I applied for PSLF last September (didn't know I was qualified; work in healthcare). I was also making payments throughout the pandemic until September 2022. Fast forward to June, was approved. Also, I was notified that I'll be receiving a check from US Treasury since I made payments beyond the qualified amount of payments. Refund and debt free!! 🙌🏽🙏🏽
@@themoneylibrariannext year I am doing Parent Plus Loans>consolidating to get ICR. Do I have to wait 4 years to consolidate them to start PSLF? I read that after this year, they are going back to the "resetting" to zero issue when consolidating, is that true?
Hi! The only income driven plan for parent plus loans is ICR. If you want to get on one of the other three (which are usually way better) you’d need to do the double consolidation. I have a vid on the PPL double consolidation loophole I think would be helpful for you. It will be unavailable after July 2025. th-cam.com/video/zSyV-aIH2Gs/w-d-xo.htmlsi=O-BLruI6XIvPq5ZZ I believe you start parent plus repayments 60 days after disbursement so you don’t need to wait 4 years. As the program currently runs, yes, you will lose time in repayment if you consolidate. ☹️ Hope this helps, good luck, and thanks for watching! -k
This video is incredibly helpful. I will be bringing this up to my supervisor at my orientation this week to make sure i'm set up (got lots of fun debt from grad school lol). Thanks for your videos.
Hi @Cassidy - thank you for the kind words, I’m happy to help!! Be sure to keep an eye on the channel as the rules are getting updated and there’ll be a new payment plan available soon. Thanks for watching! -k
Hi @MrKim-xs8xl - 😂PSLF Oracle! yes! Other than calling the Department of Ed to have your questions answered, there’s a great Facebook group (m.facebook.com/groups/1334669819967470/) and Reddit forum (reddit.com/r/PSLF/s/lzcShtc6Ng) that both have a wealth of documentation and support. Hope this helps and thanks for watching! -k
omg. i love your videos. thank you. i'm completely overwhelmed. my info. went back to graduate school - nursing - covid hit - started working for various companies (travel nurse, so the companies i've worked for a not nfp, but the hospitals are). do i explore save or public service LF. i also taught nursing a state univeristy during this time. i have loans over 100k. and have never paid since the pause started when i was right out of school. yikes. oh and i'm 58 yo. i'll been paying from the grave. lol
Hi @marnieotto5353 - congrats on going back to school to become a nurse! That’s a great profession where you can earn a lot. How you pay off your loans will depend on what direction your career takes - if you work for non-profits (not contracting through for-profits) you can do PSLF and have the balance forgiven after 10 years. That may sound super enticing but your monthly payment will be based on your income, and since your income is generally high, even at non-profits, you may not be saving that much per month. Here’s a vid I just did that will help you understand which payment plan is right for you: th-cam.com/video/SfuPciHkT1k/w-d-xo.htmlsi=VYB5BrnGGHusuJxZ Here’s another I did that goes into more detail on what the PSLF program is and how it works: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=cOocCpdZtQd1WYJN Thanks for watching and your kind words! I’m so glad you like the vids! Let me know if there’s a topic you want me to do one on, I’m always looking to answer what’s on peoples minds -k
@@themoneylibrarian thank you so much!!!! i will watch these. i've started the save application and have been doing some research. my payments are pretty high, over 600.00/mo, but i guess it's better than it would be w/o these new rules. still looking into it all. thanks again. love your channel!!!!
Hi! Could you make a video only about Student Loan consolidation? I want to know advantages and disadvantages, and any information to decide if consolidation is the best way to go. Thank you
Hi @fatimaortegapozada4405 - that's a great idea, I'll make one asap! Be sure to subscribe and hit that bell so you get notified when it's up! Thanks for watching and thanks for the suggestion! -k
Hi @ProsperousBudgeting! Sometimes it can take a while for all your loan info to populate on the servicer sites when they switch; you may be able to find the info you’re looking for if you log in at studentaid.gov or call your new loan servicer. Good luck and thanks for watching! -k
I have a question: So I became a Firefighter/EMT back in February of 2020 and it was around that time I was going to start paying towards my Student Loans. I never applied for the PSLF plan back then however I have been working for a fire dept now for almost 4 years. If I applied for the PSLF plan today would the past 4 years employed working full time as a government worker count towards my 10 years? Really enjoy your videos! Would really appreciate a response. Thank you!
Hi @andrewweber7136 - sounds like you’re a great candidate for PSLF and your next steps should be putting in the application (link in description) to get the past 4 years’ payments qualified. You may also want to look into getting payments reimbursed if you were paying during the Covid pause and didn’t have to (see this vid for more info: th-cam.com/video/mK0szkBnGYs/w-d-xo.htmlsi=obSatlHlwT6mQtPS) Thanks for watching! -k
Hi, thank you for this body of work. I am going to start making payments starting October. When do i send the form in and can you paste the link please?
Hi @ajaymunhoo8582 - It's recommended to send in the PSLF form yearly - that way if there are any issues you can clear them up now and not YEARS down the road. You can find the form here: studentaid.gov/pslf/ Thanks for watching! -k
Thank for the information…. My Employment is qualified… but have been on 10 yr payment plan almost for 7 years,… if I changed to income driven plan now, do I qualify for PSLF? … I had no knowledge about PSLF program when I started paying my loan. I learned recently all 3 of my Employers current & past are public …
Hi @6858101 - oh no! Call the Department of Education, see if there’s something you can do to get those years qualified ASAP and what your next steps should be. It’s possible you could get your Covid payments back (see this vid: th-cam.com/video/mK0szkBnGYs/w-d-xo.htmlsi=A_nubI_7xt0spTwG) Hope this helps, good luck, and thanks for watching! -k
Im a federal govt employee and a part time municipal employee where I was full time for number of years before going federal. I have almost 7 years in the fed so with that alone I'm almost there. I wonder if they will count my full time municipal duty as I am still employed there, albeit on a part time bases? The web site said you must apply while still employed there...well I am. Wonder how this is going to go. I've been on an IDR plan the whole time, Im worried the will recalculate the amount though, I make much better money now and have been filing jointly all my life. My loans are consolidated and serviced by Navient.
