The federal government will review your application and determine whether you are eligible for relief. They will contact you with instructions if they need more information. Once your eligibility is confirmed, you will be notified of how much debt relief will be applied to your loans.
PSLF counts will continue to be adjusted each month until the IDR counts for all federally held FFEL Program and Direct Loans are adjusted in 2024. Your student loan servicer(s) will notify you directly after your forgiveness is processed.
There's nothing you need to do at this time. It will take 90 business days once we receive the approval from Federal Student Aid. Once we receive the approval Federal Student Aid will start processing the discharge and once the discharge is complete you will receive a discharge letter in the mail.''
If you qualify for forgiveness of the full amount of your loan(s), you won't have to make any more loan payments. If you qualify for forgiveness of only a portion of your loan(s), you're still responsible for repaying the remaining balance.
Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones. ED will continue to discharge loans as borrowers reach the required number of months for forgiveness.
If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years. Past periods of repayment, deferment, and forbearance might now count toward IDR forgiveness because of the payment count adjustment.
If you qualify for a refund, expect to receive it within about two months of the loan forgiveness.
Once you submit the Public Service Loan Forgiveness (PSLF) form, we will review it to ensure that it's complete and to determine whether your loans and employment qualify for the PSLF or TEPSLF Program. If we verify that your employment qualifies, we'll then review your payment history.
Federal student loans
Generally, getting a federal student loan can take from a few weeks to a few months to go from application to disbursement. The process typically involves the following steps: Complete the Free Application for Federal Student Aid (FAFSA) online at fafsa.gov.
Student loans disappear from credit reports 7.5 years from the date they are paid in full, charged-off, or entered default. However, education debt can reappear if you dig out of default with consolidation or loan rehabilitation. Student loans can have an outsized impact on your credit score.
What does paid in full by consolidation mean? Paid in full by consolidation in student loan terms means that multiple loans have been combined into one larger loan — typically with improved repayment terms, such as more flexible repayment options, lower monthly payments, or greater loan forgiveness opportunities.
Once we've received all of the documentation needed to determine whether you qualify for loan forgiveness, you'll be notified.
To check the status of your PLUS loan application, contact the Federal Student Aid Information Center at 1-800-433-3243, or initiate a chat on StudentAid.gov. Was this page helpful? When will I receive my financial aid?
If you are approved for Public Service Loan Forgiveness, you'll be notified that the entire remaining balance of your eligible Direct Loans, including all outstanding interest and principal, will be forgiven.
Track Your PSLF form status and history
Once you've submitted a PSLF form, you can track its progress by logging in to StudentAid.gov using your account username and password and selecting “My Activity” in the dropdown menu under your name in the upper right-hand corner.
The Federal Student Aid website says, however, that relief can be expected within four to six weeks of completing the application; the website also advises to apply before Nov. 15, 2022, in order to see your loans forgiven by the end of this year. Some qualified borrowers, however, may see their forgiveness sooner.
If you qualify, you should receive PSLF automatically and get a notification from your student loan servicer. After that, if an overpayment is identified, you can expect a refund within a couple of weeks or up to two months.
The timeline can vary from one loan servicer to the next. However, if you're seeking a refund from MOHELA, you can expect the first check to arrive within 90 business days, and the rest within 60 days. Also note that you'll likely receive multiple refund checks rather than a single refund.
Any borrowers with loans that have accumulated eligible time in repayment of at least 20 or 25 years will see automatic forgiveness, even if they are not currently on an IDR plan.
Loans serviced by MOHELA? If you faxed or mailed your PSLF form to MOHELA it may take up to 14 days for your mohela.com account to note that the form was received. Please allow at least 90 business days for your form to be processed.
First, the U.S. Department of Education (Department) approved 6,100 borrowers for $465 million through Public Service Loan Forgiveness (PSLF). Second, the Department approved nearly 85,000 borrowers for $1.26 billion in relief based upon borrower defense findings.