How To Get Student Loans Forgiven Reddit

How To Get Student Loans Forgiven Reddit – How does the PSLF program work? How do I know if I qualify for PSLF? Am I eligible even if I work multiple part-time jobs? Can my eligible employer deny me full-time status? How will the new PSLF waiver affect my application? Is Public Service Loan Forgiveness Right For Me? How long will it take to process my PSLF application? Is PAYE or REPAYE better for PSLF applicants? Do grace period payments count towards PSLF? Do payments made during covid tolerance count towards PSLF? Eligible Payment Vs. Ineligible Payments Returning to School and PSLF Do I need to consolidate my credit before applying for PSLF? What is a “cup”? Need help navigating PSLF? I can help you

There are many questions about the Public Service Loan Waivers (PSLF) program. Many turned to Reddit for answers. Since I’m a student loan attorney, I thought it would be helpful to answer the most popular questions on the PSLF Reddit.

How To Get Student Loans Forgiven Reddit

What is PSLF Reddit? PSLF Reddit is a subreddit dedicated to information and support for Americans enrolled or trying to enroll in PSLF, which stands for Public Service Loan Forgiveness.

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People post these questions on Reddit because they don’t know who else to ask, and the PSLF Reddit is a generally helpful community.

However, commentators – even highly rated ones – may not be an expert on the topic being discussed.

I am a student loan attorney with years of experience negotiating student loan settlements, transferring loan forgiveness, and helping people better understand their student loan debt situation.

Below, I’ve answered some of the most common questions asked on the PSLF subreddit from an expert perspective. If you would like to discuss your specific situation, schedule a free 10-minute consultation with me to see how I can help.

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The PSLF program works by providing loan waivers to government employees through an income-driven repayment (IDR) scheme. After 10 years of qualifying on-time payments, civil servants can apply for total student loan forgiveness.

FFEL and Perkins loans must be consolidated directly into a consolidation loan to qualify for PSLF. (But don’t consolidate Parent Plus loans, or all consolidation loans won’t qualify.) Learn how to consolidate student loans with PSLF.

Very few applicants were approved, but the federal government attempted to improve the high denial rate by introducing TEPSLF and limited opportunity waivers, the latter of which was available for only one year.

What is the difference between PSLF and TEPSLF? If you qualify for PSLF but make payments under the wrong payment plan, you qualify for TEPSLF.

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Paying off the wrong plan is a common mistake, and the government places much of the blame on student loan servicers for misleading borrowers. Congress created TEPSLF and later Limited Opportunity Relief to help those borrowers.

Recently, Congress created the PSLF limited exemption opportunity. Between October 2021 and October 2022, borrowers may have access to a limited-time waiver that allows them to receive credit to pay off older loans that would otherwise not qualify for PSLF.

You will only know if you are eligible for PSLF if you file a PSLF application through studentaid.gov and receive a response. The government will respond to your request within 2-10 weeks.

To be a qualified public servant, you must work for a qualified employer. U/freethelaw defines qualified work in the following (correct) way:

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U/veggieandsnatches makes a good point — you can’t be approved for PSLF until you make 120 payments (10 years). However, after you reach 120 payments you can submit a PSLF form periodically to check your eligibility.

If you work multiple part-time jobs, you may be eligible for PSLF if you work at least 30 hours/week for an eligible employer. For example, you may simultaneously work 10 hours a week for one nonprofit and 20 hours a week for another nonprofit.

The 30 hour/week limit is an annual average. Take all the hours you worked during the year and divide by 52. If the result is 30 or above, you are fine.

In rare cases, yes, your eligible employer can deny you full-time status if you don’t work 40 hours a week. The employment certification form for a public service waiver may depend on your employer’s form

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The Department for Education says, “You are generally considered to be working full-time if you meet your employer’s definition of full-time or work at least 30 hours per week, whichever is greater.”

