Is it worth considering consolidation if the interest capitalizes? Can you create a video simulating the pros and cons, given that the balance will increase when you consolidate (they will add interest to the principal)? Thanks!
My daughter graduated two years ago with FAFSA loans. She has since worked full time in public education. Is she supposed to apply for PSLF now so that she's in the program for when she reaches the 10 year/120 payment mark? Or does she need to wait until she reaches the 10year/120 payment mark? If she gets in the system now, does that guarantee that she's locked in and can participate after 10 years no matter what the politics of the country toward programs like this are?
She should submit the PSLF form annually to verify her employment. Then she will always know how much progress she has made. Also, if she ever switches employers she won't need to worry about reaching out to the company down the road to get the verification. But as far as "locking in" a spot in the program, I don't think that's ever a guarantee- especially considering how much a certain political party is against loan forgiveness for anyone but the wealthy.
0 seconds ago I have worked at a hospital for 30 years ( since 1995) it is a non profit 501 3c. I was a certified phlebotomist without loans or a degree until 2009 when I enrolled in college to study for nursing school. I graduated in 2016 with a bachelor in nursing, this is when I started repaying my loans. In 2017 due to health issues, I had to switch from full to part time (24 hrs week). I never applied for PSLF due to being part time but I feel cheated given the years I have dedicated to my job. Does anyone know if the years I spent working for a non profit even before getting the loans, would qualify me to get PSLF ?? I am confused on how this works, does the ten year count down start on the date I applied for the loans? Or does it start the moment I started making my first payment? Thanks!
I am looking into the potential for PSLF and work for a qualifying public entity. Most of my loans are on the SAVE plan, but I have one FFEL loan from before the direct loan program. Do I need to consolidate to qualify for PSLF? Stated another way, do all of my loans need to be on the SAVE plan for any to be forgiven, or will the ones on the SAVE plan be potentially forgiven at the end of my repayment period if one remains FFEL? Does it make a difference if I pay that one off before the end of my repayment period?
Some must. Many should. Few don’t need to. It really depends on the type of loans you have, how many you have, and whether they have different repayment, forbearance, and deferment periods.
@@xaviernierras5606You don’t necessarily have to sign up for save at all. It’s not a requirement. You can apply for pslf if you work for a qualifying employer.
Hey Cutback have you looked into other programs that affect us vets? Are you SC, if so I’d look into what you can get done because we do have many programs. Good Luck!
If I have been in government service before 2007, and full time since, do I need to have at least 10 additional years of service after I complete the education for which I have a loan?
Since the PSLF form is now digital, will there still be issues with verifying past employment that is eligible? In the past, it was a hassle track down the correct person to certify your employment, especially in a different city or state.
It is digital, but someone from the public service company still has to verify employment so you still need contact info for them (usually the email for an HR rep, but it will vary based on your company). It's just no longer a paper form so it's more convenient and potentially will process faster.
Question ...UG loans ALL PAID off due to 2023 PSLF exception process SUCCESS... I have been paying on GRAD loan ="Mohela Direct Unsubsidized loan" since 2018 - At this point I would CONSOLIDATE GRAD loans with UG loans to RESET GRAD loan repayments to match the UG loans BUT UG loans are GONE/PAID - I went ahead and submitted a CONSOLIDATION form for the GRAD loan (despite not having anything to CONSOLIDATE it to) - Any idea if this is the CORRECT thing to do? Mohlea certainly did NOT adjust my GRAD loan to MATCH the UG lioas so I am hopeful that CONSOLIDATING will cause someone other than MOHELA to do so...?
This is all great information and easy to follow as a borrower! However, my former PSLF-qualified employer (I'm an adjunct professor) AND student loan servicer (Mohela) do not seem to be updated on the latest information when I try to explain and get employment forms submitted and my profile updated. I'm having a difficult time with being told to resubmit forms and then those forms being marked as "duplicate" and the updated information is not documented for my payment counts. I guess this is just a vent, but I would love advice on how to get things sorted out.
Heres where i'm confused I owe 38K and my monthly bill is 330 but will only get it forgiven if I pay 120 months, but 300 * 120 is 39600. How will this even help me if my bill is paid? BTW I'm a NYCDOE teacher.
Does it count for years worked before the inception of your loans? Ex: nurse worked for not for profit for hospital for a handful of years, but went back for higher degree (which is where the loan debt is from) do years worked before the loans were obtained count?
Is it worth considering consolidation if the interest capitalizes? Can you create a video simulating the pros and cons, given that the balance will increase when you consolidate (they will add interest to the principal)? Thanks!
This was very informative and helped me understand the policy they are trying to implement. Thank you!
My xfiance just got his letter a couple of months ago having it all paid off after 10 years working at a nonprofit hospital as a therapist.
you have no idea what a God sent you are, thank you for this info. blessings to you my friend
You are very welcome
Just finished the 120 payments. Now to sit back and wait for the backlog 😂
My daughter graduated two years ago with FAFSA loans. She has since worked full time in public education. Is she supposed to apply for PSLF now so that she's in the program for when she reaches the 10 year/120 payment mark? Or does she need to wait until she reaches the 10year/120 payment mark? If she gets in the system now, does that guarantee that she's locked in and can participate after 10 years no matter what the politics of the country toward programs like this are?
