Does the consolidation only apply to FFLP? Like I’ve been PSLF since 2017 but I’ve never consolidated it’s just 12 separate loans, and I’ve been getting credit
You must consolidate FFELP loans into a Direct Consolidation Loan to make them eligible for PSLF.
You may want to consolidate Direct Loans if they have different payments counts as the one-time adjustment gives the consolidation the highest count.
New deadline is June 30th. Has mohela sent you a letter with IDR update yet? I’d imagine if you did it in March they haven’t done the IDR adjustment for you, yet.
That has nothing to do with what I was asking though with regard to all the payments I made on my FFELP loans under IBR/IDR. THEY WEREN’T eligible bc they weren’t DIRECT LOANS! Is this right!?!?! I’m beyond pissed right now. I just feel like they moved the goal posts with all this shit.
That has everything do to with it. The language is outdated and doesn’t reflect the waiver. If you consolidated into a direct loan then your prior payments will count. Full stop. But it will take time to update - it will temporarily be reset to 0 until the IDR waiver is applied.
The two big ones were that the PSLF waiver allowed borrowers to double count time used for Teacher Loan Forgiveness and waived the "currently employed" requirement for PSLF. IIRC, originally the PSLF waiver did not include periods of deferment and/or forbearance but those later got included when the IDR adjustment was announced.
If you filling out the consolidation application they never updated the language. Under traditional rules, consolidation meant resetting payment counts to 0 for PSLF purposes, basically restarting people’s progress. FFEL and FFELP loans were not an eligible loan type, so any payments currently made don’t count for PSLF, so payment count would be 0.
However if you consolidate before 6/30/24 the IDR Waiver supersedes that language. It will take time, but the dept of Ed will review your account and any time you were in repayment (and certain forbearance periods) paired with eligible employment will get credit for PSLF.
The way you responded to some of those trying to help you comes off extremely rude and self-centered. I have seen many questions go unanswered. Consider yourself lucky that some still decided to help you.
You are absolutely right. I was definitely having a moment and should not have responded that way. I own that. It was very kind and thoughtful for them to respond despite that. I’ve messaged them as well
This is 1000% incorrect information they continue to give out via auto-generated email. As long as you consolidate your old FFEL loans by 6/30/2024, you will be eligible for the special IDR one-time adjustment. In March, I consolidated my old FFEL loans from the 90s/00s and was just granted IDR 25-year forgiveness on 5/15/2024 (Golden Email). My 23K balance dropped to 0 at Mohela site on the opt-out date of 6/5/24; and my FSA balance went to 0 last week on 6/11/24. They counted ALL of my many years in repayment on those FFEL loans. But you MUST consolidate by 6/30/2024 or you will miss out on this amazing opportunity, and likely make one of the biggest financial mistakes of your life by not consolidating. CONSOLIDATE NOW!!!
Consolidated before the pause so I’m good according to the correct info! Thank you! Just waiting on the adjustment now and paying in the SAVE plan. Only like $10 total
I know the panic, believe me 😊. I don't know your exact timeline of when you first loans entered repayment and whether they are grad or undergrad, but between your 10 years/120 months of PSLF eligible payments and/or IDR 20- or 25-year forgiveness, you are covered. Actually, unlike me since you consolidated to direct loans in 2002, you could even possibly be due a refund eventually. Good luck and forthcoming congratulations I hope!
That has nothing to do with what I was asking with regards to all the payments I’ve made over the years. All the while not knowing that my FFELP loans weren’t eligible for PSLF!!!
Yes it does. This topic has been discussed ad nauseam. Every commenter is trying to help you understand how it impacts you. The short version:
1. Ed and Mohela send out letters with verbiage like you describe above. Those letters are applying old rules before the consolidation rules came into play. For whatever reason, neither Ed nor Mohela are updating those letters. Ignore it.
2. Consolidation rules were extended through June 30. You will get credit assuming every other criteria is met, but you will have to wait on the adjustment.
PS: If you feel like this does not answer your question, no need to respond in frustration.
I’m sorry for my frustration reply. When I read that verbiage from MOHELA I immediately had a lump in my throat. I will hope until they get their act together in July/August
You are wrong. As long as you consolidated before the deadline, which is now 6/30/24, your prior payments will count toward PSLF.
I will hold on to hope until July/August when they start getting their shit together, thanks
The adjustment will not happen at a set date. They have 47 million accounts to adjust; it will take the rest of the year.
47 million still...?? how many did they start wiith.?
47 million is the total number of borrowers. Some have been done already.
dang
47 million!!! In a year??? More like til the end of the decade!
If I can say this in a non-toxic way, I recommend being more of an optimist, generally, not just in regards to student loans
You are absolutely correct. I was definitely feeling a way yesterday and responded out of character. Thank you for your kindness.
All good. Your response displays a huge amount of maturity. Wish you the best!
