I submitted my PSLF Buy Back application last month which was my 120th month of qualified employment. I hope they can get to it in time. I also submitted an employment verification which was processed. Keeping my fingers crossed.
If borrowers working towards PSLF forgiveness apply to switch from SAVE to IBR, will they still qualify for the PSLF buyback once they hit 120 months of employment credit? Certain loan advisors are saying that the PSLF buyback only applies to those borrowers who hit 120 months of employment credit during an administrative forbearance (SAVE) vs a processing forbearance (applying for new loan payment plan) or other repayment plan. The outcome is that moving to an IBR repayment plan (to start repayment sooner rather than later) will essentially disqualify you from the buyback opportunity. Thus, do PSLF borrowers have to be in an administrative forbearance when they hit to the 120 month mark to qualify for buyback?
No. You can change to IBR and start making payments which count. When you hit the 120 month period (paid months plus forbearance months), you can apply for buyback and pay the forbearance months with a lump sum to get forgiveness.
I sent employment recertification in October and November (manual upload via the forms library on their website) payment counts STILL haven’t been updated. Got confirmation emails that those docs were received but the customer service agents can’t verify that because all they see are the forms that show up under activities. Submitted the forgiveness/buyback calculation in November. They said that the case shows it was “escalated” but that was >1 month ago and no action noted since that time. Feel like my case fell through the cracks 🤬🤬
Crazy thing is that I have submitted employment recertification every year for 10 years and worked for the Federal Gov the entire time. It would take a competent person all of 10 min to review my case. So frustrating
I submitted PSLF application back in September. I received an offer on December 12 and paid it that same day. Has anyone been approved after paying their offer for buyback? There wasn’t much instruction. Can you talk more about what happens after you pay the offer? There is no information about the processes at all.
I applied for buyback 8/31 after I hit my 10 year anniversary at my fed job. Got my buyback agreement 12/10, but it was for only 1 of my 11 loans (even though all 11 loans were in repayment & forbearance at the same exact times & I had 115 qualifying payments by 12/10 on all 11 loans with 5 payments for the same months of forbearance to buy back on all 11 loans). I made my buyback payment with MOHELA on 12/10, the same day I got my buyback agreement. I have not received discharge of my 1 loan yet, have made another regular payment on 12/22 after making my buyback payment on 12/10. (My 116th payment). Just got off the phone with Ed Dept. and they said my buyback request is still open for the other 10 loans. They will eventually contact MOHELA to see if I made my buyback payment for the one loan listed in the buyback agreement and once they do that (no ETA could be given on when this will happen), my payment won’t decrease because any decrease in payment that would be due as a result of the 1 discharged loan will just go towards my other 10 loans until I receive that/those buyback agreement(s), pay MOHELA, Ed. Dept. gets around to contacting MOHELA to see if I paid the PSLF buyback agreement amount for those 10 loans, and they discharge all my remaining 10 loans. My regularly scheduled 120th payment will come out 4/22/25. Not holding my breath the Ed. Dept. will get to all this before then, considering I applied for buyback on 8/31 and the process is still a disaster. At one point on my call, the person said I cannot apply for buyback on my other 10 loans until I have made 120 qualifying payments. Not sure why I’d need to buy anything back once I hit my 120th qualifying payment. So here we are. Good luck!
I sent in the income recertification form at the end of October and then got a letter stating that they don't need it yet. Should I ask to have it rescinded?
Do you think it would be helpful to put the exact months I'm requesting buyback in the application? I will reach 120 in February. What luck, huh? But I haven't been able to pay since May because of the SAVE program and also have not had any time going towards my PSLF because of that. But the buyback would help qualify those months.
So what about all the people that consolidated to get their payment counts even/up to the highest count- any forbearance of deferment before that consolidation isn’t counted correct? Hoping I’m wrong!
Thank you so much. You are so generous! I am enrolled in SAVE. I will be changing jobs in February 2025. I am expected to hit my 120 months by September 2025. Do I reapply for SAVE with my new job or should I switch to IBR? I want to file taxes jointly with my wife and only want my employment, not our household income to be considered.
Hi, I get the impression that you are working with alot of physicians with high student loan balances. Friendly reminder that some of us out here do not owe an astronomical amount on student loans.
I submitted my PSLF Buy Back application last month which was my 120th month of qualified employment. I hope they can get to it in time. I also submitted an employment verification which was processed. Keeping my fingers crossed.
