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Stool Sample posted:I am working directly for the gov, and all of my loans were through the FAFSA (so I believe they're all federal). I'll definitely go to HR about this when I start out, but the issue is I start on the 16th and my first loan payment is due on the 9th, and the standard 10-year plan payment is pretty steep for me right now. I'm guessing you can change repayment plans at least once, but how long would I have to wait if I needed to do that? What should I go with now so that I don't miss this payment and however many more before I settle into a more permanent plan? Are you just out of school? If you haven't made any payments yet it might be worth it to do a DIRECT consolation through the department of education. This will reduce the number of individual loans, and when you consolidate it will ask if you are interested in PSLF, and it will move the loan to the appropriate loan servicer (fedloan). If you have already made payments on your loans, in the event you consolidate, those payments WILL NOT count toward PSLF. As far as your loans go, not all federal loans qualify for PSLF either. You should read some more info on the program and look at what types of loans you have. Student loan hero has some good info. As far as income driven repayment (IDR) plans go, you can submit the paperwork whenever you want, and it is based on your current paystub or previous years taxes. The payment can be as low as $0 and still count towards PSLF forgiveness. A list of things off the top of my head that I do to stay on top of the program. 1) Save a copy of every single paystub to prove employment 2) Submit PSLF cert form at least once a year 3) Submit annual IDR certification. 4) Check that payments go through as they should be (I've had to call the servicer and have them fix some issues) Again, the program is a pain in the rear end and you will have to invest significant time into ensuring that you are complying with all the requirements. Keep in mind that if you go down this path you will need to work for government or a 501c3 for at least 10 years. State government can generally give that stability at least. If your loan balance is high enough that it would be impossible for you to pay it off within 10 years I'd consider PSLF. If you think you can pay it off sooner than 10 years I'd recommend trying to do that, since there is no guarantee it will continue to exist. I am personally relying on being grandfathered into the program if it is stopped because the loan balance is too high to pay off. In the meantime the loans are increasing in unpaid interest which is a lovely feeling. It's a good program if you can make it to the end but there are a lot of barriers. I can try to answer any other questions you might have. Feel free to PM me if you have any questions you don't want to post ITT.
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Apr 2, 2019 03:01
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1) Correct, because PSLF is based on 10 years of payments. If you pay them off at or before 10 years there is nothing left to forgive. 2) Yes 3) Sector doesn't matter but it had to be government or 501c3. If you work for 9 years for a qualified entity, took 3 years off, and made the last 12 qualifying payments then it could submit for forgiveness. Your undergrad loans might qualify before your grad school loans. Not all loans are eligible for PSLF (no private loans are, some federal don't qualifiy).
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Apr 2, 2019 20:34
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Yorkshire Pudding posted:So then what happens if I get 9 years in on a REPAYE plan, leave the public sector forever and have only paid off half my loans. I just need to do a different repayment plan and pay the remaining off? Yeah you would have to pay the rest off. If you have a higher income and lower balance loans it may make sense to pay the loan off on the normal schedule or pay it off in less than 10 years. The DOE has an IDR calculator where you can plug in your info and see if you might qualify for one of the payment options
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Apr 2, 2019 20:51
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Also a lot of the reason that tens of thousands of people we're denied pslf forgiveness is because they did not understand the program requirements and we're never going to qualify in the first place. You have to have the right loans, have the right type of payments (for ten years) and have the right kind of job (for ten years). When I was looking I to PSLF in 2013 there was barely any I about it out there. If you can imagine that people that tried to qualify in 2017 had even less info when the program started in 2007. It's not a great fit for everyone. For my and my wife's situation we chose to go down that the PSLF path because it made financial sense. It may not for you.
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Apr 2, 2019 20:56
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Simpsons Reference posted:I was unemployed several months ago and entered in to IDR, so payments have been on hold until 10/23/19. I'm scheduled to renew on 8/19, and while I'm currently employed, that may be in question. But I'll likely enter in to repayment. IDR isn't deferment, so I'm not sure that the interest will capitalize. My wife has loans on IDR and when she certified income annually (working towards PSLF) the interest hasn't capitalized.
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Aug 5, 2019 16:22
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Just submitted IBR for PSLF eligible loans and can't help but feel that somehow DeVos is going to gently caress me over. Wife and I MFS for the sole purpose of IBR payments but they still ask for both our income info. 47/120 payments certified though. Missed a month due to a job change and even though the payment was made while still at the old job, since the payment due date was in between jobs it doesn't count.
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Nov 4, 2019 15:59
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I'm in a similar situation - IDR is certified in November using the previous year's taxes so we just certified for 2020 payments in 2019 based on 2018's tax return.
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Dec 24, 2019 19:52
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Okay, so Trump's EO pausing student loans... I can only imagine how this is going to gently caress with PSLF eligibility and calculations.
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Aug 9, 2020 20:05
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Residency Evil posted:I'm hoping it just extends what's already going on for another 3 months. I'm hoping the same but.... :trump:
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Aug 9, 2020 23:30
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Is FedLoan still going to be the PSLF servicer?
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Aug 13, 2020 12:39
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Rolo posted:Does anyone have any input on Citizens for a refinance? My wife used them. No complaints. Any specific question?
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Aug 18, 2020 00:44
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Rolo posted:Mostly just making sure there aren’t any big problems because I’ve never known anyone that uses them. Yeah, we refied a high variable rate to fixed rate, about 3.5% lower than what the variables were at. Payments went through quickly, customer service was fine as far as student loan companies go, and when we paid off the balance we got a letter saying the loan was paid pretty quickly. Some of the other refi companies didn't even want to talk to us. At the time we were also using citizens for or primary banking, so I think we got 1/4% off. IIRC there was an incentive to have auto payments set up where they reduced the interest rate slightly.
