The main issue with the pslf program is the whole working full time thing. (They could've allowed part time public service worker qualify especially during the pandemic)
Yes. I am a nurse practitioner. I have over $140,000 in student loan debt. Over 10 years, I would pay off around 60,000 and the remaining, plus interest, would be forgiven. That’s worth it.
Agreed, I paid for ten years and none of my payments qualified. They said wrong payment plan and wrong loan provider. I ended up just paying them all of on my own.
That's so frustrating. They definitely knew what they were doing too. I have heard so many stories like yours. And even if you try to reach out to them and confirm you are on track they won't answer, or lie about your status. Glad you were able to pay it off anyway!@@PlannerMemaw
Still so confused. I think I just need to call Aidvantage to see what, if any options I have. Worked for a non-profit for close to 10 years bit consolidated my loans during this time. Also no longer work in the nonprofit sector. Standard repayment. Been paying for super close to 10 years. No one has mentioned any forgiveness beyond 10 years on this plan.
It is more about 120 qualifying payments while you work for an NGO or Gov't, so I wonder if you were to go back to this sector you would be able to finish your qualifying payments.
Does there have to be a continuity of the payments with the qualifying employer? Lets say you made 80 qualifying payments, then you changed an employer to private sector for 20 payment cycles, then you went back to a qualifying employer and continued making payments. I suppose they would continue counting the payments once you restart with a qualifying employer?
I am currently on PSLF. I have over 100k in debt and that is almost double my annual salary so if it works, it’ll be wonderful, but I’m worried changes will be made in the future that will “screw me” out of it.
I think it was pretty immediate. You submit on the website and select from a list who your employer is. Then you give them your boss’s work email. They send a verification to them and that’s that. (If I remember correctly)
@@nutritionallee9351 I printed out the form, signed it out, sent it into my boss to sign his part of it, and had it mailed out. I got no word about it yet.
I’m not sure if anyone can help me with my question. I have been working with non profit for a little of a year now. I have not payed any debt yet but will my payments count toward a pslf if I payed for the full 12 months I missed? Please let me know if anyone knows the answer to this. I feel like I wasted a year of not paying toward it but was struggling with COVID and expenses.
My wife was in deferrment before covid. And we just started making payments in October when interest began accruing again. Would the covid period still be counted as payments toward PSLF? Thank you.
My wife is going through medical school and we are able to pay cash as we go but I am wondering if it's worth it. Tuition is 160, but we could have taken out 240 in loans with living expenses and had that forgiven. The only issue is over 10 years we would have repaid 230k in loans. I'm wondering if we made the right choice. We could have just taken out the loans and we would have about 200k in cash in our pockets and not have to save money every month to pay for school.
I have been going to school on and off since 2013. Currently, I have served 8 years in the military, I am wondering if in the next two years, I would be able to apply for the PSLF. Is there anything I should be doing now? I heard you mention applying annually so I will begin that now.
I really cannot see how PSLF benefits anyone who doesn’t owe more than 20-30k. I owe about 20k and if I pay my minimum each month, at the end of the 120 payments, I will have paid off the loan anyway. Does this sound right to anyone? How does this benefit people like myself? 🤔
Yep. I’m in a similar boat. I kept doing the math and I might save like 2k when it’s all said and done but my debt would still be hanging over me for years. I’m just going to hit it hard and pay it off myself
@@wendym9732 not too sure. Probably because it’s not government owned. I work for Home Healthcare agency that’s family owned. There was a link on my student loan provider website that had me check if my employer was eligible for this. But it said ineligible
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The main issue with the pslf program is the whole working full time thing. (They could've allowed part time public service worker qualify especially during the pandemic)
Yes. I am a nurse practitioner. I have over $140,000 in student loan debt. Over 10 years, I would pay off around 60,000 and the remaining, plus interest, would be forgiven. That’s worth it.
Have u heard about fifucius?
Yes. Over ten years, I would pay less than 40% on the balance if I were to accelerate per month. The monthly difference can be invested.
So glad they fixed this program, it was nearly impossible before with all the rules about starting over, being on the wrong plan, etc.