Hi @davidwelday3276 - I’d contact the department of education and ask them what you need to do to get that time qualified for PSLF. Lots has been updated and there are some leniencies that may work in your favor if you act quickly (before the end of 2023). They should be recalculating the amount yearly, so I don’t believe contacting them will affect your payment but i don’t know your situation so it is within the realm of possibilities. Good luck and thanks for watching! -k
Great video, thank you! I have been a teacher at a public school for 7 years now, and have about 11k left in student loan debt from my undergrad. I'm planning on going back to school to get a doctorate, which will hugely inflate my student loan debt again. Should I wait until after I complete my doctorate to pay off all of the eligible loans in one fell swoop using PSLF? And will the years of payments from my previous loans be counted towards my new loans, or does the clock start again? I appreciate you!
Hi @uclakirk - thanks for working as a teacher! Unfortunately as the rules are set now, you won’t be able to combine future grad school loans with previous undergrad loans to get the payment count applied to the new loans. Chances are the rules will change a few times in the intervening years. If you plan to go back to PSLF-qualifying work after school, you can get all your loans discharged through PSLF but the timelines will vary - it’ll take 120 qualifying payments on each loan. This page has a lot of great info you may find useful : studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions As for increasing your student loan balance with a doctorate, I’d encourage you to be judicious in your choice of schools/ programs as they vary widely in cost and grad student funding. If you want to learn more about the PSLF program I have a vid I just put out a couple weeks ago that may be of use: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=uU-E2pFsNthuO_sr Thanks for watching and good luck!! -k
The government calculator is saying that the ICR plan with the PSLF is a better plan for me than the SAVE plan. I have about $20,000 in subsidized loans. Do you agree? Do you have a video on the ICR plan with PSLF?
Hi @user-hu7hq5oe6b - what do you mean by “better”? Are the monthly payments lower? You’ll save more on interest? Because there are SO MANY factors to take into consideration when deciding on a plan, I couldn’t give any advice on what would be best for you. Here’s what I can say: any of the IDR plans will work for PSLF, it’s generally a matter of which will be your lowest monthly payment to help decide which is best for you. My most recent upload goes through ALL the student loan plans and explains who each is best for (in general) you may find it really useful. th-cam.com/video/SfuPciHkT1k/w-d-xo.htmlsi=5qyS0uBTVgjiFQUc I recommend you call the Department of Ed or your student loan servicer as they can discuss your options with you - have some errands to get done while you’re on hold, they’re REALLY busy right now😂. Thanks for watching, hope this helped! -k
Hi! Do you think I qualify? I just started working as an independent contractor working at my county’s courthouse for 3 months now. My paychecks are addressed from the courthouse as well. Thanks!
Hi @PWEUFP - My newest video goes into a lot of detail about the PSLF program, I think it'll be helpful to you: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.html I'm not sure if your employment would count as you're an independent contractor - in general, if, by state law the government cannot hire someone to do this work as a direct employee, then yes, it would count. But if they are not hampered by state law, then no. You can read more about it here: studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions Good luck and thanks for watching! -k
If you change your playment plan after recertification of income, will you still be eligible? Also we didnt have to re-certify during the pause correct?
Hi @evanperry44 - As long as you’re on one of the income-based payment plans and meet all the other requirements, changing payment plans shouldn’t hurt your eligibility. As there were no payments due, you didn’t need to certify INCOME during the pause and those months of non-payments should still count. As I mention in the vid, you would probably do well to put in a PSLF application to get those months approved for PSLF and find out how much further you have to go. As payments start back up, you’ll need to recertify your income so they can determine how much your payments will be. I strongly suggest you call your student loan servicer to make sure all your ducks are in a row for PSLF as the payments are restating soon. Thanks for watching -k
This year I received a job with the state. I never payed any student loans over the past 3 years and only have 12k in loans. Which plan would be better the save or with the icr plan
Hi @sirsairacaz6400 - You are the only one who can decide which plan is best for you. If you're going for PSLF, (you'd have to work for the state or a non-profit for 10 years) then, as I explained in the video, it doesn't make sense to pay any more than required, so you'd want to be on the plan with the lowest monthly payment. You can use the loan simulator here: studentaid.gov/loan-simulator/ to see what your payments would be on the different plans. My most recent vid goes through all the different student loan repayment programs and breaks them down by who they'd be best for, you may find it useful: th-cam.com/video/SfuPciHkT1k/w-d-xo.html Thanks for watching! -k
I put in for PSLF back in September. I kept waiting, and waiting and waiting. Finally, I called in January and they told me it was approved. Ok, great....more waiting and waiting and waiting. Called Mohela in March and they told me that my loans had to be consolidated first. Would have been nice if anywhere on the PSLF, MOHELA, Aidvantage sites had stated that this must be done. Ok, consolidated the loans in March. Aidvantage disbursed the consolidated loan to Mohela on 6/9. So, now I have to wait another 3 months. This process is as clear as mud and they never keep me updated on anything!!!!
Hi @Regan Ferguson - oh dang have they put you through the ringer!! Unfortunately your experience isn’t as uncommon as it should be. There are Facebook and Reddit groups where you can read all about others having a similar experience. Know that all this hassle WILL have a positive ending…eventually 🤦♀️. Thanks for watching and let me know if you have any topics in particular you’d like a video on. -k
I literally learned on 6/9 that I had 8 payments not certified by my employer. I only needed 2 of those 8 payments to meet my 120. I called and got an awesome CS Rep who told me what I needed to do. I was pleasantly surprised as in the past it has been difficult.
You were approved for PSLF but had other loans that needed to be approve for consolidation? Were you able to get the consolidated ones approved under PSLF as well?
Hi! Thank you for your informative video. I am currently in school for my Masters, estimated at least 4 years to finish. Concurrently, I am also working at an organization that is PSLF eligible (6 years total so far, 4 years full time, now currently 2 years and ongoing part time). I just started working on my loan applications (no current student debt) and want to understand what I can do to make this daunting loan experience easier. When would I be eligible for PSLF (I am unsure how to count my years in the organization) if I am even able? I would really appreciate your guidance and understanding!
And an add-on question: if I were to take out loans and start making interest and/or principal payments during my schooling, would that count towards the 120 payments? Thank YOU!!
