Sofa King...
I read a few more, then this one stood out. Crap. This really is a problem... many people would fall into this, and unless asked to resign something when the loans are sold, I would think that my original agreement stood.
I am finishing my ninth year as a middle and high school English teacher this spring. The Public Service Loan Forgiveness (PSLF) program forgives federal loans after 10 years of payment. I currently owe $44,000 in loans eligible for PSLF. I have not missed payments. However, at the end of this school year the PSLF program will only recognize 2 years worth of payments, meaning that I will still be another 8 years away from having my loans forgiven. I went to a state school, SUNY Potsdam, for both my undergraduate and master's degrees. I have worked for two low income public schools in the North Country. I currently teach at one of the poorest districts in the poorest county in New York State.
I am aware of the requirements for PSLF. However, due to many factors, I am still only considered to have made 2 years' worth of payments. When companies have bought and sold my debt throughout the years, I was automatically re-entered into a standard repayment plan without being informed of the change. Those payments, though higher than what is required for PSLF, are not eligible for this forgiveness program. There have been instances where this change in my requested payment plan went unnoticed by me for many months. I was under the impression that, when a new company took over my debt, nothing about my payment plan was to change. Unfortunately, the companies that have held my debt did not uphold that, and I have been punished for it. Furthermore, the current company that holds my debt, FedLoan Servicing, has told me they cannot track my debt to previous owners. In other words, all of the qualifying payments I did make to other loan holders are not being counted for me. I have read and checked and educated myself about PSLF for years. I check back to the government publications about it regularly to make sure I am on track. It was not until a few weeks ago, again, 9 years into my loan payments, that I discovered any payment made when a payment is not 'due' does not count.
...more Author *Kayla April 3, 2017 Potsdam