I just got a buyback letter after applying for previous forbearance from years ago (took 9 months to get the letter 😳)! Can I pay it and get forgiveness right away or is there a freeze on forgiveness?
So I only qualify for old IBR since I took out my first loans before 2014. I can afford the payment, but am waiting for the SAVE forbearance to end so I can switch (although I'm secretly hoping they will bring back REPAYE). I do NOT qualify for PAYE by the way! My question is, is the old IBR plan protected by statute for the PSLF program?
@studentloanplanner, when you say “pushing them for lump sum”, what does that mean exactly? I have 120 of certified qualified payments and I submitted my Buy Back request on 10/29. Still waiting for a response on it though. I have called a few times for updates but I don’t see how to move the process along. I know what my payments were under save so I can multiple that number times the 5 months I need (June-October) and get what I’m assuming it will be but I don’t know if there’s anything else I should be doing?
So I am currently at 118/120 on Pslf. I applied for the buyback a couple weeks ago while still at my current non profit employer. I am pretty confident that it will go through as I have several eligible months of forebearance that I should be able to buyback. I’m very tired of working at my current employer as it is very far from home and I’d like to apply to a hospital closer to me and the one which has an opening is NOT a non profit. My question is, will I still be eligible to receive and pay the buyback offer if I change jobs while I am waiting for the buyback application to process? Or do I need to continue to work at the nonprofit at the time that I receive the buyback offer?
I completed my 120 payment (actually at 130) and sent in an application to certify my remaining payments (15) that have not already been certified and apply for forgiveness. The application was sent in late june, my payments were stopped and placed on 0% forbearance, but the application has just been sitting waiting for approval for over 6 months now, is that normal lol, the people at StudentAid did
How long would it take to get rid of the buyback process via negotiated rule making? Can the currect rule/statute be paused/stopped/changed prior to this process being completed? I applied for buyback in november- could the program be shut down before I get my forgiveness processed?
Yeah. I haven't seen a credible report of buyback being approved and loans discharged. Not one. It's probably irresponsible to give people the impression this program is functioning.
I'm aiming toward pslf but only half way there. I called edfinacial yesterday and asked if I was to switch from save to the IBR plan, would I need to prove a partial financial hardship to be accepted into IBR and she told me no. Is this true? I'm worried I won't be able to get back on a pslf plan if my income is too high now. I'm in California and the way they do taxes out here even if filing separately , there is a form 8958 where they basically add some of my spouses income to mine because it's community property which may disqualify me for partial hardship.
It's not possible to apply for PSLF if your account doesn't indicate that you're at 120 payments. I'm at 117 and couldn't get through. It's a Yes or No question you have to answer and when I tried to select yes it wouldn't let me proceed unless I selected No
There's really no precedent for people switching from an IDR plan to Standard (why would you??) until now with all the IDR plans disappearing. Do you really think they would amortize it over 1-2 years? Could be 10s of 1000s of dollar for people!
Is your 120 months of qualifying employment satisfied on the first working day of your 120th month, or after the last day of your 120th month? Normally, I wouldn't care about something so insignificant, but given that my 120th month is January, that is the difference of submitting my final ECF on January 2nd vs. February 3rd. With Trump in office January 20, clearly the timing here is significant (at least in my head).
Why won't Dept of Ed report zero balance (from 123 qualifying payments under PSLF as of March 2024) to credit bureaus? Idk what to do!
Anyone see their payment count adjustment hit their account after a direct loan consolidation (non-PSLF)? I know no one.
I applied to consolidate in April and just last week saw my payment count updated
I did it june 20th. Popped up last week. Not sure if I will be getting an account adjustment but it does match my payment count on my original loans
I did a consolidation (non-pslf) in September 2023 and got my loan forgiven in August 2024.
I just got a buyback letter after applying for previous forbearance from years ago (took 9 months to get the letter 😳)! Can I pay it and get forgiveness right away or is there a freeze on forgiveness?
