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Public Service Loan Forgiveness (PSLF) EXPLAINED!

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Public Service Loan Forgiveness or PSLF recently went through a program facelift. For borrowers who work in the public sector and have federal student loans, you might consider PSLF!
More info: studentaid.gov...
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Опубликовано:

28 сен 2023

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Комментарии : 37

@shengperson9566 9 месяцев назад

Yes. I am a nurse practitioner. I have over $140,000 in student loan debt. Over 10 years, I would pay off around 60,000 and the remaining, plus interest, would be forgiven. That’s worth it.

@phoenixstar5000 9 месяцев назад

The main issue with the pslf program is the whole working full time thing. (They could've allowed part time public service worker qualify especially during the pandemic)

@dieterh.9342 9 месяцев назад

Yes. Over ten years, I would pay less than 40% on the balance if I were to accelerate per month. The monthly difference can be invested.

@electricpenguin32 10 месяцев назад

So glad they fixed this program, it was nearly impossible before with all the rules about starting over, being on the wrong plan, etc.

@sandyseibelhager7131 10 месяцев назад

Agreed, I paid for ten years and none of my payments qualified. They said wrong payment plan and wrong loan provider. I ended up just paying them all of on my own.

@electricpenguin32 10 месяцев назад

That's so frustrating. They definitely knew what they were doing too. I have heard so many stories like yours. And even if you try to reach out to them and confirm you are on track they won't answer, or lie about your status. Glad you were able to pay it off anyway!@@sandyseibelhager7131

@phoenixstar5000 9 месяцев назад

They could've had full time public service workers only make 60 payments (5 years) while part time workers make 120 payments (10 years).

@nutritionallee9351 10 месяцев назад

I am currently on PSLF. I have over 100k in debt and that is almost double my annual salary so if it works, it’ll be wonderful, but I’m worried changes will be made in the future that will “screw me” out of it.

@celestialspartan1176 9 месяцев назад

How long did it take you to find out that you were accepted for the plan?

@nutritionallee9351 9 месяцев назад

I think it was pretty immediate. You submit on the website and select from a list who your employer is. Then you give them your boss’s work email. They send a verification to them and that’s that. (If I remember correctly)

@celestialspartan1176 9 месяцев назад

@@nutritionallee9351 I printed out the form, signed it out, sent it into my boss to sign his part of it, and had it mailed out. I got no word about it yet.

@WeezyJeffersonYo 8 месяцев назад

@@celestialspartan1176it takes months to get approved.

@SAreamusic1 21 день назад

7 years in for federal service, yet i feel it won’t happen.

@samanthaadams1765 10 месяцев назад

Yes! So thankful for the changes. I told my husband he has to stay in public service for the next 5 years. 😂

@chelsea3177 10 месяцев назад

Same! 5 more years for my wife haha

@titosmiff1058 26 дней назад

My wife is going through medical school and we are able to pay cash as we go but I am wondering if it's worth it. Tuition is 160, but we could have taken out 240 in loans with living expenses and had that forgiven. The only issue is over 10 years we would have repaid 230k in loans. I'm wondering if we made the right choice. We could have just taken out the loans and we would have about 200k in cash in our pockets and not have to save money every month to pay for school.

@rhondapetsch9646 10 месяцев назад

Still so confused. I think I just need to call Aidvantage to see what, if any options I have. Worked for a non-profit for close to 10 years bit consolidated my loans during this time. Also no longer work in the nonprofit sector. Standard repayment. Been paying for super close to 10 years. No one has mentioned any forgiveness beyond 10 years on this plan.

@iwona2424 8 месяцев назад

It is more about 120 qualifying payments while you work for an NGO or Gov't, so I wonder if you were to go back to this sector you would be able to finish your qualifying payments.

@iwona2424 8 месяцев назад

Does there have to be a continuity of the payments with the qualifying employer? Lets say you made 80 qualifying payments, then you changed an employer to private sector for 20 payment cycles, then you went back to a qualifying employer and continued making payments. I suppose they would continue counting the payments once you restart with a qualifying employer?

@larebelahi1584 5 месяцев назад

I’m not sure if anyone can help me with my question. I have been working with non profit for a little of a year now. I have not payed any debt yet but will my payments count toward a pslf if I payed for the full 12 months I missed? Please let me know if anyone knows the answer to this. I feel like I wasted a year of not paying toward it but was struggling with COVID and expenses.

@digital_0630 4 месяца назад

I really cannot see how PSLF benefits anyone who doesn’t owe more than 20-30k. I owe about 20k and if I pay my minimum each month, at the end of the 120 payments, I will have paid off the loan anyway. Does this sound right to anyone? How does this benefit people like myself? 🤔

@ajaymunhoo8582 8 месяцев назад

My wife was in deferrment before covid. And we just started making payments in October when interest began accruing again. Would the covid period still be counted as payments toward PSLF? Thank you.

@ajaymunhoo8582 8 месяцев назад

How do you certify that you were with a qualifying employer if you have switched employers and have never filed for PSLF waiver yet ?

@cliffharris1526 6 месяцев назад

Print the form and have the employer fill it out

@celestialspartan1176 9 месяцев назад

I just signed up for it. Now I’m wondering how long it normally takes for someone to get the word on if they’re accepted or not.

@mrsvashacakes 3 месяца назад

Same

@HappyHappy-sq4ij 9 месяцев назад

I’d never bet my financial future on the government. Too many “ifs” involved.

@showmethefacts4061 8 месяцев назад

I have been going to school on and off since 2013. Currently, I have served 8 years in the military, I am wondering if in the next two years, I would be able to apply for the PSLF. Is there anything I should be doing now? I heard you mention applying annually so I will begin that now.

@autobotdiva9268 8 месяцев назад

im good!!!

@hi-xd8wk 4 месяца назад

❤

@victoriabanaag7432 6 месяцев назад

It is a lie.

@derekromero1138 5 месяцев назад

I’m in healthcare and I wasn’t eligible

@wendym9732 4 месяца назад

@@derekromero1138why not?

@derekromero1138 4 месяца назад

@@wendym9732 not too sure. Probably because it’s not government owned. I work for Home Healthcare agency that’s family owned. There was a link on my student loan provider website that had me check if my employer was eligible for this. But it said ineligible