Unfortunately, your employer likely won’t consider 30 hours/week full time. In rare cases, qualified employers cannot officially prove that you work for them “full-time”. They are allowed to consider up to 40 hours/week as full-time employment.

As is often the case, the HR department may be concerned about mistakenly classifying 30 hours/week as full-time employees, perhaps for benefits or other tax purposes.

You can take 3 months leave using family medical leave act. They count hourly in PSLF for 3 months. However, you still need to make income-based payments within those 3 months.

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Working for two different employers means you only work 30 hours/week – regardless of the employer’s definition of full-time.

The new PSLF waiver has a positive impact on most PSLF applicants. Because many people are ineligible for PSLF for some reason (such as being in the wrong repayment plan), limited PSLF opportunity forgiveness could help more borrowers qualify for loan forgiveness.

Many have immediate questions about the new PSLF waiver. Finally, student loan borrowers only have until next year (October 2022) to take advantage of this opportunity.

Inspired by u/ComfortableNovel7562’s experience. User has 89 payments. The waiver turned 32 previously non-eligible payments into eligible payments, suddenly pushing the 120 payment threshold.

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You are eligible for PSLF if you work at least 30 hours a week for a nonprofit organization.

If you earn a lot of money, you may not benefit from an income-based payment scheme (such as IBR or PAYE). If you can pay off your student loans in 10 years or less, you shouldn’t waste your time looking into PSLF.

It usually takes 2 weeks to process your PSLF application. It used to take a long time, but the government seems to be speeding up its work.

According to this thread on Reddit, FedLoan Services estimates that their PSLF application process will take 20 days. One commenter who successfully received forgiveness said it took almost two months to process the application and receive the loan forgiveness.

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Pay or refund? The PAYE plan is good for PSLF applicants because you prove your income in the PAYE plan – and the REPAYE plan has no maximum monthly payment limit.

Married borrowers can definitely benefit from the PAYE scheme because you can pay your taxes as “married but filing separately” and not count your spouse’s income against your income-based repayment scheme.

No, the payments you make during the grace period of 6 months do not count towards PSLF. According to the US Department of Education, you cannot make qualifying payments until your grace period ends.

However, to speed up payments after you leave school, you can consolidate your loans with a direct consolidation loan over your extended period. After that, you can immediately go into loan repayment.

The Reddit Guide To Student Loan Forgiveness

The 6-month grace period after graduation or leaving school should not be confused with automatic forbearance due to a COVID-19 outbreak. Free during the covid pandemic

President Trump extends the suspension of COVID payments until January 21, 2021. President Biden then extended the suspension until August 31, 2022.

You may be disappointed to find that your 0 payment counts towards PSLF. Here are some common reasons why payments for PSLF may not be eligible:

Will my pre-merger payments still count towards PSLF? No, the payments you make on your Direct Loan are made before consolidation

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Count on PSLF. You will lose that reputation. You will need to start over with your 120 payments to qualify for a new Direct Affiliate loan.

You can’t make PSLF payments that qualify you for federal student aid while you’re in school — at least you can’t make payments that qualify you for your current school loans.

School (at least half an hour), you can waive after-school deferment and make eligible loan payments when you enroll.

If you return to school during the COVID tolerance period, your payments will not automatically count toward PSLF because the school suspension ends the COVID tolerance.

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However, according to the Reddit post, you can be called and removed from school suspension. Thus, all months between March 2020 and August 2022 can be counted in PSLF.

Yes, if you intend to consolidate your student loans, you need to collect early to take advantage of PSLF. Once you consolidate your credits, PSLF “restarts,” and you must meet the 120 eligibility requirements.

The Department of Education’s Limited Opportunity Waiver is changing somewhat. The discount allows you to tentatively calculate a combined loan payment of 120 per your rate.

Important: Refinancing is different from consolidation If you refinance, your student loans will be rolled into a separate loan. Personal loans are not eligible for student loan forgiveness.

Updated Summary Of Save/repaye Plan Final Rules

Note that when you log into your federal student loan account and officially make 10 years of payments,

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