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Aug 18, 2020 13:57
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Sirotan posted:It is apparently official now that this is an extension of everything from the CARES Act and it should be another 3 months of non-payments that are eligible towards PSLF: https://studentaid.gov/announcements-events/coronavirus?sf127024218=1 I like the "payments you would have made" Can't wait for them to say "we don't know if you would have made this payment or not, and therefore we can't certify that these Schrödinger payments would have been made" E: Also my IDR is going to end during this forbearance. I guess I'll have to call FedLoan to figure out what to do about that and how to recertifiy. The Slack Lagoon fucked around with this message at 18:40 on Aug 19, 2020 |
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Aug 19, 2020 18:38
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It shouldn't-each loan has it's own PSLF counter. Make sure when she starts school the loan isn't put into automatic forbearance, assuming she's still working at a qualifying organization during grad school. My wife took a class as an alumni and the school notified the DOE that she was I'm school again and automatically put the loans into forbearance. Took months to get reversed and to make sure the payments we made during that still counted towards PSLF
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Aug 21, 2020 10:49
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Neurostorm posted:My wife’s student loans are on REPAY — am I correct that capitalization doesn’t occur annually, just occurs if we don’t recertify (or miss loan payments or go into deferral/forbearance or something)? We just recertified so I think we’re good but wanted to make sure. Yes, allegedly. We've recertified for 4 years and the interest has not yet capitalized. I say allegedly because who the gently caress knows if any of it will be consistent
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Dec 29, 2020 01:22
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I'm going to assume the continued pause on loans still count for pslf payments?
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Jan 21, 2021 05:34
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hepcat posted:I recently certified my employment and received confirmation that I've made 120 qualifying payments for PSLF. Today, I filed my application for forgiveness. I'm curious if anyone in this thread has actually had their loans forgiven and if so, how long did it take after they filed their application? Still 5 years off for me 
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Mar 19, 2021 01:54
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Can't wait for all the paperwork to get lost
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Jul 10, 2021 01:29
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My partner just did an annual payment certification. 67/120 payments made.
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Oct 6, 2021 15:23
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When I refinanced private loans back in 2015 I went through citizens bank. They were fine. Got the payoff letter pretty quick when they got paid off early.
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Dec 30, 2021 22:14
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susan b buffering posted:Citizen's bank seemed promising but there doesn't seem to be a way to apply with a cosigner, at least not if you get rejected during the preliminary "Check your rates" portion of the application. Funnily enough, this is exactly what happened. Rejected without a cosigner, iirc called and replied giving them cosigner info over the phone. I don't remember all the details but there was definitely a cosigner and it was through Citizens.
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Dec 31, 2021 07:24
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I've been certifying for PSLF since 2016 and my loans just transferred to MOHELA from FedLoan and MOHELA website is saying that they have no records of PSLF progress for my account. A+
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Jul 21, 2022 21:47
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Yeah I have copies of everything. A Facebook group said this is a known thing and MOHELA has said info will be available mid-August. What the gently caress.
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Jul 21, 2022 22:40
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Yeah, the will he won't he on extending the pause is extremely exhausting
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Aug 18, 2022 18:45
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Looks like most recent rumors are an announcement tomorrow and a 4 month payment pause e: and 10k forgiveness
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Aug 23, 2022 22:02
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Has anyone submitted a PSLF payment cert through MOHELA? I submitted one in August for some old employment in 2015, and MOHELA says it's been processed but my eligible PSLF payment count hasn't been updated. e: this isn't for final PSLF application, just payment update for payments that hadn't yet been certified. The Slack Lagoon fucked around with this message at 17:14 on Oct 14, 2022 |
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Oct 14, 2022 17:09
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Shinjobi posted:Hello thread You don't have to notify at job start, but you can do certifications to certify past employment. There is a tool on the Student Aid website that allows you to send a DocuSign version of the document for signature (this is much faster to get processed than a paper uploaded form). You should probably certify IBR because it could drop your payments. If you submit an ECF (employer certification form) I believe your loans will automatically transfer to MOHELA. Note that MOHELA is pretty bad and also absolutely inundated with calls so it's very hard to get through to support, but their website is ok. IBR and ECF are both done directly through the studentaid.gov website. You also don't have to stay at the same employer for 10 years, and the payments do not need to be consecutive, so long as the employer is a qualified entity (501(c)(3), federal, state, local, tribal govt, and a few other employer types.
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Jun 14, 2023 18:42
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actionjackson posted:Another question, if someone has debt being paid under income-driven repayment, and they get married, their cost will go up right? Because it will consider both incomes together. My wife and I have been on IBR (one of the IDR plans) and we MFS for taxes. Some of the IDR plans take both people's incomes regardless of filing status, but IBR only counts the borrower's income if you MFS.
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Aug 13, 2023 18:54
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Planet Money had a decent episode about the new IDR plan: https://www.npr.org/2023/08/08/1192703211/biden-save-plan-how-it-works
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Aug 14, 2023 00:38
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remigious posted:I am suffering from information overload and have a question - I am already enrolled in IBR. Do I need to enroll in SAVE or will I be automatically enrolled? Which IDR plan are you on? If you're on the IBR or any other IDR plan than REPAYE you will have to request to transfer to SAVE. If you are on REPAYE it will automatically convert to SAVE. I was on IBR and submitted the paperwork this morning. Should drop my payment from $200 on IBR to $0 (working towards PSLF).
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Aug 23, 2023 18:03
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There's a PSLF Facebook group that is run by volunteers but the admins posted something from MOHELA basically saying they are way behind and gently caress you just wait. It seems like MOHELA has lost staff and at the same time correspondence is significantly increased due to return to payment.
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Nov 18, 2023 19:42
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