Your loan servicer will send you a communication about PSLF/TEPSLF forgiveness within 30 business days. You don't need to take any action as you await this update from your loan servicer. To monitor the status of your loan forgiveness, you can log into your account with your servicer.
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.
Once we've received all of the documentation needed to determine whether you qualify for loan forgiveness, you'll be notified. A final review of your account will be done to process forgiveness, which will take at least 90 business days.
After submitting your application, you may need to wait several months for approval. Your loan servicer will notify you of the decision. If approved, the remaining balance on your loans may be forgiven. While your forgiveness application is under review, you may still be required to continue making payments.
Yes, student loan forgiveness remains an option. Various federal programs, such as PSLF, Teacher Loan Forgiveness, and forgiveness under income-driven repayment plans, are still available. These programs have specific requirements, so it's important to understand the eligibility criteria and application process.
If your federal student loans are forgiven, you could get a refund, and you might see your credit score dip.
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.
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 Aid began accepting and reviewing applications from borrowers seeking loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program in the fall of 2017.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. 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.
Credit mix: Those who qualify for loan forgiveness may see their scores drop by a few points if the student loan was their only installment loan, as their credit mix (i.e., the different types of credit accounts they have) accounts for 10% of their FICO Score.
Why did my college send me a check? A refund check is money that is directly deposited to you by your college. It is the excess money left over from your financial aid award after your tuition and additional fees have been paid. Your college may send you a check or the money may be deposited into your checking account.
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.
What will happen if my Public Service Loan Forgiveness (PSLF) application is denied? 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.
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.
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.
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.
If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.
The PSLF Program forgives the remaining balance on your Direct Loans after you've made the equivalent of 120 qualifying monthly payments while working full time for a qualifying employer.
Both federal and private student loans fall off your credit report about seven years after your last payment or date of default. You default after nine months of nonpayment for federal student loans, and you're not in deferment or forbearance.
If your qualifying payment total is at 120 or more, your account is eligible to be placed into forbearance and no payment is due. If you continue making payments, any overpayments will be refunded if you have no additional outstanding loans. To find out your forbearance status, log in to your StudentAid.gov account.
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.