Typically it takes at least 2 months to process PSLF Forms. During the busiest PSLF Waiver periods, estimates were between four and six months. If you're still within those time periods, continue waiting. You can always go to the My Activity page on studentaid.gov to check the status.
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.
Applications are approved at roughly the same rate. 2.3% of processed applications for PSLF had been approved since the program's inception. In the program's first year, 0.32% of applications were approved. Prior to 2021, 3.3 million student loan borrowers were eligible to apply for PSLF (though only 6.9% applied).
If we determine that you're not eligible for loan forgiveness at this time, you'll be notified and will be provided with the reason(s) we determined you were ineligible. You'll then be required to resume making payments on your loans.
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.
Contrary to some perceptions, that's not because the Department of Education is capriciously denying borrowers relief to which they are legally entitled; most PSLF applications were rejected because borrowers have not met program requirements.
To get PSLF, you have to get a total count of 120 qualifying payments. So you'll want to make sure that you're getting closer to your goal with each payment you make. Keep in mind, your payments don't have to be consecutive.
One of the notable drawbacks of PSLF for doctors is the required commitment. To be eligible for forgiveness, you must make 120 qualifying payments, which essentially means 10 years of service in a qualifying organization.
As of mid-July 2023, approximately 662,000 borrowers have qualified for forgiveness under the limited PSLF waiver.
If you work in certain public service jobs and have made 120 payments on your Direct Loans, you may be eligible to have your loans forgiven. If some or all of your payments were not made on a qualifying repayment plan for PSLF, you may be able to receive loan forgiveness under a temporary opportunity.
According to StudentAid.gov, PSLF processing times depend on: Whether you previously submitted employment documentation for review versus submitting documentation all at once when you apply for loan forgiveness. The number of qualifying employers you've had. If you have gaps in your employment or payment history.
When asked by the senators, MOHELA reported it had received 36,309 complaints in a year, of which almost 4,000 were still marked “unresolved” in its internal system. The latest PSLF report, dated June 2023, by the Office of Federal Student Aid shows the servicer has a backlog of almost 890,000 applications.
How long will it take for me to receive a refund after getting Public Service Loan Forgiveness (PSLF)? Payments are returned as they were received (e.g., electronic payment or check). They are typically processed in one to two weeks after discharge is complete.
If I pay more than my scheduled monthly student loan payment amount, can I get Public Service Loan Forgiveness (PSLF) sooner than 10 years? No. You must make 120 separate monthly payments. Paying extra won't make you eligible to receive PSLF sooner.
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.
Important: If your employer is a for-profit organization, a labor union, or a partisan political organization, it isn't an eligible PSLF employer regardless of the kinds of public services it might provide.
The initial success rate was about 0.5%, and now it's above 1% only a couple of years later. You might think that's still ridiculous, but it shows the exponential path to a 50% PSLF success rate that will happen over time and lead to more student loan forgiveness on borrowers' loans.
11% of all PSLF and TEPSLF applications have been approved, according to June 2023 data from the Department of Education (673,077 approved for discharge among 6,147,812 total applications). Total discharges processed included: 19,218 for PSLF and 6,520 for Temporary Expanded PSLF.
25% of rejected PSLF applications were rejected on grounds that the applicant had not entered all necessary information in their application.
Is there a limit on the dollar amount that can be forgiven? There is no limit to how much can be forgiven by PSLF.
Because you have to make 120 qualifying monthly payments, it will take at least 10 years before you can qualify for PSLF. Important: You must still be working for a qualifying employer at the time you submit your form for forgiveness.
Does my income level determine my eligibility for Public Service Loan Forgiveness (PSLF)? There is no income requirement to qualify for PSLF.
In summary, the public service loan forgiveness program could be an efficient way to pay off your student loans if you satisfy the requirements needed and have a decent student loan balance. If you are trying for the PSLF program, it is important to communicate with you loan servicer.
The Department of Education denied 98% of PSLF applications between November 2020 and October 2021. Some borrowers discovered they weren't eligible for forgiveness after making years of payments working in what they thought were qualifying positions.