As of July 1, 2024, the PSLF program has successfully transitioned from the previous specialty servicer and now is fully managed by ED on StudentAid.gov. We have resumed processing of PSLF forms and are currently working to update PSLF payment counts.
The Public Service Loan Forgiveness (PSLF) Program is fully managed by the U.S Department of Education on StudentAid.gov. Borrowers seeking PSLF can submit PSLF forms, track the status of their forms, view correspondence, and access payment counts through their StudentAid.gov account.
As of July 1, 2024, the PSLF program has successfully transitioned from MOHELA and now is fully managed by ED on StudentAid.gov. For all inquiries surrounding your PSLF discharge and any associated refunds, visit StudentAid.gov.
Congress created the Public Service Loan Forgiveness (PSLF) program in 2007 as part of the College Cost Reduction and Access Act (the “Act”). The final bill passed with wide bipartisan majorities before being signed into law by President George W.
Any U.S. federal, state, local, or tribal government agency is considered a government employer for the PSLF Program.
One-time temporary changes and permanent, long-term updates have made it easier for borrowers to qualify. As a result, more than 715,000 public servants have now had their total debt forgiven, as of early October 2023. This is no small matter: the average relief is nearly $70,000 per borrower!
Federal student loan servicers handle your federal student loans on behalf of the U.S. Department of Education. The biggest loan servicers are MOHELA, Aidvantage and Nelnet. Your loan servicer might have changed during the payment pause. Find out who your loan servicer is by logging in to your student loan account.
Don't forget to submit the PSLF form with your employment certification annually. If you're on an income-driven repayment (IDR) plan, you can make it a habit to submit your form at the same time of year as you renew your IDR plan.
MOHELA has announced that it will be transitioning to a new loan servicing platform in order to better serve borrowers with federal student loans. If you are a borrower who has loans currently serviced by MOHELA, your loans are not being transferred or sold.
The U.S. Department of Education (ED) has transitioned processing of the Public Service Loan Forgiveness (PSLF) Program from MOHELA to ED via StudentAid.gov.
This will often be someone in the human resources department, though in some cases it may be a direct supervisor or another individual authorized to certify. Current or past employees may be using the PSLF Help Tool, which provides digital signature and submission capabilities.
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W.
The PSLF Program forgives the remaining balance on your Direct Loans* after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. The PSLF servicer (currently PHEAA/FedLoan Servicing) administers PSLF for all Direct Loan* borrowers.
MOHELA, a U.S. Department of Education servicer, is here to help walk you through all available repayment plans and options at no cost to you. So, you never have to pay for assistance with your student loans.
If you work in certain public service jobs and make 120 payments on your Direct Loan(s), you may be eligible to have your loans forgiven. If you are a teacher in a low-income school or educational service agency, you may be eligible for Teacher Loan Forgiveness.
Due to changes in PSLF regulation, you can now buy back certain months in your payment history to make them qualifying payments for PSLF. Specifically, you can buy back months that don't count as qualifying payments because you were in an ineligible deferment or forbearance status.
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.
If your qualifying payment total is at 120 or more, your account is eligible to be placed into forbearance and no payment is due.
The office of Federal Student Aid is responsible for directly managing or overseeing an outstanding federal student loan portfolio comprised of billions of dollars in Title IV loans and representing millions of borrowers.
MOHELA. The Higher Education Loan Authority of the State of Missouri (MOHELA) is the first nonprofit federal student loan servicer to make it onto our list, narrowly squeaking ahead of Nelnet. Here's why. The more complexity a servicer is asked to deal with, the more likely they are to mess up.
Student loans in the U.S. are generally either owned by the federal government or financial institutions. The federal government fully guarantees almost all student loans. Some student loans are held by agencies like Sallie Mae or a third-party loan servicing company.
59% of denied applications were rejected due to too few qualifying payments. 26% of denied applications were due to missing information. As of November 2020, $118.5 billion was the total outstanding balance of borrowers eligible for PSLF.
PSLF has erased $74 billion worth of student loans for more than one million public servants as of Oct. 17, 2024, according to the Education Department, which boils down to an average of $74,000 in debt forgiveness per borrower.
As of mid-July 2023, approximately 662,000 borrowers have qualified for forgiveness under the limited PSLF waiver.