Will Sallie Mae Loans Be Forgiven Reddit

Will Sallie Mae Loans Be Forgiven Reddit – How does the PSLF program work? How do I know if I qualify for PSLF? Am I still eligible if I work multiple part-time jobs? Can my eligible employer deny my full-time status? How does the new PSLF exemption affect my application? Is Public Loan Forgiveness right for me? How long will it take to process my PSLF application? Is PAIE or REPAIE better for PSLF applicants? Do payments during the grace period count towards PSLF? Do payments made during the COVID pandemic count towards PSLF? Qualified Payments Vs. non-qualifying payments School Deferment and PSLF Should I consolidate my loans before applying for PSLF? What is a “trophy”? Need help navigating PSLF? Can I help.

There are many burning questions about the Public Service Loan Forgiveness (PSLF) scheme. Many are turning to Reddit for answers. Since I’m a student loan attorney, I thought it would help to answer the most popular questions on the PSLF Reddit.

Will Sallie Mae Loans Be Forgiven Reddit

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

Student Loan Forgiveness

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

But commenters – even those who voted the most – may not have any expertise in the topics being discussed.

I am a student loan attorney with years of experience negotiating student loans, navigating borrowers through loan forgiveness, and helping people better understand their student loan debt situation.

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

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The PSLF program works by offering loan forgiveness to government employees under Income Driven Repayment (IDR) plans. After 10 years of approved on-time payments, public employees can apply for student loan forgiveness.

FFEL and Perkins loans must be consolidated into a direct consolidation loan to be eligible for PSLF. (However, you cannot consolidate the Parent PLUS Loan or the entire consolidation loan is not eligible.) Learn how to consolidate student loans for PSLF.

Very few applicants are approved, but the federal government has tried to address the high denial rate by introducing TEPSLF and limited opportunities, the latter of which is only available for one year.

What is the difference between PSLF and TEPSLF? You qualify for TEPSLF if you qualify for PSLF but have been making payments under the wrong payment schedule.

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Paying on the wrong schedule is a common mistake, and the government places much of the blame on student loan servicers for defrauding borrowers. Congress created TEPSLF and later the Limited Relief Option to help borrowers who

Recently, Congress created a limited exemption from PSLF. From October 2021 through October 2022, borrowers have access to a limited-time exemption that can provide credit for prepayments on loans that would otherwise not qualify for PSLF.

You will only know for sure if you qualify for PSLF if you complete a PSLF application through studentaid.gov and receive a response. The government tends to respond to your application within 2-10 weeks.

To be a qualified civil servant, you must work for a qualified employer. U/freethelav described special employment in the following (accurate) way:

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U/veggiesandsnatches is good. You cannot be approved for PSLF until you have made 120 payments (10 years). However, you can regularly submit a PSLF form to monitor your eligibility once you reach 120 payments.

If you work multiple part-time jobs, you should qualify for PSLF if you work at least 30 hours a week for qualified employers. For example, you can work for one nonprofit for 10 hours each week and another nonprofit for 20 hours each week at the same time.

This limit of 30 hours per week is an annual average. Take all the hours you worked in the year and divide them by 52. ​​If the result is 30 or more, you should be good.

In rare cases, yes, your qualifying employer can deny you full-time employment if you don’t work 40 hours a week. The Civil Service Loan Forgiveness certification form may depend on your employer

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

Unfortunately, there’s a chance your employer won’t consider 30 hours a week full-time. In rare cases, qualified employers may not be able to officially confirm that you have worked for them “full-time”. They are allowed to consider up to 40 hours per week as the limit for full-time employment.

In most cases, when this happens, HR departments may be mistakenly concerned about classifying employees working 30 hours per week as full-time, possibly for benefits or other tax purposes.

You can get 3 months leave under the Family Sickness Act. These 3 months count towards PSLF, hourly. However, you will need to make income-based payments on time during these 3 months.

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Working for two different employers means you only have to work a total of 30 hours a week – no matter how full-time the employers define it.

The new PSLF exemption has a positive impact on most people’s PSLF applications. Because many people do not qualify for PSLF for secondary reasons (such as the wrong repayment schedule), the PSLF Limited Opportunity Waiver can help more borrowers qualify for loan forgiveness.

Many people have burning questions about the new PSLF exemption. After all, student loan borrowers only have until next year (October 2022) to exercise this option.

Be encouraged by the experience at /ComfortableNovel7562. This user had 89 eligible payments. The exception made 32 previous payments that didn’t qualify for qualifying payments, suddenly pushing him over that 120 payment limit.

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PSLF is the right choice for you if you work at least 30 hours per week for a qualified nonprofit organization,

If you earn a lot of money, you may not be able to benefit from an income-based repayment scheme (such as IBR or PAIE). If you can reasonably pay off your student loans in 10 years or less, you probably shouldn’t waste your time researching PSLF.

It often takes 2 weeks for your PSLF application to be processed. It took a lot longer in the past, but the government seems to be stepping up its game.

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

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PAYMENT or REFUND? A PAIE plan is better for PSLF applicants because of how you verify your income for PAIE plans – and because REPAIE plans do not have a maximum monthly payment limit.

Married borrowers definitely benefit from a PAIE program because you can file your taxes as “married but filing separately” and not count your spouse’s income toward your income-based repayment plan.

No, payments made during the 6 month grace period do not count towards PSLF. According to the US Department of Education, you cannot make qualifying payments until the grace period is over.

However, to make qualifying payments right away when you leave school, you can consolidate your loans into an immediate consolidation loan during the grace period. You can then immediately enter the special loan repayment.

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Don’t confuse the 6-month grace period after you graduate or leave school with an automatic waiver due to the COVID pandemic. Non-payment during COVID

President Trump extended the moratorium on COVID payments until January 21, 2021. President Biden then extended the moratorium until August 31, 2022.

It can be frustrating to find out that 0 of your previous payments have been credited to PSLF. Here are some common reasons why payments are not eligible for PSLF:

Do the payments I made before consolidation still count towards PSLF? No, it makes the payments you made on the direct loan before the consolidation

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Counts towards PSLF. You will lose this credit. You have to start over with the 120 qualifying payments with the new direct consolidated loan.

You can’t make PSLF-qualifying payments on federal student aid while you’re in school—at least you can’t make qualifying payments on loans paid off for the current school year.

In school (at least part-time), you can claim an in-school deferment and then make qualifying payments on these loans while enrolled.

If you returned to school during the COVID exemption period, your payments may not automatically count toward PSLF because your school deferment exceeds the COVID tolerance.

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However, according to this Reddit post, you may be able to call and ask for your school suspension to be retroactively lifted. This way, all months between March 2020 and August 2022 can count towards PSLF.

Yes, if you ever plan to consolidate your student loans, you must consolidate them early to take advantage of PSLF. After you consolidate your loans, PSLF “kicks in” again and you must make 120 qualifying payments per month.

Waiver of the limited capabilities of the Ministry of Education changes slightly. The waiver allows you to temporarily count payments on a loan that has since been consolidated to the 120 limit.

Important: Refinancing is different from consolidation. If you refinance, your student loans turn into a private loan. Private loans do not qualify for student loan forgiveness.

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The trophy is when you log into your federal student loan account and officially have 10 years of payments, at which point

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