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Loan Limits and Eligibility Warning


Replies to: Loan Limits and Eligibility Warning

  • LouWestinLouWestin Registered User Posts: 11 New Member
    @kelsmom I had an HR person sign off on the certificate (I forget exactly what it’s called) that I was/am employed at the hospital. Then my loan provider changed to FedLoan and they sent me a notice to let me know that was now in PSLF. This was over the span of several weeks last year.

    I had also talked a student loans government rep who told me that before all that could be done, I had to consolidate some loans into direct loans first.
  • kelsmomkelsmom Registered User Posts: 15,433 Senior Member
    If you had to consolidate for your loans to qualify for PSLF, your servicer may have put all of your loans in forbearance until the consolidation was completed. In that case, none of the months were eligible to be considered a payment that counts toward for the 120 payments until the consolidation was completed.
  • LouWestinLouWestin Registered User Posts: 11 New Member
    @kelsmom Ok that would make sense. I’m trying to recall back off the top of my head) I know I was under forbearance (it took several weeks) when Navient was handling the consolidation request. I was able to change providers too, which I did to Cornerstone.

    Somewhere in there I also applied for PSLF too. Cornerstone became my provider for a very short time. Then Fedloan sent a letter saying you’re approved for pslf so we’re now going to handle your loans.

    I “should be” out of consolidation/forbearance for at least a few months now, but I could be wrong.

    I did email them last Thursday to ask for details on why I haven’t gotten the credits and/or how to get the pslf credits. I’ll give them a few more days and then contact them again if I don’t hear anything.
  • kelsmomkelsmom Registered User Posts: 15,433 Senior Member
    You are wise to stay on top of this. It’s important to make sure you are getting proper credit for your payments. You will only get credit retroactively, though ... since you only get credit when you certify income for months you already worked. It’s a good idea to certify annually when you submit income information for your income driven repayment plan.
  • LouWestinLouWestin Registered User Posts: 11 New Member
    @kelsmom Ok. I know last year I sent in a certification that HR had to sign off on that stated I met the requirements such as working full time, etc. According to what you're saying, I should've gotten credit for all the payments they sent me, minus this month?
  • kelsmomkelsmom Registered User Posts: 15,433 Senior Member
    You should have gotten credit for any months the form certified, less any months on the certification that did not count (for example, if you were in forbearance). You won’t get credit for any months after the certification was completed. Certification is retroactive.
  • LouWestinLouWestin Registered User Posts: 11 New Member
    @kelsmom FedLoan just wrote me back. They said what you said. They also included a link to download an employer renewal form. I’ll do that today. Good grief, they make things confusing. lol

    Here’s what they said.

    “Thank you for contacting FedLoan Servicing!

    If the amount you are approved for under an Income-Driven Repayment (IDR) plan is calculated to $0.00 per month, this is considered a qualifying payment towards Public Service Loan Forgiveness (PSLF).

    We received your most recent Employment Certification Form (ECF) for Public Service Loan Forgiveness (PSLF) and it was approved, certifying your employment period through May 10, 2018. You completed a Direct Consolidation Loan on June 21, 2018, which was after the last ECF approval. To certify and review your payments after the disbursement of your Direct Consolidation Loan you would need to submit an updated ECF.”
  • kelsmomkelsmom Registered User Posts: 15,433 Senior Member
    When you do your employer certification, have them do it through "now." You'll get credit for any payments due after June 21, 2018 through the date of the certification. Remember to recertify every year, or at the time you leave your job if you're switching jobs. You won't see any new qualifying months (just the ones you will be certifying now) until after you recertify next year.
  • LouWestinLouWestin Registered User Posts: 11 New Member
    edited May 14
    @kelsmom and everyone else who commented. I just got the signed off sheet back from my job today. Thanks very much for your help and info! I just have to fax it over.
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