She should submit the PSLF form annually to verify her employment. Then she will always know how much progress she has made. Also, if she ever switches employers she won't need to worry about reaching out to the company down the road to get the verification. But as far as "locking in" a spot in the program, I don't think that's ever a guarantee- especially considering how much a certain political party is against loan forgiveness for anyone but the wealthy.
Now now now
So if I am on a income repayment plan and on 0 balance . Can I still try to see if pslf will work ?
God bless you!!!❤
I am at retirement age, do I have to continue to work for 10 years while beginning to make payments to receive the PSLF?
Can I get payment counts for the time my paycheck was garnished because of default?
No.
0 seconds ago
I have worked at a hospital for 30 years ( since 1995) it is a non profit 501 3c. I was a certified phlebotomist without loans or a degree until 2009 when I enrolled in college to study for nursing school. I graduated in 2016 with a bachelor in nursing, this is when I started repaying my loans. In 2017 due to health issues, I had to switch from full to part time (24 hrs week). I never applied for PSLF due to being part time but I feel cheated given the years I have dedicated to my job. Does anyone know if the years I spent working for a non profit even before getting the loans, would qualify me to get PSLF ?? I am confused on how this works, does the ten year count down start on the date I applied for the loans? Or does it start the moment I started making my first payment? Thanks!
I am looking into the potential for PSLF and work for a qualifying public entity. Most of my loans are on the SAVE plan, but I have one FFEL loan from before the direct loan program. Do I need to consolidate to qualify for PSLF?
Stated another way, do all of my loans need to be on the SAVE plan for any to be forgiven, or will the ones on the SAVE plan be potentially forgiven at the end of my repayment period if one remains FFEL?
Does it make a difference if I pay that one off before the end of my repayment period?
FFEL Loans must be consolidated into a Direct Loan to be eligible for PSLF.
So do we need to consolidate before applying for PSLF?
Some must. Many should. Few don’t need to. It really depends on the type of loans you have, how many you have, and whether they have different repayment, forbearance, and deferment periods.
So if I’m not mistaken, we sign up for the SAVE plan first, and then the PSLF program after?
Only if you have loans that are not owned by the government like the old FFELP loans or Perkins loans.
@@xaviernierras5606You don’t necessarily have to sign up for save at all. It’s not a requirement. You can apply for pslf if you work for a qualifying employer.
ya cool. Served 10 years in the Army -haven't gotten sh.t
You gotta apply bro
Hey Cutback have you looked into other programs that affect us vets? Are you SC, if so I’d look into what you can get done because we do have many programs. Good Luck!
007 Harris Spur
903 Kulas Passage
If I have been in government service before 2007, and full time since, do I need to have at least 10 additional years of service after I complete the education for which I have a loan?
Since the PSLF form is now digital, will there still be issues with verifying past employment that is eligible? In the past, it was a hassle track down the correct person to certify your employment, especially in a different city or state.
It is digital, but someone from the public service company still has to verify employment so you still need contact info for them (usually the email for an HR rep, but it will vary based on your company). It's just no longer a paper form so it's more convenient and potentially will process faster.
Cheetohs Fingers!!!
441 Esta Route
I'm confused, because they give you a repayment plan that is 120 months. So isn't the loan paid off by the time it would qualify for forgiveness??
That would be nice, but many people are retiring with debt.
Question ...UG loans ALL PAID off due to 2023 PSLF exception process SUCCESS...
I have been paying on GRAD loan ="Mohela Direct Unsubsidized loan" since 2018 -
At this point I would CONSOLIDATE GRAD loans with UG loans to RESET GRAD loan repayments to match the UG loans BUT UG loans are GONE/PAID -
I went ahead and submitted a CONSOLIDATION form for the GRAD loan (despite not having anything to CONSOLIDATE it to) - Any idea if this is the CORRECT thing to do?
Mohlea certainly did NOT adjust my GRAD loan to MATCH the UG lioas so I am hopeful that CONSOLIDATING will cause someone other than MOHELA to do so...?
Thank you for the video. I work for qualifiying non profit, will my manager be contacted to fill out or sign some application? Or just my HR?
This is all great information and easy to follow as a borrower! However, my former PSLF-qualified employer (I'm an adjunct professor) AND student loan servicer (Mohela) do not seem to be updated on the latest information when I try to explain and get employment forms submitted and my profile updated. I'm having a difficult time with being told to resubmit forms and then those forms being marked as "duplicate" and the updated information is not documented for my payment counts. I guess this is just a vent, but I would love advice on how to get things sorted out.
How did I become your client? I need help.
Heres where i'm confused I owe 38K and my monthly bill is 330 but will only get it forgiven if I pay 120 months, but 300 * 120 is 39600. How will this even help me if my bill is paid? BTW I'm a NYCDOE teacher.
You do income based payments so you pay minimal amount over 10 years then get it forgiven
Does it count for years worked before the inception of your loans? Ex: nurse worked for not for profit for hospital for a handful of years, but went back for higher degree (which is where the loan debt is from) do years worked before the loans were obtained count?
no