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New PSLF for old borrower?

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  • New PSLF for old borrower?

    I have about 80k in loans that are consolidated through Navient. The interest rate is 2.125% so I've been slow about paying them off and just making the regular 30 year payments. (I'm actually at the point in the next 2 years I might just pay them off out of annoyance). I graduated med school in 2000, deferred through training and consolidated in 2006.

    I was reading about this new temporary PSLF waiver and that past payments count. It's a little unclear but if I consolidate under direct loans are they just automatically forgiven since I've made 15 years of payments. The website is confusing since in one location it says past payments can count and in another they don't. I've worked for a nonprofit and make all my payments on time.

    My loans are both type J - FFEL Consolidated.


    This maybe too good to be true but can I just consolidate as a direct loan and then have my 15 years past payments count to my loans and poof! they are gone?

  • #2
    Were you working at a non-profit? Where are you getting 15 years of payments = forgiveness? just because its greater than 10?

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    • #3
      Originally posted by pedsmd View Post
      I have about 80k in loans that are consolidated through Navient. The interest rate is 2.125% so I've been slow about paying them off and just making the regular 30 year payments. (I'm actually at the point in the next 2 years I might just pay them off out of annoyance). I graduated med school in 2000, deferred through training and consolidated in 2006.

      I was reading about this new temporary PSLF waiver and that past payments count. It's a little unclear but if I consolidate under direct loans are they just automatically forgiven since I've made 15 years of payments. The website is confusing since in one location it says past payments can count and in another they don't. I've worked for a nonprofit and make all my payments on time.

      My loans are both type J - FFEL Consolidated.


      This maybe too good to be true but can I just consolidate as a direct loan and then have my 15 years past payments count to my loans and poof! they are gone?
      As long as you are employed by a non for profit, you are exactly who this is targeting if you were a social worker. However, there is no means testing ... so congrats!!!

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      • #4
        Consolidate the loans. Certify employment for time period if 120 payments and poof.

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        • #5
          Originally posted by Turf Doc View Post
          Were you working at a non-profit? Where are you getting 15 years of payments = forgiveness? just because its greater than 10?
          Yes. I was working for a nonprofit hospital. I've been there since 2006 so 15 years.

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          • #6
            Originally posted by pedsmd View Post

            Yes. I was working for a nonprofit hospital. I've been there since 2006 so 15 years.
            Major excitement then! You should have 80k wiped.

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            • #7
              mods, might want to combine threads?

              https://forum.whitecoatinvestor.com/...to-ffelp-loans

              I was surprised to not see an email from Dr Dahle on this, as it's rather big news. Maybe it's coming soon?

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              • #8
                Originally posted by JB14 View Post
                mods, might want to combine threads?

                https://forum.whitecoatinvestor.com/...to-ffelp-loans

                I was surprised to not see an email from Dr Dahle on this, as it's rather big news. Maybe it's coming soon?
                Sure did, blog post today.

                Congrats to pedsmd should be receiving PSLF in no time!
                Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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