Student Loan PSLF Form – A PSLF is utilized to report to the Social Security Administration, or IRS the payments you make to cover the cost of your pension as well as other benefits. It’s easy to fill in and can help you save both time and money. There are several sections to the form, such as details about your employer, the details of your payment that contribute to PSLF and the re-certification of your employment.
PSLF payments that are deemed to be a part of the PSLF
PSLF payments could comprise any type of payment. It includes federal student loans and repayment plans. You must have made at least 120 qualifying payment within the last ten years to be eligible to participate in this program. Set up automatic debit payments to make sure you are receiving qualifying payments.
PSLF was previously required to accept certain types of payments and repayment plans. However, the federal government recently enhanced the eligibility requirements. It will accept late payments starting in 2007. PSLF’s loan acceptances as well as repayment options have been expanded due to the changes. Jon Toppen, MEA UniServ Director, leads trainings for members to help them qualify for PSLF.
PSLF is also available to individuals who have received a deferment under the Economic Hardship Deferment. Payments from these loans will be considered for PSLF when you received them prior to January 1 2013. In the past, only payments on federal student loans under the Federal Family Education Loan program could count towards PSLF.
Direct Parent Plus Loans are technically suitable to benefit from PSLF provided that the parent has an employment with a qualifying position. But until the Direct Parent Plus Loan is changed to an Federal Direct Consolidation Loan, the parent cannot benefit from PSLF.
Rectifying employment
The PSLF loan forgiveness program requires that you have renewed your certification of employment. To be eligible to participate in the program, borrowers have to be employed by a public interest employer, like a government agency or nonprofit, for a minimum of 10 years. In addition, the borrower must have made at least 120 qualifying loan payments within that time. You must complete the PSLF form to confirm your employment. MOHELA will then review the form and inform the borrower how many qualifying loan payments they’ve made.
You have to fill out the PSLF form every year, or at any time you change your job. This will confirm your eligibility to the program. The loan will be transferred automatically to MOHELA as the agency that manages the program. After you’ve completed the form and submitted it, you must include any documents that prove you’re still employed.
For the PSLF employment certificate it is required that you provide personal information. It comprises the name of your employer, Social Security Number, the date of birth and your address. The form also asks you to mark an option to confirm any changes made to this information. After you’ve completed the form, it is necessary to verify the legal acknowledgement box. This confirms that the information you provided is accurate. It is also necessary to confirm and date the PSLF Employment Certificate Form, which is then forwarded to Department of Education.
You can recertify employment status by filling out the PSLF form, if you work in a qualifying public service or agency. This form can affect the amount of your PSLF payments as well as late partial payments and lump sum payments. It is mandatory to fill out the PSLF form regardless of whether or not your employer is a public or private business.
Download Student Loan PSLF Form
Gallery of Student Loan PSLF Form
