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PSLF in 2017?

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  • PSLF in 2017?

    My understanding is that this year, 2017, marks 10 years since the Public Service Loan Forgiveness program was initiated. Thus, this is the first year that people can have their loans forgiven. Are there any pioneers out there on the WCI forum who expect to have their loans forgiven this year? We would love to hear your story if it happens!

  • #2
    Everyone is waiting for July!

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    • #3
      Is July when they anticipate the first folks will receive their forgiveness? I find that a little optimistic given they would have had to have fast-tracked their loan consolidation and started payments ASAP as well as submit their application (remember, you don't get PSLF automatically, you have to APPLY for it after you qualify with 120 payments) and have a brand new system process that application. Fed Loan Servicing does not function well without this new role added in and has subpar customer service, so getting help from them that is valid and legitimate is hard to come by. I suspect this will take quite a while before we hear of a successfully forgiven candidate. Someone might apply by that time but who knows when they'd actually get confirmation and subsequent forgiveness.

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      • #4
        I believe the law became effective October 1, 2007. If you were really on the ball, you can apply after Oct 1, 2017.

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        • #5
          I think this is mostly going to be a 2018 phenomenon. That said, if you're one of the pioneers I'd like to hear from you and run a post all about it.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #6
            Most people who might've started right away likely graduated in May, and thus had their first payment actually due in Nov 2007 (the 6 month grace period is hard to get around and I'm fairly certain even if you make payments during this time, it doesn't count). Then, of course, there's the certifying, so if they hadn't been sending in previous certifications, it'll take time to process and prove that they actually had 120 payments. So the first people will likely actually get their loans forgiven in the first few months of 2018.

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            • #7




              Most people who might’ve started right away likely graduated in May, and thus had their first payment actually due in Nov 2007 (the 6 month grace period is hard to get around and I’m fairly certain even if you make payments during this time, it doesn’t count). Then, of course, there’s the certifying, so if they hadn’t been sending in previous certifications, it’ll take time to process and prove that they actually had 120 payments. So the first people will likely actually get their loans forgiven in the first few months of 2018.
              Click to expand...


              No reason it shouldn't count, but it is a little tricky to get around the grace period.

               

              https://www.whitecoatinvestor.com/how-to-enroll-in-repaye-early/
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #8




                My understanding is that this year, 2017, marks 10 years since the Public Service Loan Forgiveness program was initiated. Thus, this is the first year that people can have their loans forgiven. Are there any pioneers out there on the WCI forum who expect to have their loans forgiven this year? We would love to hear your story if it happens!
                Click to expand...


                The vast majority of loans issued before 2010 in my experience are all on the FFEL loan program, not the Direct loan program. Hence, most loans pre-2010 are ineligible for PSLF unless they were consolidated into a Direct consolidation loan.

                The report from the GAO that talked about the inaccuracies present with the Dept of Ed on faulty student loan forgiveness accounting said that a grand total of $50 million is set to be forgiven in all of 2017. That's a drop in the bucket, so we won't know hardly at all in my view until the fall of 2020, coincidentally just in time for the presidential election

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