Public Service Loan Forgiveness Is On the Move
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- Опубликовано: 1 апр 2024
- Earlier today, the Education Department announced it was pulling the Public Service Loan Forgiveness Program from MOHELA and moving it to the Federal Student Aid Office.
Right now, the only details we have are an email and a blog post. More information will come out over the next several weeks about what this means and how it will work.
But for now, what we know is that starting May 1, PSLF form processing will be on hold. It should resume in July.
🔗 Helpful links
• PSLF Move Announcement:
studentaid.gov/announcements-...
• Need expert guidance from me?
Book a 1:1 call: www.tateesq.com/book-a-call
🎥 Credits
• Hosted by Stanley Tate
• Editing by Helena Santin
Had to get this out to you all quick. So I didn't have time to have our wonderful editor, Helena, put her love on it.
Thank you so much for making this information so digestible
Our pleasure!
I went to pay and I couldn't. My payment was 0.00 this month and it was $400.00...
I got the email too.
What if you are currently in the processing phase? Will they automatically stop processing your forgiveness After May 1st. What if you already submitted your paperwork in March or April?
@stanleytate I have the same question. My wife submitted the form in Feb and should have been approved but it came back with 119 payments due to a system error that prevented decembers payments to show. Mohela said to just wait, so we did but still were getting charged payments. On the advice from a reddit thread, we resubmitted the form om April 2nd. Now it should at least read 121 payments or 122 if they corrected the Dec error. Do you think this will get approved before May and if not, are we stuck still paying until the change is made in Aug?
Stanley…I just made 120 payments as of last month and I was about to submit my ECF this week. Should I wait to submit my form till after the processing pause to make sure nothing strange happens in the transition?
I'd submit mine now if I were in that position.
I am getting ready to send in my first two packets for the first step for the loophole double consolidation. I was going to have Mohela as one of my servers because there are only 4 to choose from and I have to not submit to one twice. Should I still do this? Mohela is my server now I want to move one of the 3 to another server.
I'm not sure how this outcome would change anything about your decision making.
I asked about this on your last video...could you please explain why filing chapter 13 would cause issues with forgiveness? This was done in 2012 and my student loans were not included. I still made payments during this time.
It causes issues because even though you made payments, you were in a bankruptcy. And your account was likely in a bankruptcy forbearance. Because of that, you wouldn’t get forgiveness credit for that period.
@@stanleytate Wow that's not right. I think at that time it was Sallie Mae and they made me make payments. Doesn't make sense that they wouldn't count. When I use your tool for payment history, it even shows the payments. Thank you for answering my question.