So I only qualify for old IBR since I took out my first loans before 2014. I can afford the payment, but am waiting for the SAVE forbearance to end so I can switch (although I'm secretly hoping they will bring back REPAYE). I do NOT qualify for PAYE by the way! My question is, is the old IBR plan protected by statute for the PSLF program?
Good question, Im in the same exact boat as you. Was on repaye, didn't qualify for paye. Not even sure if I can qualify now for IBR.
Try loan stimulator on the student aid website to see if it shows IBR
I have 12 payments left
I have 6
@@ArloPear25 man you're so close.
@studentloanplanner, when you say “pushing them for lump sum”, what does that mean exactly? I have 120 of certified qualified payments and I submitted my Buy Back request on 10/29. Still waiting for a response on it though. I have called a few times for updates but I don’t see how to move the process along. I know what my payments were under save so I can multiple that number times the 5 months I need (June-October) and get what I’m assuming it will be but I don’t know if there’s anything else I should be doing?
Can you give an update now that we know the house doesn't have the majority of the House?
So I am currently at 118/120 on Pslf. I applied for the buyback a couple weeks ago while still at my current non profit employer. I am pretty confident that it will go through as I have several eligible months of forebearance that I should be able to buyback. I’m very tired of working at my current employer as it is very far from home and I’d like to apply to a hospital closer to me and the one which has an opening is NOT a non profit. My question is, will I still be eligible to receive and pay the buyback offer if I change jobs while I am waiting for the buyback application to process? Or do I need to continue to work at the nonprofit at the time that I receive the buyback offer?
I completed my 120 payment (actually at 130) and sent in an application to certify my remaining payments (15) that have not already been certified and apply for forgiveness. The application was sent in late june, my payments were stopped and placed on 0% forbearance, but the application has just been sitting waiting for approval for over 6 months now, is that normal lol, the people at StudentAid did
How long would it take to get rid of the buyback process via negotiated rule making? Can the currect rule/statute be paused/stopped/changed prior to this process being completed? I applied for buyback in november- could the program be shut down before I get my forgiveness processed?
I've been trying since April to get a buyback amount and have heard nothing so far. 😞
Yeah. I haven't seen a credible report of buyback being approved and loans discharged. Not one. It's probably irresponsible to give people the impression this program is functioning.
I'm aiming toward pslf but only half way there. I called edfinacial yesterday and asked if I was to switch from save to the IBR plan, would I need to prove a partial financial hardship to be accepted into IBR and she told me no. Is this true? I'm worried I won't be able to get back on a pslf plan if my income is too high now. I'm in California and the way they do taxes out here even if filing separately , there is a form 8958 where they basically add some of my spouses income to mine because it's community property which may disqualify me for partial hardship.
Oh and edfinacial also said they won't process any applications for other programs until the forbearance ends.
It's not possible to apply for PSLF if your account doesn't indicate that you're at 120 payments. I'm at 117 and couldn't get through. It's a Yes or No question you have to answer and when I tried to select yes it wouldn't let me proceed unless I selected No
PSLF says you have to have 120 qualifying payments not 120 months of employment
There's really no precedent for people switching from an IDR plan to Standard (why would you??) until now with all the IDR plans disappearing. Do you really think they would amortize it over 1-2 years? Could be 10s of 1000s of dollar for people!
I have 303 payments which is 25,25 years but my forgiveness is on hold
Is your 120 months of qualifying employment satisfied on the first working day of your 120th month, or after the last day of your 120th month?
Normally, I wouldn't care about something so insignificant, but given that my 120th month is January, that is the difference of submitting my final ECF on January 2nd vs. February 3rd. With Trump in office January 20, clearly the timing here is significant (at least in my head).
I'm in the same boat, would love to get the answer to this question.
I have 303 payments
I am at forgivness
What a mess!
He isn't doing nothing
Isn't doing nothing is a double negative.
@@ArloPear25 Honestly this proves there should be a refund for bogus education loans.