PSLF forgiveness

keryddwen1 · ‎06-08-2022

Hi all,

My student loans were recently 100% forgiven, and I just had notification that the balance is now $0 with Fed Loan Servicing. I know it's being reported yet to the credit bureaus yet (it's been less than 24 hours since I got the notification). I had a very sizable amount of student loans. My question though, is do any of you have experience with PSLF forgiveness, and once it's being reported as $0, did your credit score go up? I'm really hoping for a postive impact on my credit score with the PSLF. Thanks for your help! #pslf #studentloans #studentloanforgiveness

MissImMe · ‎06-08-2022

I had $79,000 in loans forgiven. It went up maybe 10 points. My score sits mid 800s. Took about 3 months. Hope this helps! Congrats!

Finally hit the 800 club. I don’t see any other credit cards that I want. Guess I’ll garden.

keryddwen1 · ‎06-09-2022

I'm so glad that your loans were forgiven too, and that you had a bump in your credit score. I hope that happens for me too! Thank you for your reply.

PullingMeSoftly · ‎06-10-2022

Congratulations @keryddwen1, that is a fantastic accomplishment and the weight of that monkey is now off your back!

I posted about my experience with a PSLF discharge back in November here. Regarding your question about a score increase, that will depend upon whether or not you have other loan accounts open. In my case, I only have a 7-ish year old paid auto loan but no other active loan/mortgage accounts, so I took a hit of roughly -15/-20 or so to each bureau as the paid student loan affected my credit mix. I was pretty bummed about it since I thought the removal of that debt would have made a difference, but sadly no. Still, the most important thing is finances > fico's.

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Shooting-For-800 · ‎06-10-2022

Congrats!

I don't think SL hurt your scores if no baddies.

DW has a year left for $200k forgiveness.

Cant wait.

Rebuild started in 2014 - $100k unsecured credit in 2017 - $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

kberly69 · ‎07-17-2022

Mine reported a zero balance and I lost 9 points on EX 😞. I don't really get it - I have other loans reporting. I only had about $2k forgiven.

CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821

keryddwen1 · ‎09-07-2022

Thank you! I haven't pulled my report recently, but I'm going to soon. Here's hoping my score went up at least a little bit because mine was a 6 figure student loan debt that was forgiven.

keryddwen1 · ‎09-07-2022

Thank you for your input! I do have other accounts that are open, so fingers crossed this works at least a little bit in my favor.

keryddwen1 · ‎09-07-2022

That's how much was forgiven for me. Good luck to your DW

keryddwen1 · ‎09-07-2022

Ughhhhh some times this just makes no sense