If borrowers working towards PSLF forgiveness apply to switch from SAVE to IBR, will they still qualify for the PSLF buyback once they hit 120 months of employment credit? Certain loan advisors are saying that the PSLF buyback only applies to those borrowers who hit 120 months of employment credit during an administrative forbearance (SAVE) vs a processing forbearance (applying for new loan payment plan) or other repayment plan. The outcome is that moving to an IBR repayment plan (to start repayment sooner rather than later) will essentially disqualify you from the buyback opportunity. Thus, do PSLF borrowers have to be in an administrative forbearance when they hit to the 120 month mark to qualify for buyback?
No. You can change to IBR and start making payments which count. When you hit the 120 month period (paid months plus forbearance months), you can apply for buyback and pay the forbearance months with a lump sum to get forgiveness.
I sent employment recertification in October and November (manual upload via the forms library on their website) payment counts STILL haven’t been updated. Got confirmation emails that those docs were received but the customer service agents can’t verify that because all they see are the forms that show up under activities. Submitted the forgiveness/buyback calculation in November. They said that the case shows it was “escalated” but that was >1 month ago and no action noted since that time. Feel like my case fell through the cracks 🤬🤬
Crazy thing is that I have submitted employment recertification every year for 10 years and worked for the Federal Gov the entire time. It would take a competent person all of 10 min to review my case. So frustrating
I submitted PSLF application back in September. I received an offer on December 12 and paid it that same day. Has anyone been approved after paying their offer for buyback? There wasn’t much instruction. Can you talk more about what happens after you pay the offer? There is no information about the processes at all.
I applied for buyback 8/31 after I hit my 10 year anniversary at my fed job. Got my buyback agreement 12/10, but it was for only 1 of my 11 loans (even though all 11 loans were in repayment & forbearance at the same exact times & I had 115 qualifying payments by 12/10 on all 11 loans with 5 payments for the same months of forbearance to buy back on all 11 loans). I made my buyback payment with MOHELA on 12/10, the same day I got my buyback agreement. I have not received discharge of my 1 loan yet, have made another regular payment on 12/22 after making my buyback payment on 12/10. (My 116th payment). Just got off the phone with Ed Dept. and they said my buyback request is still open for the other 10 loans. They will eventually contact MOHELA to see if I made my buyback payment for the one loan listed in the buyback agreement and once they do that (no ETA could be given on when this will happen), my payment won’t decrease because any decrease in payment that would be due as a result of the 1 discharged loan will just go towards my other 10 loans until I receive that/those buyback agreement(s), pay MOHELA, Ed. Dept. gets around to contacting MOHELA to see if I paid the PSLF buyback agreement amount for those 10 loans, and they discharge all my remaining 10 loans. My regularly scheduled 120th payment will come out 4/22/25. Not holding my breath the Ed. Dept. will get to all this before then, considering I applied for buyback on 8/31 and the process is still a disaster. At one point on my call, the person said I cannot apply for buyback on my other 10 loans until I have made 120 qualifying payments. Not sure why I’d need to buy anything back once I hit my 120th qualifying payment. So here we are. Good luck!
I sent in the income recertification form at the end of October and then got a letter stating that they don't need it yet. Should I ask to have it rescinded?
What happens if add clarifying language in addition to the exact buyback language? Thoughts?
Do you think it would be helpful to put the exact months I'm requesting buyback in the application? I will reach 120 in February. What luck, huh? But I haven't been able to pay since May because of the SAVE program and also have not had any time going towards my PSLF because of that. But the buyback would help qualify those months.
So what about all the people that consolidated to get their payment counts even/up to the highest count- any forbearance of deferment before that consolidation isn’t counted correct? Hoping I’m wrong!
You can't buyback any of that before consolidation. It sucks. I'm in the same boat.
@ darn! My only hope is the ppl doing the processing are as confused as me😂
Thank you so much. You are so generous! I am enrolled in SAVE. I will be changing jobs in February 2025. I am expected to hit my 120 months by September 2025. Do I reapply for SAVE with my new job or should I switch to IBR? I want to file taxes jointly with my wife and only want my employment, not our household income to be considered.
I got an email from Ed financial that I need to recertify income by 02/06. Thoughts?
Respond back "Get your shit together" then block them.
@@reasonablestevens4364 yeah, that's helpful
Hi, I get the impression that you are working with alot of physicians with high student loan balances. Friendly reminder that some of us out here do not owe an astronomical amount on student loans.