How To Not Pay Student Loans Reddit

How To Not Pay Student Loans Reddit – How does PSLF work? How do I know if I qualify for PSLF? Do I still qualify if I work part time? Can a qualified employer reject a full-time status? How will the new PSLF exclusion affect my application? Is public service lending right for me? How long does it take to run a PSLF application? Is PAYE or REPAYE better for PSLF claimants? Does the payment during my grace period count on PSLF? Do payments made during COVID resistance include PSLF? Eligible payments versus non-eligible payments. School suspension and PSLF. Should I strengthen my loan before applying for a PSLF? What is a “trophy”? Need help navigating PSLF? I can help.

There are many questions about the Public Service Loan Waiver Program (PSLF). Many people go to Reddit to find out. Since I am a student loan lawyer myself, I think it will help answer the most popular questions on PSLF Reddit.

How To Not Pay Student Loans Reddit

What is PSLF Reddit? PSLF Reddit is a subreddit dedicated to information and support for Americans who have registered or attempted to enroll in the PSLF, which represents public service lending, forgiveness.

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People post these questions on Reddit because they do not know who to ask and PSLF Reddit is generally a supportive and helpful community.

However, commentators – even those with the most votes – may not have the expertise on the topic under discussion.

I am a student loan lawyer with many years of experience in student loan negotiations, guiding borrowers through debt relief and helping people better understand their student loan status.

Below I answer some of the most popular questions on the PSLF subreddit from an expert perspective. If you need to discuss personal issues, schedule a free 10 minute call with me to see how I can help you.

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The PSLF program works by granting loans to civil servants based on an income-driven repayment plan (IDR). After 10 years of timely payment, public service staff can request a full student loan waiver.

FFEL and Perkins loans must be incorporated directly into the consolidation loan in order to be eligible for the PSLF. (However, do not consolidate Parent PLUS loans or unpaid collective loans.) Learn how to consolidate student loans for PSLF.

Few applicants were approved, but the federal government tried to correct the high rejection rate by introducing the TEPSLF and eliminating the limited option, the last option being available for only one year.

What is the difference between PSLF and TEPSLF? You are eligible for TEPSLF if you qualify for PSLF but have made payments under the wrong payment plan.

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Paying with the wrong plan is a common mistake and the government blames student lenders for misleading borrowers. Congress establishes TEPSLF and later has limited exemptions for those borrowers

Parliament recently approved a limited PSLF waiver. Between October 2021 and October 2022, borrowers are eligible to apply for limited exemptions that may provide credit for previous loan payments that would not qualify for PSLF.

You will know if you are eligible for the PSLF when you fill out the PSLF application through studentaid.gov and get a response. It usually takes 2-10 weeks for the government to respond to your request.

To become a qualified civil servant, you must work for a competent employer. U / freethelaw describes the following qualified jobs (exactly):

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U / veggiesandsnatches make a good point – you can not be approved for PSLF until you have paid 120 (10 years). Alternatively, you can submit your PSLF form on a regular basis so you can track your eligibility when you reach 120 payments.

If you work part-time, you must qualify for PSLF if you work at least 30 hours per week for a qualified employer. For example, you could work for one non-profit organization for 10 hours a week and another for 20 hours a week at a time.

30 hours per week is the annual average. Take all the hours you work in a year and divide it by 52. If the result is 30 or more, you should be fine.

Yes In rare cases, a competent employer may dismiss you from your full-time job if you do not work 40 hours a week. Your employment certificate form for debt relief in public administration may depend on the employer

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“You are generally considered full-time if you meet the employer’s definition of full-time or at least 30 hours per week,” the Department of Education says.

Unfortunately, there is a good chance that your employer does not include 30 hours per week as a full-time job. In rare cases, the eligible employer may not officially certify that you worked for them “full time”. They can consider up to 40 hours per week as a limit for full-time work.

Most often, what happens is that the HR department may be confused about classifying employees who work 30 hours a week as full-time employees, perhaps for benefits or other tax reasons.

Under the Family Leave Act, you can take up to 3 months off work. These 3 months count as PSLF based on hours. However, you still need to make payments based on timely income for those 3 months.

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Working for two different employers means that you have to work a total of 30 hours per week, regardless of your employer definition of full-time work.

The new PSLF exemption has had a positive effect on most people’s PSLF applications. Because many people are not eligible for a PSLF for trivial reasons (such as having the wrong repayment plan), sacrificing limited PSLF opportunities can help more borrowers qualify for forgiveness.

Many people have important questions about the new PSLF exemption. However, student borrowers have until next year (October 2022) to take advantage of this opportunity.

Supported by u / ComfortableNovel7562 experience. This user has made 89 conditional payments. The exemption resulted in 32 non-qualifying withdrawals and immediately pushed him beyond the 120 payment level.

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PSLF is eligible for you if you work at least 30 hours per week for a qualified nonprofit.

If you make a lot of money, you may not benefit from an income-based repayment plan (such as IBR or PAYE). If you could afford to repay your student loan in 10 years or less, you probably would not be wasting your time searching for a PSLF.

It often takes 2 weeks for your PSLF application to run. It has been a long time, but the government seems to be making more progress.

According to Reddit, the FedLoan service estimates that the PSLF application takes 20 days to run. The commentator, who was successful in obtaining amnesty, said it took almost two months to process the application and receive a debt waiver.

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Pay or refund? The PAYE plan is better for PSLF claimants because you provide an income certificate for the PAYE plan – and because the REPAYE plan does not have a maximum monthly payment limit.

Married borrowers will definitely benefit from the PAYE plan because you can file taxes as “married but separate documents” and ignore your spouse’s income in the income-repayment plan.

No, payments made during the 6-month grace period do not include PSLF. According to the US Department of Education, you cannot pay for your qualifications until the grace period has expired.

However, if you want to make a qualified payment as soon as you leave school, you can incorporate your loan into a joint mortgage immediately during the grace period. You can then directly enter the qualified loan repayment.

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Do not confuse a favorable period of 6 months after graduation or dropout as an automatic tolerance due to the Kovid epidemic. Default during Kovid

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

You may not be happy to know that 0 of your previous payments count on PSLF. Here are some common reasons why payments are not eligible for PSLF:

Do payments made prior to consolidation still include PSLF? No, the payment you make on the debt is immediately before the consolidation takes effect.

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Count to PSLF. You will lose this credit. With the new Direct Combined Loan you need to start over 120 corresponding payments.

You cannot qualify for PSLF Federal Student Assistance while you are in school, at least you can not qualify for the current school portion of the school loan. Yours.

In school (at least part-time) you can waive in-school delays and then make a qualified payment for the loan when you enroll.

If you return to school during a Kovid suspension, your payment may not be automatically included in the PSLF because the suspension in school is greater than the suspension due to COVID.

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However, according to this Reddit post, you can call and request your school suspension. Therefore, all months between March 2020 and August 2022 can be considered PSLF.

Yes, if you want to consolidate your student loan, you need to consolidate as soon as possible to take advantage of PSLF. When you consolidate your PSLF loan “restart” and you have to make 120 qualified payments on it.

Ignoring the Ministry of Education’s limited options has changed this. The exemption allows you to count your current loan payments to your 120 level.

Important: Refinancing is different from consolidation. When you repay your student loan, it is included as a personal loan. Personal loans are not eligible for a student loan waiver.

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That reward is when you log into your federal student loan account and you have 10 years of official payments at that point.

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