Public Service Loan Forgiveness (PSLF) EXPLAINED!

Рет қаралды 6,370

9 ай бұрын

Public Service Loan Forgiveness or PSLF recently went through a program facelift. For borrowers who work in the public sector and have federal student loans, you might consider PSLF!
More info: studentaid.gov/manage-loans/f...
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Пікірлер: 35

@shengperson9566 7 ай бұрын

Yes. I am a nurse practitioner. I have over $140,000 in student loan debt. Over 10 years, I would pay off around 60,000 and the remaining, plus interest, would be forgiven. That’s worth it.

@phoenixstar5000 7 ай бұрын

The main issue with the pslf program is the whole working full time thing. (They could've allowed part time public service worker qualify especially during the pandemic)

@dieterh.9342 8 ай бұрын

Yes. Over ten years, I would pay less than 40% on the balance if I were to accelerate per month. The monthly difference can be invested.

@electricpenguin32 9 ай бұрын

So glad they fixed this program, it was nearly impossible before with all the rules about starting over, being on the wrong plan, etc.

@sandyseibelhager7131 9 ай бұрын

Agreed, I paid for ten years and none of my payments qualified. They said wrong payment plan and wrong loan provider. I ended up just paying them all of on my own.

@electricpenguin32 9 ай бұрын

That's so frustrating. They definitely knew what they were doing too. I have heard so many stories like yours. And even if you try to reach out to them and confirm you are on track they won't answer, or lie about your status. Glad you were able to pay it off anyway!@@sandyseibelhager7131

@phoenixstar5000 7 ай бұрын

They could've had full time public service workers only make 60 payments (5 years) while part time workers make 120 payments (10 years).

@samanthaadams1765 9 ай бұрын

Yes! So thankful for the changes. I told my husband he has to stay in public service for the next 5 years. 😂

@chelsea3177 9 ай бұрын

Same! 5 more years for my wife haha

@nutritionallee9351 9 ай бұрын

I am currently on PSLF. I have over 100k in debt and that is almost double my annual salary so if it works, it’ll be wonderful, but I’m worried changes will be made in the future that will “screw me” out of it.

@celestialspartan1176 7 ай бұрын

How long did it take you to find out that you were accepted for the plan?

@nutritionallee9351 7 ай бұрын

I think it was pretty immediate. You submit on the website and select from a list who your employer is. Then you give them your boss’s work email. They send a verification to them and that’s that. (If I remember correctly)

@celestialspartan1176 7 ай бұрын

@@nutritionallee9351 I printed out the form, signed it out, sent it into my boss to sign his part of it, and had it mailed out. I got no word about it yet.

@WeezyJeffersonYo 7 ай бұрын

@@celestialspartan1176it takes months to get approved.

@iwona2424 7 ай бұрын

Does there have to be a continuity of the payments with the qualifying employer? Lets say you made 80 qualifying payments, then you changed an employer to private sector for 20 payment cycles, then you went back to a qualifying employer and continued making payments. I suppose they would continue counting the payments once you restart with a qualifying employer?

@ajaymunhoo8582 6 ай бұрын

My wife was in deferrment before covid. And we just started making payments in October when interest began accruing again. Would the covid period still be counted as payments toward PSLF? Thank you.

@showmethefacts4061 7 ай бұрын

I have been going to school on and off since 2013. Currently, I have served 8 years in the military, I am wondering if in the next two years, I would be able to apply for the PSLF. Is there anything I should be doing now? I heard you mention applying annually so I will begin that now.

@autobotdiva9268 6 ай бұрын

im good!!!

@larebelahi1584 3 ай бұрын

I’m not sure if anyone can help me with my question. I have been working with non profit for a little of a year now. I have not payed any debt yet but will my payments count toward a pslf if I payed for the full 12 months I missed? Please let me know if anyone knows the answer to this. I feel like I wasted a year of not paying toward it but was struggling with COVID and expenses.

@rhondapetsch9646 9 ай бұрын

Still so confused. I think I just need to call Aidvantage to see what, if any options I have. Worked for a non-profit for close to 10 years bit consolidated my loans during this time. Also no longer work in the nonprofit sector. Standard repayment. Been paying for super close to 10 years. No one has mentioned any forgiveness beyond 10 years on this plan.

@iwona2424 7 ай бұрын

It is more about 120 qualifying payments while you work for an NGO or Gov't, so I wonder if you were to go back to this sector you would be able to finish your qualifying payments.

@celestialspartan1176 7 ай бұрын

I just signed up for it. Now I’m wondering how long it normally takes for someone to get the word on if they’re accepted or not.

@mrsvashacakes 2 ай бұрын

Same

@ajaymunhoo8582 6 ай бұрын

How do you certify that you were with a qualifying employer if you have switched employers and have never filed for PSLF waiver yet ?

@cliffharris1526 4 ай бұрын

Print the form and have the employer fill it out

@hi-xd8wk 3 ай бұрын

❤

@HappyHappy-sq4ij 8 ай бұрын

I’d never bet my financial future on the government. Too many “ifs” involved.

@digital_0630 3 ай бұрын

I really cannot see how PSLF benefits anyone who doesn’t owe more than 20-30k. I owe about 20k and if I pay my minimum each month, at the end of the 120 payments, I will have paid off the loan anyway. Does this sound right to anyone? How does this benefit people like myself? 🤔

@victoriabanaag7432 5 ай бұрын

It is a lie.

@derekromero1138 3 ай бұрын

I’m in healthcare and I wasn’t eligible

@wendym9732 3 ай бұрын

@@derekromero1138why not?

@derekromero1138 3 ай бұрын

@@wendym9732 not too sure. Probably because it’s not government owned. I work for Home Healthcare agency that’s family owned. There was a link on my student loan provider website that had me check if my employer was eligible for this. But it said ineligible