How do I find out if my student loans have been forgiven?
Your loan servicer will track your qualifying monthly payments and years of repayment and will notify you when you're getting close to the point you would qualify for forgiveness of any remaining loan balance. To determine if your remaining loan balance will be forgiven, contact your loan servicer.
Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038. Be aware that MOHELA is experiencing historic submission volume that may delay response time.
Once the PSLF servicer has received all of the documentation needed to determine whether you qualify for loan forgiveness, you will be notified. You're not required to continue making payments on your loans during the period when your loan forgiveness form is being processed.
Your qualifying payment count is updated whenever you submit a PSLF form that documents a new period of qualifying employment. You can see how many qualifying payments you've made by logging in to your MOHELA account and viewing your loan details or by looking at your most recent billing statement.
Once the processing is complete, it will take additional time for the servicer to make adjustments to your payment counts and apply discharges.” Borrowers should expect that the process may take up to six months, and in some cases, longer.
If all of your federal student loans serviced by MOHELA have been forgiven under the TEPSLF opportunity, you will no longer have a remaining balance with MOHELA.
If you faxed or mailed your PSLF form to MOHELA it may take up to 14 days for your mohela.com account to note that the form was received. Please allow at least 90 business days for your form to be processed.
If you have applied for forgiveness under a program like the PSLF or Teacher Loan Forgiveness program, your student loan servicer will notify you regarding your loan being forgiven totally, or partially with a remaining balance, depending on the program.
You'll be notified or see a $0 balance
It will also be reflected when you log in to the Federal Student Aid site using your FSA ID. When you log in to your accounts, your balance should be $0. From this point on, your days of making monthly student loan payments are over.
Public Service Loan Forgiveness (PSLF)
PSLF Forgiveness: When you reach 120 or more qualifying payments for PSLF, your account is eligible to be placed into a forbearance and no payment will be due. To process forgiveness, a final review of your account will be conducted, which will take at least 60 business days.
How long does it take to get confirmation of forgiveness for PSLF?
PSLF processing takes several months, and total time to loan forgiveness is at least ten years, requiring 120 qualifying payments. Timelines can vary based on individual circ*mstances. In some cases, it could even take longer.
A final review of your account will be done to process forgiveness, which will take at least 90 business days. You are required to continue making payments while your form is being processed, unless your account is in a forbearance status.
PSLF processing times vary based on whether you've previously submitted employment documentation and other factors. But you can generally expect to wait one to three months for your loan forgiveness application to be fully processed.
President Biden on Friday announced another $5 billion in student loan forgiveness for 74,000 borrowers. It's the latest batch of student debt cancellations after the Supreme Court struck down his larger forgiveness plan last year.
What if my application is approved? If you qualify for forgiveness, cancellation, or discharge of the full amount of your loan, you won't have to make any more payments on that loan. If you qualify for forgiveness, cancellation, or discharge of a part of your loan, you'll need to pay back the remaining balance.
PSLF Form After Making 120 Qualifying Payments
If you made payments after your 120th qualifying payment, those payments will be treated as overpayments and refunded to you as well.
Manage Your Loans 24/7 - Visit your App Store to download the MOHELA Android or iOS Apps, where you can view account details and make payments to specific loans. Call 888.866. 4352 to get account information and make payments using the automated system. Log In to mohela.com or StudentAid.gov.
MOHELA has announced that it will be transitioning to a new loan servicing platform in order to better serve borrowers with federal student loans. If you are a borrower who has loans currently serviced by MOHELA, your loans are not being transferred or sold.
If you work in certain public service jobs and have made 120 payments on your Direct Loans, you may be eligible to have your loans forgiven. If some or all of your payments were not made on a qualifying repayment plan for PSLF, you may be able to receive loan forgiveness under a temporary opportunity.
Many borrowers reported their student loans have been forgiven or are closer to being forgiven and are breathing a sigh of relief. Seriously, I've never seen so many smiley-face emojis and screenshots showing a $0 loan balance.
What does it mean if my PSLF has been processed?
It means that your PSLF form has been reviewed by MOHELA and accepted. Next steps will be transferring your account and your application being sent to the department of education for waiver processing. These will both likely take a good amount of time.
Typically, months in forbearance and deferment do not count towards PSLF. However, months during the COVID-19 payment pause (March 2020-September 2023), months that qualify under the IDR Adjustment, and months where loans are being placed on administrative forbearance after the repayment restart will count toward PSLF.
According to the Education Department, borrowers who receive enough credit to reach or surpass the 20- or 25-years of credit needed for student loan forgiveness “will begin to see their loans forgiven in spring 2023.” Another 3.6 million borrowers are expected to receive three or more years of retroactive credit toward ...
Credit card debt forgiveness could hurt your credit
You stop making payments to your creditors as you save for your settlement. Creditors typically report the debt as "settled" rather than "paid as agreed" on your credit report once it's paid off. This shows that the creditor wasn't able to collect on the full debt.
MOHELA administrative forbearance
Others received bills with incorrect payment amounts. As a result, the Education Department instructed MOHELA to put affected borrowers into an administrative forbearance until the issue was resolved. The Department also said it would withhold $7.2 million in pay from MOHELA.
