Federal Income Driven Repayment Certification Form PSLF – A PSLF is used to report to Social Security Administration, or IRS, payments that you make to pay the costs of your pension as well as other benefits. It’s easy to fill out and could help you save time and money. It has several sections, including Employer information, payment details which count towards PSLF, and recertification of the employment.
Payments that are PSLF compliant
PSLF payments can be any kind of payments. It includes federal student loans and repayment plans. For you to be eligible you must make at least 120 qualifying monthly payments over the past 10 years. The best method to make sure that you’re making qualifying payments is to establish automatic debit payments.
Previously, PSLF required the right kind of repayment and payment plans. But recently, the federal government has extended the eligibility requirements of the program by accepting late payments starting beginning in 2007. These changes also increase the repayment options and types of loans that PSLF will take. Jon Toppen is Director at MEA UniServ and leads seminars on how to obtain PSLF eligibility.
If you have received a deferment from the Economic Hardship Deferment, PSLF is also accessible. If you received these loans prior to January 1, 2013, payments will be counted towards PSLF. PSLF was previously only available for payments of federal student loans that are made under the Federal Family Education Loans Program.
PSLF technically qualifies Direct Parent Plus loans, as long as the parent works in a position that is eligible. Parents are only eligible for PSLF if their Direct Parent Plus Loans are converted into Federal Direct Consolidation Loans.
Recertification
To be eligible to the PSLF loan forgiveness program, it is important to verify your employment using the PSLF form. Borrowers must work for a public sector employer for at least 10 years in order to qualify for this program. Additionally, the borrower must have made a minimum of 120 eligible loan payments during the time frame. The process of recertifying employment on the PSLF form requires submitting it to MOHELA who will then review it and inform the borrower know the number of qualified loan payments they’ve made.
If you are a member of the program for a year or you make a change in job and you are relocating, or if you have a change of job, PSLF form needs to be submitted. This will help ensure that you’re eligible for the program and immediately transfer your loan to MOHELA which is the organization which manages the program. Once you have completed the form , you’ll have to submit supporting documents to prove that you’re still working.
In order to complete the PSLF employment certificate, you will be asked to fill in personal details such as your name, Social Security number and the date of birth. The form also asks you to confirm any changes you have made to the information. After completing the form, you will be asked to verify the authenticity of the information by ticking a box. Finally, sign and date your PSLF employment certificate form. The form will be delivered to Department of Education.
In the event that your position is in a government organization or public service, it is possible to recertify the status of your employment on the PSLF form. This form will affect your PSLF payment and late partial payments or lump sum payment. It is mandatory to fill out the PSLF form regardless of whether your employer is private or public business.
Download Federal Income Driven Repayment Certification Form PSLF
Gallery of Federal Income Driven Repayment Certification Form PSLF