Hi @phooeypooh1 - congratulations on working towards your masters! I know the process seems daunting, but if you can get through grad school, you got this! PSLF forgives direct student loans after 120 months of repayments while you work for a qualifying org. Since you have no student debt, past employment wouldn’t count towards future loans. When you’re out of school, IF you meet all the qualifications, then you’d put in your PSLF application yearly to get whatever payments you made approved for PSLF. If you DEFINITELY will be going for PSLF, then, based on everything we know now, it most likely wouldn’t make sense to pay a penny towards your loans more than you have to since whatever the balance is after 120 months will be forgiven. Plus, if you aren’t working full time and in repayment, payments made while in school won’t qualify for pslf payments. But, if you aren’t sure you’ll be getting PSLF after you graduate, and want to pay off your student loans faster, paying off the interest while in school is a good strategy to help keep your future costs down. I *strongly* recommend you talk to your student loan servicer to learn the details of your particular situation and make sure you have all your ducks in a row for PSLF. I have a whole playlist on student loans and a lot of vids on PSLF available here: th-cam.com/play/PLHs5-7lB_Qj9hubdjCDtIndZkpjmrJCXh.html Good luck and thanks for watching! -k
Hi @houselover05 - PSLF isn’t a payment plan, it’s the program that forgives loans after 120 qualifying payments, the SAVE plan is the new payment plan that will start next summer (I have a vid coming out on that soon so keep your eyes here!) I think you need to contact your student loans servicer to find out what your options are. Good luck and thanks for watching! -k
We just started the PSLF and after a while they said that we have to do the consultation first, which we just started that as well, but when I use the calculator all the plans are really high and they are giving 0 forgiveness at the end
Hi @jacklinegad3379 - Seems odd that you'd get $0 forgiven at the end , if you're going for PSLF, you generally want to be on the payment plan that offers the smallest monthly payments which would still have plenty left over after 10 years. Maybe after the new payment plan is out you'll have better options? Depending on your income and household size you can have very different monthly payments - I'd call your student loan servicer or Department of Education to get more details on what you, specifically, should be doing now to qualify for PSLF after your 120 payments. Thanks for watching! -k
Can the government stop the PSLF program before you complete it causing you to still have to repay your loans in full. Or are you grandfathered in the program once you start the PSLF program and start making qualified payments?
Hi @chrism3635 - unlike the $10k/$20k forgivness that was overturned last year, it was enshrined into law in 2007 and is unlikely to go anywhere without a long fight. I'd go on the assumption that it will be around when you need it. (That said, no one knows the future and anything can happen). thanks for watching! -k
Hi @studentaccount4354 - you may be thinking of the $10,000/$20,000 forgiveness program that was recently stopped by the courts. PSLF is still running, you do need Direct loans - here’s a vid I did on the basics of this particular program - th-cam.com/video/IgIVIgczSHo/w-d-xo.html Thanks for watching! -k
Hi @gracekeen11 - congrats! I’m assuming you mean you just started at a qualifying employer - whoever signs your check is who you work for, not necessarily *where* you work. I’d check that they are a qualifying employer at studentaid.gov/pslf/employer-search You can contact the department of Ed to make sure your loans are the correct type and you’re on the right payment plan (probably you’ll get on the SAVE plan but you need to be on an IDR plan, not the 10 year, graduated, or extended plans) You are correct, after you confirm your ducks are in a row, every year after you start repayment send in the PSLF form so they can confirm those 12 payments for the year and that’ll make it really easy to have them forgiven in 10 years. Thanks for watching! -k
Hi, I’m an RN who works for a non profit nursing home and I have for parent plus loans from my daughters college. The total is approximately $76,000! I’m 60 and overwhelmed with what I need to do. Any advice?
Hi @fishdc453 - sorry to hear you’re dealing with so much debt, so you know you can get those loans forgiven through PSLF, I talk about that in this video: Public Service Loan Forgiveness EXPLAINED! PSLF explained! th-cam.com/video/XrJ0D_uIn-I/w-d-xo.html If you act immediately (get both consolidations done before the end of 2023) you may be able to consolidate the loans through the double loan forgiveness loophole so you can have previous payments included in your PSLF count, here’s a video that explains the process th-cam.com/video/gkdrRaXi7P0/w-d-xo.html Good luck, let me know how it goes, and thanks for watching! -k
Do you have to be in an IDR to be in PSLF to get forgiveness in 10 years or can I be in a Graduated plan and get forgiveness in 10 years? I keep getting conflicting answers
Hi @shoalins55 - according to the student aid website, payments made on the graduated plan do not count for pslf! See this page for more info: studentaid.gov/help-center/answers/article/qualifying-repayment-plan-for-pslf Good luck and thanks for watching! - k
What if your PLSF went thru and IBR plan also went through but since you didn’t work much the previous year, your monthly payment is $0. The servicers won’t let you pay $0 so do you how do they track the monthly payments so that it counts towards PSLF?
Hi @46runscape - what makes you think the servicers won’t let you pay $0? Lots of people actually have $0 “payments” and these months do count to PSLF if that is what your minimum payment is.🥳 I have a vid that explains PSLF more here that could be helpful for you: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=CC2_cB0oQKP-QBCB Hope this helps and thanks for watching! -k
What if you paid for 8 years and then you finally get a public servant job do you have to wait 10 more years for the forgiveness or would you be eligible after working there for 2 years?
