PSLF Form Application – A PSLF is used to report to Social Security Administration, or IRS the payments you pay to cover the cost of your pension and other benefits. It’s simple to fill out and will assist you in saving time and money. The form has several sections that include information about your employer, payments which count towards PSLF and recertifying employment and payment details.
Payments that count toward PSLF
Any type of payment can count towards PSLF including federal student loans and repayment plans. To qualify for the program you must have made at least 120 qualifying payments in the last ten years. Auto-debits are the best way to make sure that you are making qualified payments.
PSLF previously required that you pay the appropriate payments and be on an arrangement for repayment. But, more recently the federal government widened its eligibility criteria to accept late payments starting in 2007. PSLF accepts more types of repayment plans and loans with the new changes. Jon Toppen is Director at MEA UniServ and leads seminars on how to obtain PSLF eligibility.
The PSLF program is also open for those who have were granted a deferment through the Economic Hardship Deferment Program. These loans are counted towards PSLF when they were made prior to January 1st, 2013. In the past, only payments on federal student loans through the Federal Family Education Loan program will count towards PSLF.
PSLF is technically suitable for Direct Parent Plus Loans if that the parent works in a job that is eligible. However until the Direct Parent Plus Loan is transformed into the Federal Direct Consolidation Loan, the parent will not be eligible for PSLF.
Recertification of employment
It is vital to confirm that you are employed in the PSLF application form to be eligible for the PSLF loan cancellation program. In order for the PSLF loan forgiven program to be considered valid the borrowers have to have been employed by an organization of public interest like an agency of government or non-profit organizations for at most 10 years. They must also make at least 120 qualified loan payments over that period. MOHELA will review the PSLF Form and will inform the borrower of the number of loan repayments that qualify for a loan they have made.
The PSLF form should be filled out each year or whenever you change jobs. This ensures that you are eligible for the program. In addition, it will transfer the loan to MOHELA which manages the program. After you have completed the form the supporting documents that prove that you are still working must be presented.
When filling out the PSLF employment certificate, you will be asked for personal information such as your name, Social Security number and date of birth. The form also asks you to tick an option to confirm any changes made to this information. Once you’ve completed this form, you’ll have to verify the legal acknowledgement box. This confirms that the information is correct. Finally, you have to sign and date the PSLF employment certification form, which will be sent to the Department of Education.
If you’re employed by a government agency that meets the requirements or public service or public service agency, the PSLF will allow you to recertify your employment status. This form will affect your PSLF payment or late partial payment or lump sum payments. For PSLF eligibility, you will have to fill out the PSLF Form before the deadline.
Download PSLF Form Application
Gallery of PSLF Form Application
