PSLF Form Deadline – The PSLF form can be used to report payments to the Social Security Administration, or the IRS which you pay to pay for pensions as well as other benefits. It’s simple to fill out and could save you both time and money. There are several sections to the form, such as details regarding your employer, details about payments that count towards PSLF and the re-certification of your job.
Payments that count toward PSLF
PSLF payments may comprise any type of payment. It includes federal student loans as well as repayment plans. To be eligible for the program you have to have made at minimum 120 qualifying payments in the last ten years. The most effective way to be sure that you’re making the required payments is to set up automatic debit payments.
In the past, PSLF required the right type of payment and repayment plans. But recently the federal government increased the eligibility requirements for the program by accepting late payments starting from 2007 and onward. PSLF will now accept more kinds of repayment plans and loans in the new rules. Jon Toppen is Director at MEA UniServ and leads seminars on how to get PSLF eligibility.
Individuals who have been granted a deferment through the Economic Hardship Deferment Program can also access the PSLF program. If you have received these loans prior to January 1st, 2013, the payments you made towards PSLF will count. Previously, only payments for federal student loans under the Federal Family Education Loan program would count toward PSLF.
PSLF can technically be used for Direct Parent Plus Loans as in the event that the parent is employed at an occupation that is qualified. Parents are not eligible for PSLF benefits unless the Direct Parent Plus Loan has been converted into a Federal Direct Consolidation Loan.
Recertification of employment
Recertifying employment on PSLF form is an essential step in applying for the PSLF loan forgiveness program. The borrower must be employed by an employer in the public sector for a minimum of 10 years in order to qualify to participate in this program. Additionally, they must make 120 loan qualifying payments during this time. In order to recertify your employment with the PSLF form, you must send it to MOHELA. They will examine it and inform you the number of qualifying loan installments were completed.
The PSLF must be completed every year. This will enable you qualify to participate in the program. It will also transfer your loan to MOHELA (the agency that runs it). After you have completed the application, you’ll need to provide supporting documents to prove that you are still working.
To complete the PSLF employment certificate, you will be asked for personal information like your name, Social Security number and date of birth. You are also asked to confirm any changes made to the information you provide by ticking an option. Once you’ve completed the form, you’ll be asked to check a legal acknowledgment box to certify the information is accurate. The PSLF Employment Certification Form has to be completed and signed by you. The form will be addressed directly to the Department of Education.
You can recertify your employment status using the PSLF form, if you work for a qualifying public service or agency. This form may have an impact on your PSLF payments. Also, it affects the late payment of partial or lump sums as well as PSLF payments. If you work in the public sector or private company, or any other type of work, the PSLF application has to be completed prior to the date of the deadline to be eligible for PSLF.