Hi @ashleyw9852 - payments made while you were not in qualifying employment won’t be eligible for your 120 payments. That said, some jobs - even if not working for the government or a non-profit count - you can check here is your old employer is eligible: studentaid.gov/pslf/employer-search If the old employer isn’t eligible, then you do have to be in repayment AND working full time for the new, qualifying employer for 10 years (or 120 payments). As I mention in the vid, send in your PSLF form yearly so you can get those 12 payments approved for the 120 total that you need rather than wait 10 years. Good luck and thanks for watching!-k
Hi @ajaymunhoo8582 - if you meet all the other qualifications then, yes - months that your federal student loans that were on pause during covid could count for PSLF! If you did pay, and plan on getting PSLF, then you can request your payments be reimbursed. I made a video on that here - th-cam.com/video/mK0szkBnGYs/w-d-xo.html Thanks for watching! -k
Hi @hi-xd8wk - if the previous payments will apply (and if you consolidate in 2023 they should but ask your servicer) then it’s probably a good idea to get PSLF but speak with your loan servicer and do some more research to learn how this will impact YOUR loans. Thanks for watching! -k
Hi @dondemavivas1063 - yes, as one of the IDR plans payments on it will count, I’m posting a vid on everything to do with the SAVE plan, including PSLF stuff this coming week, be sure to subscribe so it’ll let you know when it goes up! Thanks for watching - k
I was in Chapter 13 bankruptcy during 2017-2022 but part of my settlement did go towards to my Student Loans. Shouldn’t these 63 payments be included as my eligible payment count for TEPSLF/ PSLF. TIA
Hi @j.vasquez7666 - I would think they would count but bankruptcy makes things complicated. You’ll need to contact the Department of Ed to find out the official policy. have you applied for PSLF and these months were not approved? Good luck and thanks for watching! -k
oh no! Okay, based on your reply I've done a bit more research and it seems that when you go into bankruptcy they put *any student loans included in the bankruptcy* on administrative forbearance and any payments made during that time aren't counted towards PSLF. 😥 You can try working with your attorney, Department of Education, and loan servicer to see what your options are, especially as those overlap with the Covid payment pause. Since bankruptcy laws are so complicated and unique to each case, you may have more options but this gets into legal territories that are way above my pay grade. Wish I had an easy answer for you. Good luck!! -k
I’m two into federal service n my twin children are college sophomores. Didn’t take any loans until now, I paid up but don’t have any more money so will be taking loans. Did I loose 2 years of my federal service? So I will need to work for 10 more years if I apply for PSLF now . Thanks
@@themoneylibrarian many thanks for your responses. Is there any chance I can speak with you for a quick consult sometime, i would appreciate it. Thanks
Hi! I recommend you chat with your kids' financial aid offices or the Department of Education, they should be able to give you personalized advice. You're welcome to pop questions up here or email me (hello(at)msmoodymoney.com) and I can answer as best I can. If it seems like something I could assist you with we can talk about a consult but I don't have access to your records nor have the knowledge your kids' financial aid offices would have so chances are you're better off working with them. Wish I could be of more assistance! -k
I’ve been paying my student loans for 20 years now and got an email last month saying I made the required 240-300 payments to be forgiven. Conservatives are trying to cancel it. :( I’ve worked in state government for over a decade but funny thing.. contract type employees are explicitly exempt from PSLF BUT there’s a default 20 year forgiveness; I just hope this debt can be cancelled or it’s going to the grave with me.
Hi @mr.bchick3838 - It sounds like you're getting forgiveness via an IDR repayment program, yay! You can read more about that here: studentaid.gov/manage-loans/repayment/plans/income-driven You are correct, contract employees, although they may work at a non-profit or the government, they work *for* someone else, so unfortunately they don't usually qualify for PSLF. FYI - if this forgiveness is due to the IDR recount, the balance forgiven may be considered taxable income by your state (you'll need to check) but it is not considered taxable income by the feds. studentaid.gov/announcements-events/idr-account-adjustment Thanks for watching! -k
@@themoneylibrarian yeah I made all sorts of payments over the years mostly graduated type until I learned about IDR but only was paying that type since 2013. I guess the changes in April 2022 counted them towards forgiveness. I’m struggling with other debt so really hope it isn’t blocked.
@@themoneylibrarian thanks for the heads up on the state tax. I don’t reside in one the seven states I googled that indicate taxation with it so I’m really crossing my fingers this goes through. My wife finished her masters in healthcare management in 2020 and hasn’t done anything regarding PSLF. There was like a three year period where she was making payments to nelnet and directly to the school between her bachelors and then taking on more loan to go after her masters; is it too late to count those payments as IDR type or did she miss the boat? Does the clock reset if you finished with a degree, paid some of those loans and then took on even higher education to achieve a higher degree?
Hi @mr.bchick3838 - my fingers are crossed for you!! I wouldn’t worry too much about others in gov trying to take it away from you, this rule is on very stable legal grounds. Since I don’t know your exact situation I can’t 100% say you’ll get or not, but if the Dept of Ed is contacting you and saying you’re a good candidate, that’s about as sure as you can get! 🎉 Here’s a Reel I did that quickly explains debt payoff, you may find it useful and I’ll create a debt payoff vid here and post in the next couple months. instagram.com/reel/CcqK0wsr_eq/?igshid=MzRlODBiNWFlZA== Hope it helps and thanks for watching! -k
Guess what?!?! MY LOAN WAS FORGIVEN LAST WEEK!!! Yes!! I got the letter from Ed Financial releasing me of these financial obligations!! 20+ years of paying!! Now I need my wife on board to get PSLF. I don’t know if the three years between associates degree and bachelors/masters where she was making payments could count cause of taking the additional loans to achieve higher degrees or not but either way she’s working for a qualified employer in healthcare and getting six figures forgiven would be significant in our lives. I still can’t believe mine finally were forgiven, still in awe
![กินอาหาร ถูก vs แพง!! จานละ 500,000 vs จานละ 50!! [Ver. 2024]](http://i.ytimg.com/vi/FF_HppKg4vs/mqdefault.jpg)
I applied for PSLF last September (didn't know I was qualified; work in healthcare). I was also making payments throughout the pandemic until September 2022. Fast forward to June, was approved. Also, I was notified that I'll be receiving a check from US Treasury since I made payments beyond the qualified amount of payments. Refund and debt free!! 🙌🏽🙏🏽
Hi @darnellmurrell8173 - YAAAAY!!!🎊❤️🎉🥳🎂🎉🎉🥳❤️!!!!! I’m so happy for you! Thanks for letting me know and enjoy having that debt out of your life! -k
@@themoneylibrariannext year I am doing Parent Plus Loans>consolidating to get ICR. Do I have to wait 4 years to consolidate them to start PSLF? I read that after this year, they are going back to the "resetting" to zero issue when consolidating, is that true?
Hi! The only income driven plan for parent plus loans is ICR. If you want to get on one of the other three (which are usually way better) you’d need to do the double consolidation.
