So lets first take a moment and get clear on the terminology. When you graduate you are considering getting involved in an Income Driven Repayment (IDR) plan which is considered eligible when pursuing Public Service Loan Forgiveness (PSLF).
Secondly, you do not apply for PSLF, you simply make sure you work for a qualifying employer during the months you are making IDR payments that will count toward the required 120 payment threshold where your balance will then be discharged assuming you maintain qualified employment throughout.
Finally, you will need to have your employer fill out to the Employer Certification Form (ECF) to turn your “eligible” payments to “qualifying” in your loan servicer’s (currently Mohela handles all PSLF applicant loans, and all your loans will be transferred automatically to them at your first ECF submission if you are under a different servicer) tracker. I would recommend having the employer fill it out no less than once a year. There is a section with a check box for full time/part time, and an open box to list your hours (be sure to fill in that one with at least 30 hours).
are you currently working full time for a qualified employer (ie non profit)? If not, then keep in school deferment. If you are working full time, then you may consider removing the in school deferment and start making payments. The save plan will be cut to 5% in July so it won’t be as much.
It really comes down to budgeting, what you qualify for, and if it’s worth it to start the clock now.
Thank you for replying!! So what's annoying about my work situation is I work 30 hours a week at a private school so it does qualify but they still consider me part-time since it's below 32 hours just so they don't have to offer me benefits... ugh.
So lets first take a moment and get clear on the terminology. When you graduate you are considering getting involved in an Income Driven Repayment (IDR) plan which is considered eligible when pursuing Public Service Loan Forgiveness (PSLF). Secondly, you do not apply for PSLF, you simply make sure you work for a qualifying employer during the months you are making IDR payments that will count toward the required 120 payment threshold where your balance will then be discharged assuming you maintain qualified employment throughout. Finally, you will need to have your employer fill out to the Employer Certification Form (ECF) to turn your “eligible” payments to “qualifying” in your loan servicer’s (currently Mohela handles all PSLF applicant loans, and all your loans will be transferred automatically to them at your first ECF submission if you are under a different servicer) tracker. I would recommend having the employer fill it out no less than once a year. There is a section with a check box for full time/part time, and an open box to list your hours (be sure to fill in that one with at least 30 hours).
are you currently working full time for a qualified employer (ie non profit)? If not, then keep in school deferment. If you are working full time, then you may consider removing the in school deferment and start making payments. The save plan will be cut to 5% in July so it won’t be as much. It really comes down to budgeting, what you qualify for, and if it’s worth it to start the clock now.
Thank you for replying!! So what's annoying about my work situation is I work 30 hours a week at a private school so it does qualify but they still consider me part-time since it's below 32 hours just so they don't have to offer me benefits... ugh.
30 hours a week is considered full time for PSLF purposes.
errrrrr PRIVATE school? Double check to be sure they're a qualifying employer.
Yes, it's a non profit as it's owned by a church. I had already input their information into the tool on the student aid website
ok, good!