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PSLF Waiver: What is it?
In order to forgive your student loans through the Public Service Loan Forgiveness (PSLF) Program, you must acquire 120 Qualifying Payments (QP).
Historically speaking, this has been very difficult because of the inherent complexities of the PSLF Program.
To acquire one single PSLF QP, you would have to make a full (and on-time) payment on a Direct Loan under a qualifying repayment plan (IDR only) while working full-time at a Public Service Organization (PSO).
Whew — that’s a brain twister!
Also, your loans could not be in forbearance nor could you be applying for another type of forgiveness (like Teacher Loan Forgiveness) in the same time period.
The PSLF Waiver temporarily suspends many of the old rules when it comes to acquiring PSLF Qualifying Payments.
This is Huge!
Under this waiver, previous periods of repayment that would not qualify (like forbearance time) can now suddenly be counted. This would include time from previous employers — so you might not even be working in public service anymore but still be eligible for forgiveness.
How Does the PSLF Program Work?
The PSLF Program promises forgiveness of part or all of your student loan debt if you work for a public service organization. But, how does the program help you forgive student loans?
You Need 120 Qualifying Payments For Loan Forgiveness
The PSLF Program allows nonprofit and government employees to have their federal student loans forgiven after 10 years, or 120 QP.
That makes your goal crystal clear.
You need to acquire 120 QP as soon as possible. You will then be eligible for tax-free forgiveness on all your federal student loan debt.
You May Already Have 120 Qualifying Payments
As we already said, the PSLF Waiver changes the rules to make it possible to reach into the past and bring qualifying payments into today.
If you can find 120 or more of them, then your loans will be forgiven. That’s why it’s so important to get it right before time runs out.
Don’t Miss Out on Limited PSLF Opportunities
You don’t want to miss this opportunity to apply payments to PSLF which can save you money and bring you closer to forgiveness.
How to take advantage of the PSLF Waiver:
1. You Need to Hurry
The PSLF Waiver is also known as the “Limited PSLF Waiver.”
As the names suggest, this is a limited-time offer. The current deadline is October 31st, 2022. If you don’t act now, you may miss an opportunity to erase all of your federal student loan debt.
2. You May Need to Consolidate
There are over twenty different types of federal student loans. The only types of loans which can be forgiven through the Public Service Loan Forgiveness Program are “Direct Loans” – which are loans made directly by the US Government. If you have loans that are not Direct, then you need to consolidate.
Consolidating for the PSLF program can be tricky. There are many decisions that can lead to the delay or failure of your consolidation. For this reason, it’s best to have an idea of what you are doing before you submit the consolidation application.
3. You Cannot Be in Default
Defaulted student loans cannot be forgiven through the PSLF program, which means the PSLF Waiver cannot work on defaulted loans. If one or more of your loans are in default, they need to be removed from the default status as soon as possible.
There are two ways to escape default — consolidation and rehabilitation. You may be eligible for one or more of these methods. Each has its own challenges and processes. This is why you need a plan.
You Need to Know
You need 120 Qualifying Payments for your loans to be forgiven through the PSLF Program.
Unfortunately, the PSLF Waiver is not going to provide instant forgiveness for most people because it is not going to provide enough qualifying payments.
That’s ok: 12 payments represent a whole year. Most people will acquire at least 36 QP to account for time spent in forbearance. That’s 3 years knocked out.
You want to make sure you get credit for as many payments as you possibly can. Then you will know how many more you need to complete the program.
Qualifying Payments Under the PSLF Waiver
You may be able to apply 3 years of payments toward PSLF. The student loan forbearance period will allow most borrowers to acquire 36 qualifying payments toward their forgiveness program.
You Gotta Get it Right
You should submit your PSLF Waiver before the deadline, but as with everything else in life: It’s not that simple.
The PSLF Waiver makes it far easier to acquire payments that once could not be obtained — this is true; but it can still be very tricky unless this describes your situation:
You have worked full-time in Public Service for 10 years
Made student loan payments for seven years
Not currently in default
And do not need to consolidate
If that’s you, then you don’t need help. Just submit the PSLF ECF (Employment Certification Form) to MOHELA (Not Fedloan) and wait for the good news.
If that’s not you, then you need a concise plan of action that can help make sure your waiver is approved.
This opportunity is too important and time is too short to simply submit forms and hope for the best.
A Company You Can Trust
We have a vast amount of experience helping borrowers modify their student loans, so they escape default and/or successfully certify their employment for the Public Service Loan Forgiveness Program.
Very easy and efficient process, after dealing with student loans for 35 years and finally giving up that I would never pay these back or get them sorted, I enlisted Udeany and I am on an affordable repayment plan and they led me the program that pays you back for working for a non-profit, for the first time I feel like I am not being completely taken for a ride and will actually be forgiven a sizable amount for the work I have been doing with non-profits. Highly recommend.10/25/2021
I cannot find enough good words to say about Alton. He was there every step of the way to help with getting my loans consolidated. The process was fast, smooth and informative. The direction and guidance were precise. He answered any question I had with patience and left me feeling smarter with every phone call. Not only did he help save my FHA loan, we set a new company record of consolidating all of my loans in just 10 days! I will definitely be recommending.11/05/2020
Life changing. The staff at Udeany helped me get all my loans out of default and made it easy for me to relieve a lot of stress concerning my loans. No more phone calls at work and at home. Thanks Udeany for really helping me get the student loan problem figured out.11/17/2020
These guys are the best at what they do. There are things in life worth purchasing, this is one of them. At times the government does not make it easy to navigate and explore the options that may be available to you with student debt obligations. They are knowledgeable, aware, and systematic in helping you overcome whatever you may be facing.05/04/2021
Move Toward Forgiveness
We are obsessed with helping people find the right solutions for their student loan problems. Nothing is more awesome than the PSLF Waiver.
So we took our proven processes and combined them together to create a solution that will work for everyone’s situation and takes into account the proper sequence in which things should be done.
If your loans need to be modified in order to be certified, then you need to follow our exact course of action. Your goal is to reach into the past and snatch as many QP into today as possible. We have the plan which can help you make it happen!
The PSLF Waiver can help you escape default like Houdini.
Let us help you get it right.