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.
After you submit your PSLF form, we will process it and you will receive a count of the number of qualifying payments you have made toward both PSLF and TEPSLF. You can see updates by logging into StudentAid.gov and visiting My Activity.
Yes. Any month when your scheduled payment under an income-driven repayment plan is $0 will count toward PSLF if you also are employed full-time by a qualifying employer during that month.
The actual policy is that you should receive a refund for every payment made after the 120th payment (which should be the ``effective'' date of forgiveness), on the *current* loan. (So, if you consolidated less than 10 years/120 payments ago, you're probably out of luck for a refund.)
make a total of 120 qualifying monthly payments that need not be consecutive.
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.
You don't get reported when you're in forbearance. During the on-ramp period (through Sept. 30, 2024), we automatically put your loan in a forbearance for the payments you missed. Here's what this means: Your account was no longer considered delinquent and was made current.
Any borrower with ED-held loans that have accumulated time in repayment of at least 20 or 25 years will see automatic forgiveness, even if the loans are not currently on an IDR plan. Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct Loans.
Grace Periods. One of the most common reasons you might have a $0 monthly student loan payment right now is because you're in something called your grace period. This is generally the six-month period after you leave college when no loan payments are required. It can take a minute to get used to life after college.
Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.
In October 2023, the U.S. Department of Education disclosed that MOHELA failed to send monthly student loan bills to 2.5 million borrowers, resulting in 800,000 borrowers missing a monthly payment.
You must make 120 on-time, full, scheduled, monthly payments on you Direct Loans. Only payments made after October 1, 2007, qualify. You must make those payments under a qualifying repayment plan. When you make each of those payments, you must be working full-time at a qualifying public service organization.
If you're already logged in to StudentAid.gov, view your payment counts in the My Aid section of your account.
Yes! Even if you do not have 120 qualifying payments at the end of the waiver period, you should submit the PSLF Certification and Application form to learn from FedLoan Servicing the number of qualifying payments you have already made. After the required 120 payments are made, you can apply for loan forgiveness.
The PSLF Program forgives the remaining balance on your Direct Loans after you've satisfied the equivalent of 120 qualifying monthly payments (10 years) under an IDR plan while working full-time for an eligible employer.
After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.
If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., at least 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.
The Qualtrics/Intuit Credit Karma report found 20 percent of borrowers hadn't made any payments on their loans. The percentage was even higher, at 27 percent, for borrowers who made less than $50,000 a year.
The one-time account adjustment, also known as the payment count adjustment, has been a significant initiative in providing loan forgiveness to many borrowers. The deadline to qualify for this program has recently been extended to June 30, 2024, allowing more borrowers to benefit from the change.
If your federal student loans are forgiven, you could get a refund, and you might see your credit score dip.
Income-Driven Repayment Account Adjustment
Borrowers with federal Direct 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.
In July 2024, AFT sued MOHELA for a wide range of unlawful practices, including illegally executing a “call deflection” scheme to deny service to borrowers who need help.
The PSLF Program allows you to receive forgiveness of the remaining balance of your Direct Loans after you have made the equivalent of 120 qualifying monthly payments under an accepted repayment plan while working full-time for an eligible employer.