I have a vid on the PPL double consolidation loophole I think would be helpful for you. It will be unavailable after July 2025.
th-cam.com/video/zSyV-aIH2Gs/w-d-xo.htmlsi=O-BLruI6XIvPq5ZZ
I believe you start parent plus repayments 60 days after disbursement so you don’t need to wait 4 years.
As the program currently runs, yes, you will lose time in repayment if you consolidate. ☹️
Hope this helps, good luck, and thanks for watching! -k
This video is incredibly helpful. I will be bringing this up to my supervisor at my orientation this week to make sure i'm set up (got lots of fun debt from grad school lol). Thanks for your videos.
Hi @Cassidy - thank you for the kind words, I’m happy to help!! Be sure to keep an eye on the channel as the rules are getting updated and there’ll be a new payment plan available soon. Thanks for watching! -k
🎉thanks again for your video. It helps me keep track towards my forgiveness!
Hi @Larry Lang - happy to help and good luck with the pslf forgiveness!! -k
This was very informative. Thanks a bunch
Hi @IfeomaAbiandu - so glad you found it informative, thanks for watching! -k
Thanks for this video! Do you have any resources or know of any that will answer super-specific questions in regard to PSLF? I'd love a PSLF Oracle :)
Hi @MrKim-xs8xl - 😂PSLF Oracle!
yes! Other than calling the Department of Ed to have your questions answered, there’s a great Facebook group (m.facebook.com/groups/1334669819967470/) and Reddit forum (reddit.com/r/PSLF/s/lzcShtc6Ng) that both have a wealth of documentation and support.
Hope this helps and thanks for watching! -k
omg. i love your videos. thank you. i'm completely overwhelmed. my info. went back to graduate school - nursing - covid hit - started working for various companies (travel nurse, so the companies i've worked for a not nfp, but the hospitals are). do i explore save or public service LF. i also taught nursing a state univeristy during this time. i have loans over 100k. and have never paid since the pause started when i was right out of school. yikes. oh and i'm 58 yo. i'll been paying from the grave. lol
Hi @marnieotto5353 - congrats on going back to school to become a nurse! That’s a great profession where you can earn a lot.
How you pay off your loans will depend on what direction your career takes - if you work for non-profits (not contracting through for-profits) you can do PSLF and have the balance forgiven after 10 years. That may sound super enticing but your monthly payment will be based on your income, and since your income is generally high, even at non-profits, you may not be saving that much per month.
Here’s a vid I just did that will help you understand which payment plan is right for you: th-cam.com/video/SfuPciHkT1k/w-d-xo.htmlsi=VYB5BrnGGHusuJxZ
Here’s another I did that goes into more detail on what the PSLF program is and how it works: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=cOocCpdZtQd1WYJN
Thanks for watching and your kind words! I’m so glad you like the vids! Let me know if there’s a topic you want me to do one on, I’m always looking to answer what’s on peoples minds -k
@@themoneylibrarian thank you so much!!!! i will watch these. i've started the save application and have been doing some research. my payments are pretty high, over 600.00/mo, but i guess it's better than it would be w/o these new rules. still looking into it all. thanks again. love your channel!!!!
Yay! Thanks for the kind words and good luck with your loans! -k
Hi! Could you make a video only about Student Loan consolidation? I want to know advantages and disadvantages, and any information to decide if consolidation is the best way to go. Thank you
Hi @fatimaortegapozada4405 - that's a great idea, I'll make one asap! Be sure to subscribe and hit that bell so you get notified when it's up!
Thanks for watching and thanks for the suggestion! -k
Great info! My loans just switched from Great Lakes to Nelnet and they don’t have any of my payment history. How do they find that?
Hi @ProsperousBudgeting! Sometimes it can take a while for all your loan info to populate on the servicer sites when they switch; you may be able to find the info you’re looking for if you log in at studentaid.gov or call your new loan servicer. Good luck and thanks for watching! -k
I have a question: So I became a Firefighter/EMT back in February of 2020 and it was around that time I was going to start paying towards my Student Loans. I never applied for the PSLF plan back then however I have been working for a fire dept now for almost 4 years. If I applied for the PSLF plan today would the past 4 years employed working full time as a government worker count towards my 10 years? Really enjoy your videos! Would really appreciate a response. Thank you!
Hi @andrewweber7136 - sounds like you’re a great candidate for PSLF and your next steps should be putting in the application (link in description) to get the past 4 years’ payments qualified. You may also want to look into getting payments reimbursed if you were paying during the Covid pause and didn’t have to (see this vid for more info: th-cam.com/video/mK0szkBnGYs/w-d-xo.htmlsi=obSatlHlwT6mQtPS)
Thanks for watching! -k
Hi, thank you for this body of work. I am going to start making payments starting October. When do i send the form in and can you paste the link please?
Hi @ajaymunhoo8582 - It's recommended to send in the PSLF form yearly - that way if there are any issues you can clear them up now and not YEARS down the road.
You can find the form here: studentaid.gov/pslf/
Thanks for watching! -k
Thank for the information…. My Employment is qualified… but have been on 10 yr payment plan almost for 7 years,… if I changed to income driven plan now, do I qualify for PSLF? … I had no knowledge about PSLF program when I started paying my loan. I learned recently all 3 of my Employers current & past are public …
Hi @6858101 - oh no! Call the Department of Education, see if there’s something you can do to get those years qualified ASAP and what your next steps should be.
It’s possible you could get your Covid payments back (see this vid: th-cam.com/video/mK0szkBnGYs/w-d-xo.htmlsi=A_nubI_7xt0spTwG)
Hope this helps, good luck, and thanks for watching! -k
Im a federal govt employee and a part time municipal employee where I was full time for number of years before going federal. I have almost 7 years in the fed so with that alone I'm almost there. I wonder if they will count my full time municipal duty as I am still employed there, albeit on a part time bases? The web site said you must apply while still employed there...well I am. Wonder how this is going to go. I've been on an IDR plan the whole time, Im worried the will recalculate the amount though, I make much better money now and have been filing jointly all my life. My loans are consolidated and serviced by Navient.
Hi @davidwelday3276 - I’d contact the department of education and ask them what you need to do to get that time qualified for PSLF. Lots has been updated and there are some leniencies that may work in your favor if you act quickly (before the end of 2023).
They should be recalculating the amount yearly, so I don’t believe contacting them will affect your payment but i don’t know your situation so it is within the realm of possibilities.