Agreed, I paid for ten years and none of my payments qualified. They said wrong payment plan and wrong loan provider. I ended up just paying them all of on my own.
That's so frustrating. They definitely knew what they were doing too. I have heard so many stories like yours. And even if you try to reach out to them and confirm you are on track they won't answer, or lie about your status. Glad you were able to pay it off anyway!@@PlannerMemaw
Does the employer sign the form once only? Or do I need to submit a form every year for employer signature?
Still so confused. I think I just need to call Aidvantage to see what, if any options I have. Worked for a non-profit for close to 10 years bit consolidated my loans during this time. Also no longer work in the nonprofit sector. Standard repayment. Been paying for super close to 10 years. No one has mentioned any forgiveness beyond 10 years on this plan.
It is more about 120 qualifying payments while you work for an NGO or Gov't, so I wonder if you were to go back to this sector you would be able to finish your qualifying payments.
Does there have to be a continuity of the payments with the qualifying employer? Lets say you made 80 qualifying payments, then you changed an employer to private sector for 20 payment cycles, then you went back to a qualifying employer and continued making payments. I suppose they would continue counting the payments once you restart with a qualifying employer?
I am currently on PSLF. I have over 100k in debt and that is almost double my annual salary so if it works, it’ll be wonderful, but I’m worried changes will be made in the future that will “screw me” out of it.
How long did it take you to find out that you were accepted for the plan?
I think it was pretty immediate. You submit on the website and select from a list who your employer is. Then you give them your boss’s work email. They send a verification to them and that’s that. (If I remember correctly)
@@nutritionallee9351 I printed out the form, signed it out, sent it into my boss to sign his part of it, and had it mailed out. I got no word about it yet.
@@celestialspartan1176it takes months to get approved.
7 years in for federal service, yet i feel it won’t happen.
How do you certify that you were with a qualifying employer if you have switched employers and have never filed for PSLF waiver yet ?
Print the form and have the employer fill it out
Yes! So thankful for the changes. I told my husband he has to stay in public service for the next 5 years. 😂
Same! 5 more years for my wife haha
I’m not sure if anyone can help me with my question. I have been working with non profit for a little of a year now. I have not payed any debt yet but will my payments count toward a pslf if I payed for the full 12 months I missed? Please let me know if anyone knows the answer to this. I feel like I wasted a year of not paying toward it but was struggling with COVID and expenses.
My wife was in deferrment before covid. And we just started making payments in October when interest began accruing again. Would the covid period still be counted as payments toward PSLF? Thank you.
I just signed up for it. Now I’m wondering how long it normally takes for someone to get the word on if they’re accepted or not.
Same
My wife is going through medical school and we are able to pay cash as we go but I am wondering if it's worth it. Tuition is 160, but we could have taken out 240 in loans with living expenses and had that forgiven. The only issue is over 10 years we would have repaid 230k in loans. I'm wondering if we made the right choice. We could have just taken out the loans and we would have about 200k in cash in our pockets and not have to save money every month to pay for school.
They could've had full time public service workers only make 60 payments (5 years) while part time workers make 120 payments (10 years).
I have been going to school on and off since 2013. Currently, I have served 8 years in the military, I am wondering if in the next two years, I would be able to apply for the PSLF. Is there anything I should be doing now?
I heard you mention applying annually so I will begin that now.
I really cannot see how PSLF benefits anyone who doesn’t owe more than 20-30k. I owe about 20k and if I pay my minimum each month, at the end of the 120 payments, I will have paid off the loan anyway. Does this sound right to anyone? How does this benefit people like myself? 🤔
Yep. I’m in a similar boat. I kept doing the math and I might save like 2k when it’s all said and done but my debt would still be hanging over me for years. I’m just going to hit it hard and pay it off myself
im good!!!
I’d never bet my financial future on the government. Too many “ifs” involved.
❤
It is a lie.
I’m in healthcare and I wasn’t eligible
@@derekromero1138why not?
@@wendym9732 not too sure. Probably because it’s not government owned. I work for Home Healthcare agency that’s family owned. There was a link on my student loan provider website that had me check if my employer was eligible for this. But it said ineligible
Can you consolidate two children’s loans??