PSLF Income Verification Form – A PSLF form can be used to report your payments to the Social Security Administration, or the IRS, that you make to pay for pensions and other benefits. It’s easy to fill in and could save you both time and cash. The form has several sections. These include information about the employer, information about payment that counts towards PSLF, as well as the process of recertifying the employment.
The payments count towards PSLF
PSLF takes into account payments made from all types of payments. This includes federal student loans, repayment plans and other kinds of payments. In order to be eligible for the program, you must have at least made 120 qualifying payments over the past ten years. You can set up auto debits to ensure that you make qualified payments.
PSLF was earlier subject to a set of payments and repayment plans. However, the federal Government has extended its eligibility criteria by allowing late payment as a condition of the program. PSLF now allows a greater variety of loan types as well as repayment plans. Jon Toppen is Director at MEA UniServ and is the instructor for training on how to obtain PSLF eligibility.
If you’ve received a deferment from the Economic Hardship Deferment, PSLF is also accessible. The loans they pay towards count towards PSLF provided they were made prior to January 1, 2013. PSLF was prior to that it was limited to federal student loans via the Federal Family Education Loans Program.
PSLF technically qualifies Direct Parent Plus loans as long the parent is in a position that is eligible. Parents cannot be eligible for PSLF benefits in the event that the Direct Parent Plus Loan has been converted to an Federal Direct Consolidation Loan.
Recertification
A vital step to applying for PSLF loan forgiveness program is recertification of employment on the PSLF form. The program requires that applicants have been employed by a public entity or nonprofit for at least a years for them to be eligible. In addition, they must have completed at least 120 qualifying loan repayments during the time period. The submission of the PSLF form for recertifying employment requires that you send it to MOHELA. MOHELA will review it and inform you of how many qualifying payments you have made.
The PSLF form should be filled out each year or whenever you switch jobs. This will enable you to be eligible for the program. MOHELA will then transfer the loan. After you have completed the form you will need to provide supporting documents to prove that you’re still working.
You’ll need to fill out the PSLF employment certification form by providing personal information, such as your name and Social Security number. To confirm any changes to your personal information, the form asks you to tick a checkbox. Once you’ve completed your form, you’ll have to tick a legal acknowledgement box to certify the accuracy of the information. You must also sign and date the PSLF Employment Certificate Form that will be then sent to the Department of Education.
In the event that your position is in a government organization or in a public service, you are able to recertify the status of your job on the PSLF form. This form could impact the amount of your PSLF payments as also late partial payments and lump sum payments. Whether you’re employed by a public service or private company, you’ll have to submit the PSLF form before the deadline to be eligible for PSLF.
Download PSLF Income Verification Form
Gallery of PSLF Income Verification Form
