Planning ahead for your student loans

If you’re in repayment, it’s likely you have some special forms your loan servicer requires. Unless you’re on the standard 10-year repayment plan, you need to submit an income recertification annually for your income-driven repayment (IDR).

For those pursuing Public Service Loan Forgiveness (PSLF), you should also be submitting an employer certification form as well so you can track your progress.

What is PSLF?

“So, what’s that PSLF thing?”

PSLF – Public Service Loan Forgiveness can eliminate all remaining student loan debt for those who have made qualifying on-time payments over ten years. Anyone who is a full-time employee of federal, state, local, or tribal governments; a 501(c)(3) non-profit or certain other public service organizations qualifies.

My taxes are done, what’s next? Income recertification?

Right now, due to the COVID-19 pandemic, income recertifications have been put on hold under the national emergency forbearance. For borrowers whose loans are serviced by FedLoan—which includes anyone pursuing PSLF—your recertification has been extended by 20 months.

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