gotten all the way there only to find they have to start from scratch because their servicer neglected to mention this.

Lastly but most importantly, it is important you understand that while you are required to do all these things for 10 years, so far it's only the servicer asking for them. The government, which actually has the program and has the forgiveness program, only gets involved in the end. Meaning you only actually apply for the PSLF when you complete the 10 years and your servicer turns in the real application to the government. Your application can be turned down for not having the right employer, not making enough qualifying payments, not being on the right payment plan, not having the employment certification, etc. Your loan servicer does not decide this. I would recommend looking up the government application and trying to make sure you stick with what they require because the loan servicer is being sued by multiple parties for not giving out accurate information, cause people to not qualify for the actual forgiveness after 10 years. For example, they should have told you about the employment certification form. Here is the government website with more information:
https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
Hope this helps!

[beutiful5678]

I'm not familiar with PSLF myself but I did find this online:

If you want to qualify for Public Service Loan Forgiveness now or in the future, complete and submit the Employment Certification form as soon as possible. Too many borrowers wait to submit this important form until they have been in repayment for several years, at which point they learn that they have not been making qualifying payments. In order to ensure you’re on track to receive forgiveness, you should continue to submit this form both annually and every time you switch employers.

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

It looks like you want to submit this form ASAP.

[beutiful5678]

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@Anonymous wrote:
[snip]

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Whoops. Maybe I should read the thread before responding, ha.

[dynamicvb]

Well, I got all the certifications back from my employers and submitted the paperwork. The more I read the more I'm concerned the payment I have already made may not be counted. I'm hoping that is not the case and they will give me the forgiveness.

[Anonymous]

Why do you think it might not have counted? It's better to turn them in as you go but again, all this is not given to the government until you qualify to apply forgiveness so you should still be good.
I've heard the process goes more smoothly if you have one employer so be in for a wait, I think. They seem to be super slow about processing.

You could always ask how many qualifying payments you've made. They should be able to tell you on the phone (I would definitely ask to speak with a supervisor; the lower level ones are clueless). However I can't stress enough getting it in writing. It won't mean anything official as the government does their own count, but it's always good to have an idea. And they might even be helpful telling you what else you need to do. Just remembered to double-check what time they say because they're misleading/ wrong all the time.
You could do some research about the situations in which they rejected the PSLF application but why worry about something you can't change. Just continue making your payments as you would and hopefully they will be forgiven in no time. Good luck!

[dynamicvb]

Thanks, yes I do not expect them to move all that quickly on this one as Federal employees don't move real quick. I know I should have applied a long time ago, but I did not so I'll just have to go from where I am now.

[Anonymous]

I was just reading and I saw something I have seen before on PSLF. Did you know that although the standard repayment plan counts as a plan you can make qualifying payments on, apparently you need to make the majority on one of the Income-driven repayment plans.
"A Public Service Loan Forgiveness (PSLF) program is also available. Under this program, we will forgive the remaining balance due on your eligible Direct Loan Program loans after you have made 120 payments on those loans (after October 1, 2007) under certain repayment plans while you are employed full-time in certain public service jobs. The required 120 payments do not have to be consecutive. Qualifying repayment plans include the REPAYE Plan, the PAYE Plan, the IBR Plan, the ICR Plan, and the Standard Repayment Plan with a 10-year repayment period. Note: Although the Standard Repayment Plan with a 10-year repayment period is a qualifying repayment plan for PSLF, to receive any loan forgiveness under this program you must make the majority of the required 120 payments under the REPAYE Plan, the PAYE Plan, the IBR Plan, or the ICR Plan."
- Student Rights and Responsibilities