PSLF Yearly Form – The PSLF form is used to document payments to the Social Security Administration, or the IRS, that you make to pay for pensions as well as other benefits. It is simple to fill in and will save you both time and money. This form includes several sections including employer information, payments which count towards PSLF and recertifying employment and payment information.
PSLF payments that are deemed to be a part of the PSLF
PSLF will take into account any payments made, even those from the federal student loan repayment programs. You must have received minimum 120 qualifying installments within the past ten years to be qualified for this program. To ensure you are making payments that are eligible Set up automatic debits.
PSLF was earlier subject to a set of payments and repayment plans. However the federal government has increased its eligibility criteria by accepting late payments as a condition for the program. PSLF now accepts loans of any kind and repayment terms. Jon Toppen, MEA UniServ Director, facilitates training sessions for members to help them qualify for PSLF.
For those who have been granted a deferment from the Economic Hardship Deferment, PSLF is also accessible. If you’ve taken out these loans prior January 1st of 2013, the payments you made towards PSLF are counted. In the past, only payments on federal student loans under the Federal Family Education Loan program could count towards PSLF.
PSLF technically qualifies Direct Parent Plus loans as long the parent is in a job that qualifies as eligible. However in the event that the Direct Parent Plus Loan is changed to a Federal Direct Consolidation Loan, the parent will not be eligible for PSLF.
Recertification of employment
The PSLF loan forgiveness program requires that you been recertified as an employee. For the PSLF loan forgiveness program to be considered valid, borrowers must have been employed by a public interest organization that is a non-profit or government agency for at most 10 years. Additionally, the borrower must have made a minimum of 120 eligible loan payments during that period. The submission of the PSLF form to recertify employment is a requirement that you provide it to MOHELA. MOHELA will review the form and let you know the amount of qualifying loans you have made.
It is mandatory to submit the PSLF form every year, or when you switch jobs. This will help you to be eligible to participate in the program. The form will also transfer the loan to MOHELA (the agency that administers it). After you have completed the form , you’ll have submit additional documents to show that you are still working.
The PSLF employment certification form requires for specific information about yourself like your name, Social Security number, date of birth along with your address, telephone number, and email address. In order to confirm any changes you’ll be asked to check a box. Once you’ve completed the form, you will be asked for legal acknowledgement to confirm that the information you provided is true and correct. Then, you need to sign and date the PSLF employment certification form that will be delivered to the Department of Education.
Recognizing your employment status can be done on the PSLF Form as long as you are employed in a qualified public service or government organization. The form could affect your PSLF payments. It can also impact the late payment of partial or lump sums as well as PSLF payments. You have to complete the PSLF form, regardless of whether your employer is public or private business.
Download PSLF Yearly Form
Gallery of PSLF Yearly Form