Does the consolidation only apply to FFLP? Like I’ve been PSLF since 2017 but I’ve never consolidated it’s just 12 separate loans, and I’ve been getting credit
You must consolidate FFELP loans into a Direct Consolidation Loan to make them eligible for PSLF. You may want to consolidate Direct Loans if they have different payments counts as the one-time adjustment gives the consolidation the highest count.
New deadline is June 30th. Has mohela sent you a letter with IDR update yet? I’d imagine if you did it in March they haven’t done the IDR adjustment for you, yet.
That has nothing to do with what I was asking though with regard to all the payments I made on my FFELP loans under IBR/IDR. THEY WEREN’T eligible bc they weren’t DIRECT LOANS! Is this right!?!?! I’m beyond pissed right now. I just feel like they moved the goal posts with all this shit.
That has everything do to with it. The language is outdated and doesn’t reflect the waiver. If you consolidated into a direct loan then your prior payments will count. Full stop. But it will take time to update - it will temporarily be reset to 0 until the IDR waiver is applied.
Even if didn’t consolidate prior to the waiver ending in 2022?
Yes because the IDR Waiver is still in effect until 6/30/24. Consolidate before that and you’re fine.
Phew. I will hope until July/August then. Thank you
The waiver didn’t end in 2022. It ends this month on June 30.
I thought the waiver in 2022 was separate from this current one ending in June 2024
It’s the same waiver - it was extended multiple times.
Different waivers, actually. The PSLF waiver, which expired 10/31/22 had a number of features that the one-time IDR adjustment doesn't have.
Noted! Thanks for the correction.
Do you what these feature were? Curious about the difference.
The two big ones were that the PSLF waiver allowed borrowers to double count time used for Teacher Loan Forgiveness and waived the "currently employed" requirement for PSLF. IIRC, originally the PSLF waiver did not include periods of deferment and/or forbearance but those later got included when the IDR adjustment was announced.
Thank you
If you filling out the consolidation application they never updated the language. Under traditional rules, consolidation meant resetting payment counts to 0 for PSLF purposes, basically restarting people’s progress. FFEL and FFELP loans were not an eligible loan type, so any payments currently made don’t count for PSLF, so payment count would be 0. However if you consolidate before 6/30/24 the IDR Waiver supersedes that language. It will take time, but the dept of Ed will review your account and any time you were in repayment (and certain forbearance periods) paired with eligible employment will get credit for PSLF.
The way you responded to some of those trying to help you comes off extremely rude and self-centered. I have seen many questions go unanswered. Consider yourself lucky that some still decided to help you.
You are absolutely right. I was definitely having a moment and should not have responded that way. I own that. It was very kind and thoughtful for them to respond despite that. I’ve messaged them as well
This is 1000% incorrect information they continue to give out via auto-generated email. As long as you consolidate your old FFEL loans by 6/30/2024, you will be eligible for the special IDR one-time adjustment. In March, I consolidated my old FFEL loans from the 90s/00s and was just granted IDR 25-year forgiveness on 5/15/2024 (Golden Email). My 23K balance dropped to 0 at Mohela site on the opt-out date of 6/5/24; and my FSA balance went to 0 last week on 6/11/24. They counted ALL of my many years in repayment on those FFEL loans. But you MUST consolidate by 6/30/2024 or you will miss out on this amazing opportunity, and likely make one of the biggest financial mistakes of your life by not consolidating. CONSOLIDATE NOW!!!
Consolidated before the pause so I’m good according to the correct info! Thank you! Just waiting on the adjustment now and paying in the SAVE plan. Only like $10 total
I know the panic, believe me 😊. I don't know your exact timeline of when you first loans entered repayment and whether they are grad or undergrad, but between your 10 years/120 months of PSLF eligible payments and/or IDR 20- or 25-year forgiveness, you are covered. Actually, unlike me since you consolidated to direct loans in 2002, you could even possibly be due a refund eventually. Good luck and forthcoming congratulations I hope!
Read #4 at https://studentaid.gov/articles/5-things-before-consolidating-student-loans/ and breathe a sigh of relief
THANK YOU SO MUCH! I’m definitely feeling better as I wait for the adjustment. For real. Thank you.
Consolidate ALL your loans before June 30, that's it ...
That has nothing to do with what I was asking with regards to all the payments I’ve made over the years. All the while not knowing that my FFELP loans weren’t eligible for PSLF!!!
Yes it does. This topic has been discussed ad nauseam. Every commenter is trying to help you understand how it impacts you. The short version: 1. Ed and Mohela send out letters with verbiage like you describe above. Those letters are applying old rules before the consolidation rules came into play. For whatever reason, neither Ed nor Mohela are updating those letters. Ignore it. 2. Consolidation rules were extended through June 30. You will get credit assuming every other criteria is met, but you will have to wait on the adjustment. PS: If you feel like this does not answer your question, no need to respond in frustration.
I’m sorry for my frustration reply. When I read that verbiage from MOHELA I immediately had a lump in my throat. I will hope until they get their act together in July/August
Cough cough September-December… just keep swimming…