Author Topic: PSLF Program  (Read 3209 times)

Miaow1

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PSLF Program
« on: December 02, 2012, 06:29:17 PM »
First I want to thank everyone who posts here. They are really helpful I was wondering if someone could help me

I do not understand the PSLF program. I I think I qualify for this program. I have been making payments on my student loans since 1998. I work for a public university so the non profit thing is OK.

The part I do not understand is the qualified payment part. I consolidated my loans in 2003 into a single Sallie Mae loans. They are at 9%. Do I qualify for PSLF. If yes I should be among the first to qualify in 2017.

I have sent in the form that was recently created by the Education department but I haven't heard anything and I can't seem to find any number or email to contact them.

The loan balance is 35000 and I do consider it an emergency.

Please any help you can give would be greatly appreciated.

kudy

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Re: PSLF Program
« Reply #1 on: December 02, 2012, 06:32:40 PM »
Ouch, 9% sounds painful, is consolidating student loans into 1 loan a common practice? I am sorry, I don't know anything about the details of PSLF.

Miaow1

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Re: PSLF Program
« Reply #2 on: December 02, 2012, 07:36:31 PM »
At the time it seemed like a good idea. It was better than the 15% I was paying and it spread the payments out over 20 years with no prepayment penalty. Its a fairly common practice.

mlipps

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Re: PSLF Program
« Reply #3 on: December 02, 2012, 08:30:27 PM »
Unfortunately your loans have to be federal loans to qualify; those sound like private loans to me.

Miaow1

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Re: PSLF Program
« Reply #4 on: December 02, 2012, 08:49:03 PM »
These are stafford federal loans

mlipps

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Re: PSLF Program
« Reply #5 on: December 03, 2012, 08:11:11 AM »
These are stafford federal loans

Nice! Unfortunately, I also have minimal knowledge of this program, since I decided the program probably isn't going to work for me. I wish I could hep more.

Psychstache

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Re: PSLF Program
« Reply #6 on: December 03, 2012, 09:23:55 AM »
There is a little more to it than that, and unfortunately it may not be worth it at this point.

The 120 qualifying payments have to be made under a specific type of payment plan, know as income based repayment (IBR) or income contingent repayment (ICR). Unless you have already been paying under these programs, you have to start from payment 1  :(

I am not an expert on PSLF, just a hopeful participant (expected payoff Dec 2020, with a backup plan in case it falls through).  You may want to do some more research.

Here are some links to get you started:

http://studentaid.ed.gov/repay-loans/understand/plans/income-based

http://www.ibrinfo.org/

Good luck. Hope that helps.