Student Loan Forgiveness: What You Need To know

by | Jul 25, 2022

The Public Service Loan Forgiveness Program (PLSF)  was introduced by the U.S. Department of Education on October 6, 2021. The program has been temporarily expanded to make it easier for many to be able to have their loans forgiven.

However, you only have a few months left to take advantage of this unprecedented opportunity!

The Loan Forgiveness Program Ends on October 31, 2022!

There have been numerous articles on the public service loan forgiveness program. However, I wanted to give my interpretation of how to navigate the process, since…

 I had my loans forgiven!!!

So, I consider myself an expert- of sorts (be sure to check for more info 🙂

I wanted to write this blog post,  to possibly,  help you in your loan forgiveness journey…

Do You Qualify To Have Your Loan Forgiven?:

  • Do I need a Federal Loan?– You must have a federal loan in order for it to be forgiven. If you don’t, no worries. I did not have a federal loan either, I just transferred my loan from a private loan servicer to the federal one. 
  • Do I need to be making all my loan payments?– Kind of, your loan can be forgiven even if you did not pay the total amount due or did not pay on time. Payments have not been required on federal loans since COVID and will resume again in August 2022.
  • Do I need to have 120 Qualifying payments?- Yes, you must have made 120 qualifying payments. Even if You made these payments through a private loan servicer- those payments still count! Even if you have NOT made 120 payments, start the application process, and you will be notified if you qualify.
  • What does my employment status need to be-You must be employed full-time by the government,( 501 C3), or a non-profit organization that provides qualifying services. If you are unsure about this, the application questionnaire will help you determine this.

If you meet the criteria above then these are the steps you should follow to start your application process online:

  • Get all your loan paperwork and the previous W2’s in order. If you don’t have it, make sure you contact the IRS. This information is needed if you have to transfer your loan from a private servicer or set up a repayment plan for your federal loan before your loan forgiveness is approved.
  • Create a folder where you will save all important documentation. You may need to reference this information again in the future.
  • If you don’t have a federal student aid account, you will have to create one to start your application process.
  • Give yourself 45 minutes to complete the online application. The application is somewhat straightforward, and there are helpful guides to assist you throughout. However, you want to make sure you fill everything out correctly and take your time understanding what is being asked. If you have further questions, check out this info PAGE
  • Make sure you receive email notifications when sending in any documentation or you upload anything to your account. If you don’t receive an email notification, make sure your documentation was uploaded properly.
  • Check the status of your account every 4 weeks- even if they tell you it takes months. You want to stay ahead of any issues that may arise- such as missing or incorrect documentation.
  • Call if you are unsure about something or have any questions. However, since a lot of people have waited until the last minute, wait times can be crazy! I waited as long as 1 hour for a representative. Make sure you call right at 8:00 am to avoid long wait times. Do not call at lunchtime or late in the afternoon. The best phone numbers to contact customer service are 1-800-699-2908 or 855-265-4038.

I hope these tips have helped you tackle the loan forgiveness puzzle. If you have any questions,  comment on this post and I will be sure to respond!

UPDATE: Check out this Latest YouTube Post Regarding Student loan forgiveness (Sept-2022)

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