PSLF Forgiveness Form – The PSLF form permits you to provide the Social Security Administration (or the IRS) the amount of payments you make to pay for pensions or other benefits. It’s easy to complete and will help you save both time and cash. The form has several sections. This includes information about the employer, the payment information that count towards PSLF, as well as the process of recertifying employment.
PSLF Payments
Any type of payment could count towards PSLF, even federal student loans and repayment plans. In order to qualify you must make at least 120 qualifying monthly payments in the last 10 years. You can set up automatic debits to make sure you have made the qualifying payments.
Previously, PSLF required the right type of payments and repayment plans, but recently the federal government extended the eligibility requirements of the program, accepting late payments from 2007 and onward. The new changes also expand the repayment plans and the types of loans PSLF will take. Jon Toppen, MEA UniServ Director, leads trainings for members to aid them in qualifying for PSLF.
PSLF can also be accessed to people who received a Deferment under the Economic Hardship Deferment. If you’ve taken out these loans prior January 1st, 2013, the payments you made towards PSLF will be counted. PSLF was previously only available for payments of federal student loans that were made through the Federal Family Education Loans program.
PSLF is technically qualified for Direct Parent Plus Loans provided that the parent is employed in a job that is eligible. Parents can only benefit from PSLF if their Direct Parent Plus Loans are transformed into Federal Direct Consolidation Loans.
Recertification
The PSLF loan forgiveness program requires that you have been recertified as an employee. To be eligible for the program, applicants must have been employed for a minimum of 10 consecutive years with an employer of public interest, like a government agency or a non-profit. You must also make 120 qualified loan payments during this time. In order to recertify your employment using the PSLF form, you need to submit the form to MOHELA. They will go through it and inform you the amount of qualifying loan payments were made.
The PSLF is required to be completed each year. This will prove your eligibility to the program. The loan will be automatically transferred to MOHELA which is the agency that oversees the program. After submitting the application, all supporting documents have to be submitted to prove that you’re still employed.
The PSLF employment certification form requires you to provide personal informationsuch as the name of your child, Social Security numbers, birth date address, number of phone, email address, and the date of birth. The form also asks you to tick a box to confirm any changes made to this information. After you’ve completed the form, you will be asked to sign a legal acknowledgement to confirm that the information you have provided is correct. Then, you must make sure you sign and date the PSLF employment certificate form. The form will be sent to directly to the Department of Education.
Recertify your employment status using the PSLF form, if you are employed in a qualified public agency or service. You should note that the form could impact your PSLF payments. This is true for late partial payments, lump sum payments, and PSLF payments. To be eligible for PSLF it is necessary to submit the PSLF form by the deadline regardless of whether you are employed in a public or private sector.
Download PSLF Forgiveness Form
Gallery of PSLF Forgiveness Form
