(Ep. 293) PSLF On Pause | Updates on Public Service Loan Forgiveness and MOHELA Transition
Вставка
- Опубліковано 13 жов 2024
- Public Service Loan Forgiveness (PSLF) has been on pause since May while servicing transitions away from MOHELA, causing waves. Student Loan Advisors Sim Terwilliger and Sam Silberstein dissect what these shifts mean for borrowers. Learn the new processes for submitting and tracking PSLF forms through StudentAid.gov, the impacts of administrative forbearance, and the long-term outlook for PSLF.
In today’s episode:
06:23 How the pause in submissions during May and June affect processing
08:43 When forbearance counts for PSLF forgiveness, and when it doesn’t
14:50 Avoid complications by submitting employment certification annually
20:15 Borrowers can audit student loan payment counts
📩 Get the brand new IDR calculator that minimizes your student loan payments so you can use the money on better stuff: www.studentloa...
#PSLF #MOHELA #StudentLoanPlanner #StudentLoans
Great info! I have one more month until the 120 mark. You guys helped put my mind at ease since form processing is/was paused, and it still says 111 payments. Just waiting on employment certification to go through.
FYI - MOHELA put people that were on PAYE into administrative forbearance. Also, what happens if you say change employers after the 120 payment mark? Are we still in you have to be employed at the time of discharge?
I had the forbearance letter from Mohela from July 1-July 31st but then got a bill for payment due July 12th. Not to mention all old correspondence at the OG Mohela are all gone, but I am pretty sure they did not give me appropriate time for billing, on top of never telling me that my payments were restarting.
I made my June payment in May before Mohela moved my account to the Mohela FSA account. Had to turn around in June and make a June payment again. They did not transfer my June payment over. It's like a lost payment. Did submit my new PSLF today! Fingers crossed, May was 120!!
Speaking of the 120 check mark online, I am at 122 but it would not allow me to check the yes I am at 120 box, it forced me to choose no, I am not.
Congratulations on hitting 120!!🎉
@@crystalwoolen6754 thank you! Now it is just a waiting game! Fingers crossed and praying it happens!!
Same, had two payments due in a single cycle. It wasn't easy to pull off and my second payment was late but shouldn't have been based on my previous due date!!!
@Matthew-ie2gr that is exactly what they did to me. I called them and told them if it reported late on my credit report I would be livid! I paid twice and the second one they did kot post till 2 days late! They assured me it would not report as it was shown paid just not posted.
That’s because the studentaid.gov site has a glitch. You have to have 120 qualified payments before you are able to check the box but then ur filling out the form to qualify them. This is a known issue.
You say in the video that admin forbearance counts towards PSLF but I spoke to a customer rep and they told me I have to still make payment that month and spread it evenly over the loans for that month to count towards my PSLF. I will hit 120 in December and this admin forbearance just threw a wrench into everything
Was informed by MOHELA on June 10 I'd be in administrative forbearance for July due my payment being recalculated under SAVE. Received a July billing statement on June 28 with based on full 10% of discretionary income despite having all undergrad loans. July payment auto withdrawn from bank account yesterday, with note indicating full 10% will be withdrawn in August as well. Called twice this morning and neither rep had any information on any administrative forbearance for my account, and both informed me they do not know if or when my monthly payment will be recalculated from 10% of discretionary income to 5%.
My student loans were forgiven over a year ago via PSLF. Can the government ever ask me to repay the loans which were previously forgiven? I worry about the possibilty of a new administaion demand the forgiven money back. I am 66 years old and had 160K forgiven. A God send. Thank you Pres Biden. I took out my firsr loan in 1980 and had student loan payments until 2023.
You're free. No worries
No they cannot. Don’t worry
The PSLF Gov site payments are updated for me but very difficult to decipher in comparison to the record keeping previously done at Mohela
Agreed. The last payment they show for me was April, and I have been making payments since. Ready for them to get it all figured out.
I also had to learn where to find my counts etc. I figured it out and just submitted my form to get an updated count after the transition just to be safe.
@@crystalwoolen6754wouldn’t it be nice to share this info? Where does one go since you had difficulty…
I’m not sure if you’re still fielding questions from this post, but I read something about deferment and if you were deferred more than 12 months that would count towards PSLF, is that true?
I received a letter that my PSLF was approved in March 2023 but they still haven't finished the discharge. (They discharged part of the balance but not the full amount.) My payment tracker shows 159 qualifying payments. Mohela keeps telling me that everything is in order but the discharge has to be applied manually. I call every few weeks but i don't know what else to do.
It’s unreal how disorganized everything is
Are all student loans being paused right now as of July??
I recently reached the 20 year mark of paying on my loans. I'm consolidated under the save plan with Mohela. Is that forgiveness on pause as well?
When it comes to switching jobs while having reach the 120 payments. Student Aid don’t have their 💩 together, do I still have to wait 90+ days until they get it together? Not on me. It’s on them.
Mohela is still servicing PSLF, just no longer the exclusive service, right? I was transitioned to Mohela's new platform, and I'm on track for PSLF, so I'm wondering if I should have been moved to the new servicer.
I'm also on PSLF and they JUST transferred me to Mohela like last month. I'm very confused. 😅
The pslf qualifying payments just appeared on the new site in the last week.
They lifted the pause on July 1, 2024.
Where? I hate when a commenter says something that isn’t true
Just found out payment during forced forebearance don’t count towards pslf or IDR count😢 I did year of pslf and during COVID had fight to get count up by providing past income on this plan and pissed nonprofit faith hospital I worked for years was actually for profit so those payments don’t count on pslf not sure if they’ll count on IDR. Fed loan and mohela are aweful that’s why I paid off one loan completely during COVID though at 0 payments due. I have them 42k to dig out faster could used it for vacations or home repairs instead. Thankful we own home and cars cash! Thankful able buy few cars in last year cash but emergency fund is way low and so targeted accounts need build back up. I hate students loans payments trying just pay off on my own bc only thing within our control. Ramsey says 1-2% of loans ever forgiven.
How ?
If you consolidated your loans, is it true that the counts will go back as far as the oldest one?
This is what I'm holding my breath on!!!
This deadline was June 30, 2024. Please do not consolidate after this date because you will not be able to retroactively bring over your past payment history.
So many rights, few wrongs.😮😮
I have added MOHELA to my shortlist of curse words. Try it.
I’m glad mine were discharged in 2023
I know this is unimportant but you're pronouncing MOHELA wrong. The "E" is a long E, as in a male- he. I guess you are saying the E like you would in the word hell, which makes sense. Sorry I can't comment on the present issues. I haven't worked there in 15 years and I didn't research today's mess. Good luck to you all. Student loans really such.