Good luck and thanks for watching! -k
Great video, thank you! I have been a teacher at a public school for 7 years now, and have about 11k left in student loan debt from my undergrad. I'm planning on going back to school to get a doctorate, which will hugely inflate my student loan debt again. Should I wait until after I complete my doctorate to pay off all of the eligible loans in one fell swoop using PSLF? And will the years of payments from my previous loans be counted towards my new loans, or does the clock start again? I appreciate you!
Hi @uclakirk - thanks for working as a teacher!
Unfortunately as the rules are set now, you won’t be able to combine future grad school loans with previous undergrad loans to get the payment count applied to the new loans. Chances are the rules will change a few times in the intervening years. If you plan to go back to PSLF-qualifying work after school, you can get all your loans discharged through PSLF but the timelines will vary - it’ll take 120 qualifying payments on each loan.
This page has a lot of great info you may find useful : studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions
As for increasing your student loan balance with a doctorate, I’d encourage you to be judicious in your choice of schools/ programs as they vary widely in cost and grad student funding.
If you want to learn more about the PSLF program I have a vid I just put out a couple weeks ago that may be of use: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=uU-E2pFsNthuO_sr
Thanks for watching and good luck!! -k
@@themoneylibrarian Wow thank you for the prompt reply! Much appreciated!!
Teachers get VIP treatment on this channel. 🥳
The government calculator is saying that the ICR plan with the PSLF is a better plan for me than the SAVE plan. I have about $20,000 in subsidized loans. Do you agree? Do you have a video on the ICR plan with PSLF?
Hi @user-hu7hq5oe6b - what do you mean by “better”? Are the monthly payments lower? You’ll save more on interest? Because there are SO MANY factors to take into consideration when deciding on a plan, I couldn’t give any advice on what would be best for you.
Here’s what I can say: any of the IDR plans will work for PSLF, it’s generally a matter of which will be your lowest monthly payment to help decide which is best for you.
My most recent upload goes through ALL the student loan plans and explains who each is best for (in general) you may find it really useful. th-cam.com/video/SfuPciHkT1k/w-d-xo.htmlsi=5qyS0uBTVgjiFQUc
I recommend you call the Department of Ed or your student loan servicer as they can discuss your options with you - have some errands to get done while you’re on hold, they’re REALLY busy right now😂.
Thanks for watching, hope this helped! -k
Hi! Do you think I qualify? I just started working as an independent contractor working at my county’s courthouse for 3 months now. My paychecks are addressed from the courthouse as well. Thanks!
Hi @PWEUFP - My newest video goes into a lot of detail about the PSLF program, I think it'll be helpful to you: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.html
I'm not sure if your employment would count as you're an independent contractor - in general, if, by state law the government cannot hire someone to do this work as a direct employee, then yes, it would count. But if they are not hampered by state law, then no.
You can read more about it here: studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions
Good luck and thanks for watching! -k
If you change your playment plan after recertification of income, will you still be eligible?
Also we didnt have to re-certify during the pause correct?
Hi @evanperry44 - As long as you’re on one of the income-based payment plans and meet all the other requirements, changing payment plans shouldn’t hurt your eligibility. As there were no payments due, you didn’t need to certify INCOME during the pause and those months of non-payments should still count.
As I mention in the vid, you would probably do well to put in a PSLF application to get those months approved for PSLF and find out how much further you have to go.
As payments start back up, you’ll need to recertify your income so they can determine how much your payments will be.
I strongly suggest you call your student loan servicer to make sure all your ducks are in a row for PSLF as the payments are restating soon. Thanks for watching -k
@@themoneylibrarian thank you!
This year I received a job with the state. I never payed any student loans over the past 3 years and only have 12k in loans. Which plan would be better the save or with the icr plan
Hi @sirsairacaz6400 - You are the only one who can decide which plan is best for you. If you're going for PSLF, (you'd have to work for the state or a non-profit for 10 years) then, as I explained in the video, it doesn't make sense to pay any more than required, so you'd want to be on the plan with the lowest monthly payment.
You can use the loan simulator here: studentaid.gov/loan-simulator/ to see what your payments would be on the different plans.
My most recent vid goes through all the different student loan repayment programs and breaks them down by who they'd be best for, you may find it useful: th-cam.com/video/SfuPciHkT1k/w-d-xo.html
Thanks for watching! -k
I put in for PSLF back in September. I kept waiting, and waiting and waiting. Finally, I called in January and they told me it was approved. Ok, great....more waiting and waiting and waiting. Called Mohela in March and they told me that my loans had to be consolidated first. Would have been nice if anywhere on the PSLF, MOHELA, Aidvantage sites had stated that this must be done. Ok, consolidated the loans in March. Aidvantage disbursed the consolidated loan to Mohela on 6/9. So, now I have to wait another 3 months. This process is as clear as mud and they never keep me updated on anything!!!!
Hi @Regan Ferguson - oh dang have they put you through the ringer!! Unfortunately your experience isn’t as uncommon as it should be. There are Facebook and Reddit groups where you can read all about others having a similar experience. Know that all this hassle WILL have a positive ending…eventually 🤦♀️. Thanks for watching and let me know if you have any topics in particular you’d like a video on. -k
I literally learned on 6/9 that I had 8 payments not certified by my employer. I only needed 2 of those 8 payments to meet my 120. I called and got an awesome CS Rep who told me what I needed to do. I was pleasantly surprised as in the past it has been difficult.
Hi @djcobb87 - that’s great to hear - glad it worked out for you! Thanks for watching! -k
You were approved for PSLF but had other loans that needed to be approve for consolidation? Were you able to get the consolidated ones approved under PSLF as well?
@@djcobb87 Were you able to get the 2 approved? Did you have to send an updated signed form or something that was able to get approved quickly?
Hi! Thank you for your informative video. I am currently in school for my Masters, estimated at least 4 years to finish. Concurrently, I am also working at an organization that is PSLF eligible (6 years total so far, 4 years full time, now currently 2 years and ongoing part time). I just started working on my loan applications (no current student debt) and want to understand what I can do to make this daunting loan experience easier. When would I be eligible for PSLF (I am unsure how to count my years in the organization) if I am even able? I would really appreciate your guidance and understanding!
And an add-on question: if I were to take out loans and start making interest and/or principal payments during my schooling, would that count towards the 120 payments? Thank YOU!!
Hi @phooeypooh1 - congratulations on working towards your masters! I know the process seems daunting, but if you can get through grad school, you got this! PSLF forgives direct student loans after 120 months of repayments while you work for a qualifying org. Since you have no student debt, past employment wouldn’t count towards future loans.
When you’re out of school, IF you meet all the qualifications, then you’d put in your PSLF application yearly to get whatever payments you made approved for PSLF.
If you DEFINITELY will be going for PSLF, then, based on everything we know now, it most likely wouldn’t make sense to pay a penny towards your loans more than you have to since whatever the balance is after 120 months will be forgiven. Plus, if you aren’t working full time and in repayment, payments made while in school won’t qualify for pslf payments.
But, if you aren’t sure you’ll be getting PSLF after you graduate, and want to pay off your student loans faster, paying off the interest while in school is a good strategy to help keep your future costs down.
I *strongly* recommend you talk to your student loan servicer to learn the details of your particular situation and make sure you have all your ducks in a row for PSLF.
I have a whole playlist on student loans and a lot of vids on PSLF available here: th-cam.com/play/PLHs5-7lB_Qj9hubdjCDtIndZkpjmrJCXh.html
Good luck and thanks for watching! -k
@@themoneylibrarian thank you so much this is really helpful!!! ❣️
Can I enroll in save plan and then switch over to pslf ? I won’t be back in school til fall 2024 or spring 2025. I’m not sure what to do!
Hi @houselover05 - PSLF isn’t a payment plan, it’s the program that forgives loans after 120 qualifying payments, the SAVE plan is the new payment plan that will start next summer (I have a vid coming out on that soon so keep your eyes here!)
I think you need to contact your student loans servicer to find out what your options are. Good luck and thanks for watching! -k
We just started the PSLF and after a while they said that we have to do the consultation first, which we just started that as well, but when I use the calculator all the plans are really high and they are giving 0 forgiveness at the end
Hi @jacklinegad3379 - Seems odd that you'd get $0 forgiven at the end , if you're going for PSLF, you generally want to be on the payment plan that offers the smallest monthly payments which would still have plenty left over after 10 years. Maybe after the new payment plan is out you'll have better options? Depending on your income and household size you can have very different monthly payments - I'd call your student loan servicer or Department of Education to get more details on what you, specifically, should be doing now to qualify for PSLF after your 120 payments. Thanks for watching! -k
Can the government stop the PSLF program before you complete it causing you to still have to repay your loans in full. Or are you grandfathered in the program once you start the PSLF program and start making qualified payments?
Hi @chrism3635 - unlike the $10k/$20k forgivness that was overturned last year, it was enshrined into law in 2007 and is unlikely to go anywhere without a long fight. I'd go on the assumption that it will be around when you need it. (That said, no one knows the future and anything can happen).
thanks for watching! -k
I was told they ended this program and it is not available until you are out of school and you only have certain types of federal loans.
Hi @studentaccount4354 - you may be thinking of the $10,000/$20,000 forgiveness program that was recently stopped by the courts. PSLF is still running, you do need Direct loans - here’s a vid I did on the basics of this particular program - th-cam.com/video/IgIVIgczSHo/w-d-xo.html
Thanks for watching! -k
I just started the PSLF journey. Do I send in the PSLF form now (around my start date) or after working for the nonprofit for a year?
Hi @gracekeen11 - congrats! I’m assuming you mean you just started at a qualifying employer - whoever signs your check is who you work for, not necessarily *where* you work. I’d check that they are a qualifying employer at studentaid.gov/pslf/employer-search
You can contact the department of Ed to make sure your loans are the correct type and you’re on the right payment plan (probably you’ll get on the SAVE plan but you need to be on an IDR plan, not the 10 year, graduated, or extended plans)
You are correct, after you confirm your ducks are in a row, every year after you start repayment send in the PSLF form so they can confirm those 12 payments for the year and that’ll make it really easy to have them forgiven in 10 years. Thanks for watching! -k
Hi,
I’m an RN who works for a non profit nursing home and I have for parent plus loans from my daughters college. The total is approximately $76,000! I’m 60 and overwhelmed with what I need to do. Any advice?
Hi @fishdc453 - sorry to hear you’re dealing with so much debt, so you know you can get those loans forgiven through PSLF, I talk about that in this video: Public Service Loan Forgiveness EXPLAINED! PSLF explained!
th-cam.com/video/XrJ0D_uIn-I/w-d-xo.html
If you act immediately (get both consolidations done before the end of 2023) you may be able to consolidate the loans through the double loan forgiveness loophole so you can have previous payments included in your PSLF count, here’s a video that explains the process th-cam.com/video/gkdrRaXi7P0/w-d-xo.html
Good luck, let me know how it goes, and thanks for watching! -k
Do you have to be in an IDR to be in PSLF to get forgiveness in 10 years or can I be in a Graduated plan and get forgiveness in 10 years? I keep getting conflicting answers
Hi @shoalins55 - according to the student aid website, payments made on the graduated plan do not count for pslf! See this page for more info: studentaid.gov/help-center/answers/article/qualifying-repayment-plan-for-pslf
Good luck and thanks for watching! - k
What if your PLSF went thru and IBR plan also went through but since you didn’t work much the previous year, your monthly payment is $0. The servicers won’t let you pay $0 so do you how do they track the monthly payments so that it counts towards PSLF?
Hi @46runscape - what makes you think the servicers won’t let you pay $0? Lots of people actually have $0 “payments” and these months do count to PSLF if that is what your minimum payment is.🥳
I have a vid that explains PSLF more here that could be helpful for you: th-cam.com/video/XrJ0D_uIn-I/w-d-xo.htmlsi=CC2_cB0oQKP-QBCB
Hope this helps and thanks for watching! -k
What if you paid for 8 years and then you finally get a public servant job do you have to wait 10 more years for the forgiveness or would you be eligible after working there for 2 years?
Hi @ashleyw9852 - payments made while you were not in qualifying employment won’t be eligible for your 120 payments. That said, some jobs - even if not working for the government or a non-profit count - you can check here is your old employer is eligible: studentaid.gov/pslf/employer-search
If the old employer isn’t eligible, then you do have to be in repayment AND working full time for the new, qualifying employer for 10 years (or 120 payments). As I mention in the vid, send in your PSLF form yearly so you can get those 12 payments approved for the 120 total that you need rather than wait 10 years.
Good luck and thanks for watching!-k
I want to clarify, are you saying that the 3 years of covid would count as making 36 out of 120 payments?
Hi @ajaymunhoo8582 - if you meet all the other qualifications then, yes - months that your federal student loans that were on pause during covid could count for PSLF!
If you did pay, and plan on getting PSLF, then you can request your payments be reimbursed. I made a video on that here - th-cam.com/video/mK0szkBnGYs/w-d-xo.html
Thanks for watching! -k
Should I consolidate my loans in order to be considered for forgiveness for 20 yrs of payments
Hi @hi-xd8wk - if the previous payments will apply (and if you consolidate in 2023 they should but ask your servicer) then it’s probably a good idea to get PSLF but speak with your loan servicer and do some more research to learn how this will impact YOUR loans.
Thanks for watching! -k
Does the SAVE plan qualify for pslf?
Hi @dondemavivas1063 - yes, as one of the IDR plans payments on it will count, I’m posting a vid on everything to do with the SAVE plan, including PSLF stuff this coming week, be sure to subscribe so it’ll let you know when it goes up! Thanks for watching - k
I was in Chapter 13 bankruptcy during 2017-2022 but part of my settlement did go towards to my Student Loans. Shouldn’t these 63 payments be included as my eligible payment count for TEPSLF/ PSLF. TIA
Hi @j.vasquez7666 - I would think they would count but bankruptcy makes things complicated. You’ll need to contact the Department of Ed to find out the official policy.
have you applied for PSLF and these months were not approved? Good luck and thanks for watching! -k
@@themoneylibrarian Yes, PSLF did not include those payments in the count 😐
oh no! Okay, based on your reply I've done a bit more research and it seems that when you go into bankruptcy they put *any student loans included in the bankruptcy* on administrative forbearance and any payments made during that time aren't counted towards PSLF. 😥
You can try working with your attorney, Department of Education, and loan servicer to see what your options are, especially as those overlap with the Covid payment pause. Since bankruptcy laws are so complicated and unique to each case, you may have more options but this gets into legal territories that are way above my pay grade. Wish I had an easy answer for you. Good luck!! -k
I’m two into federal service n my twin children are college sophomores. Didn’t take any loans until now, I paid up but don’t have any more money so will be taking loans. Did I loose 2 years of my federal service? So I will need to work for 10 more years if I apply for PSLF now . Thanks
Hi! Unfortunately there is no retroactive PSLF, you’ll have to both be in repayment while working. Thanks for watching! -k
@@themoneylibrarian many thanks for your responses. Is there any chance I can speak with you for a quick consult sometime, i would appreciate it. Thanks
Hi! I recommend you chat with your kids' financial aid offices or the Department of Education, they should be able to give you personalized advice.
You're welcome to pop questions up here or email me (hello(at)msmoodymoney.com) and I can answer as best I can. If it seems like something I could assist you with we can talk about a consult but I don't have access to your records nor have the knowledge your kids' financial aid offices would have so chances are you're better off working with them. Wish I could be of more assistance! -k
@@themoneylibrarian thank you very much. I will gather some info and contact you.
I’ve been paying my student loans for 20 years now and got an email last month saying I made the required 240-300 payments to be forgiven. Conservatives are trying to cancel it. :(
I’ve worked in state government for over a decade but funny thing.. contract type employees are explicitly exempt from PSLF BUT there’s a default 20 year forgiveness; I just hope this debt can be cancelled or it’s going to the grave with me.
Hi @mr.bchick3838 - It sounds like you're getting forgiveness via an IDR repayment program, yay! You can read more about that here: studentaid.gov/manage-loans/repayment/plans/income-driven
You are correct, contract employees, although they may work at a non-profit or the government, they work *for* someone else, so unfortunately they don't usually qualify for PSLF.
FYI - if this forgiveness is due to the IDR recount, the balance forgiven may be considered taxable income by your state (you'll need to check) but it is not considered taxable income by the feds. studentaid.gov/announcements-events/idr-account-adjustment
Thanks for watching! -k
@@themoneylibrarian yeah I made all sorts of payments over the years mostly graduated type until I learned about IDR but only was paying that type since 2013. I guess the changes in April 2022 counted them towards forgiveness. I’m struggling with other debt so really hope it isn’t blocked.
@@themoneylibrarian thanks for the heads up on the state tax. I don’t reside in one the seven states I googled that indicate taxation with it so I’m really crossing my fingers this goes through.
My wife finished her masters in healthcare management in 2020 and hasn’t done anything regarding PSLF. There was like a three year period where she was making payments to nelnet and directly to the school between her bachelors and then taking on more loan to go after her masters; is it too late to count those payments as IDR type or did she miss the boat? Does the clock reset if you finished with a degree, paid some of those loans and then took on even higher education to achieve a higher degree?
Hi @mr.bchick3838 - my fingers are crossed for you!! I wouldn’t worry too much about others in gov trying to take it away from you, this rule is on very stable legal grounds. Since I don’t know your exact situation I can’t 100% say you’ll get or not, but if the Dept of Ed is contacting you and saying you’re a good candidate, that’s about as sure as you can get! 🎉
Here’s a Reel I did that quickly explains debt payoff, you may find it useful and I’ll create a debt payoff vid here and post in the next couple months. instagram.com/reel/CcqK0wsr_eq/?igshid=MzRlODBiNWFlZA==
Hope it helps and thanks for watching! -k
Guess what?!?! MY LOAN WAS FORGIVEN LAST WEEK!!! Yes!! I got the letter from Ed Financial releasing me of these financial obligations!! 20+ years of paying!!
Now I need my wife on board to get PSLF. I don’t know if the three years between associates degree and bachelors/masters where she was making payments could count cause of taking the additional loans to achieve higher degrees or not but either way she’s working for a qualified employer in healthcare and getting six figures forgiven would be significant in our lives. I still can’t believe mine finally were forgiven, still in awe