Discover and read the best of Twitter Threads about #pslf
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It finally happened, #PSLF came through and my loans have been discharged. I want to go through some basic steps and common pitfalls for medical students and residents considering this route! A 🧵
First where did I start at?
Coming out of medical school I had $414,141 in student loans. And you can see here at the time of forgiveness the total was $381,227. Your first step once you graduate is taking an inventory of your loans and deciding on your training path.
Coming out of medical school I had $414,141 in student loans. And you can see here at the time of forgiveness the total was $381,227. Your first step once you graduate is taking an inventory of your loans and deciding on your training path.
You essentially have two choices, and it's best to decide on a route up front.
1. Don't pursue PSLF. In this case, you want to look at non-government consolidation. Several companies offer significantly lower interest rates than the government and even cash for signing up.
1. Don't pursue PSLF. In this case, you want to look at non-government consolidation. Several companies offer significantly lower interest rates than the government and even cash for signing up.
🚨 🚨 My #PSLF work with @FitzEdPolicy sponsored by the @theSBPC is available to read.
This is the initial analysis in a wider mixed methods study - it's also one of the first of it's kind because we finally have available data on Forgiven borrowers.
protectborrowers.org/new-analysis-i…
This is the initial analysis in a wider mixed methods study - it's also one of the first of it's kind because we finally have available data on Forgiven borrowers.
protectborrowers.org/new-analysis-i…
We wanted to know if we could see any relationships between achieving forgiveness and being in repayment (based on remaining payments) - and financial measures or reports of subjective well-being (e.g. stress and satisfaction).
Paper in link.
protectborrowers.org/wp-content/upl…
Paper in link.
protectborrowers.org/wp-content/upl…
We found connections between forgiveness and homeownership rates and increased FICO scores.
We didn't find statically relevant relationships to non-retirement and retirement savings - but there was functionally beneficial increases in non-retirement savings (+$100 per month).
We didn't find statically relevant relationships to non-retirement and retirement savings - but there was functionally beneficial increases in non-retirement savings (+$100 per month).
4 more days until the #PSLF waiver expires and I'm feeling all kinds of feelings. I'm feeling hopeful which I didn't expect. Did as many people through as deserved it? No. It's been 15 years since PSLF started and ED, FSA, and the White House are still not taking it seriously. 1)
But I think we finally broke through on #PSLF in the past year in a way we don't fully understand. 2022 the door was opened. 2023 is when we're really going to see full cancellation take off for a generation of public sector workers. We can't understand it, yet. 2)
The work isn't done by a long shot, but there's something big on the horizon. Between #PSLF, the IDR adjustment, Biden cancellation, something fundamental has changed. And it's SO wild to see it take off. People are about to get free. Free College is getting REAL. 3)
Work in public service? Have student debt? Please apply for the #PSLF waiver before 10/31. It is the BEST way to get FULL CANCELLATION or fix previously ineligible payments! See below for some tips ⬇️(1)
General Information here: studentaid.gov/announcements-…
General Information here: studentaid.gov/announcements-…
Know yr loan types for the #PSLF waiver. Check yours at studentaid.gov. Eligible loans:
Direct Loans
Direct Consolidation Loans
Parent Plus Loans *if* consolidated w/yr loans
FFEL Loans*
Perkins Loans*
FFEL consolidation Loans*
*must apply for consolidation by 10/31 (2)
Direct Loans
Direct Consolidation Loans
Parent Plus Loans *if* consolidated w/yr loans
FFEL Loans*
Perkins Loans*
FFEL consolidation Loans*
*must apply for consolidation by 10/31 (2)
Need to consolidate for the #PSLF waiver? Do it here:
studentaid.gov/app/launchCons…
You do NOT need to be approved for consolidation by 10/31 to qualify, you just need to APPLY by 10/31. It takes 10 minutes. Choose MOHELA as your servicer. Pick an income driven repayment plan. (3)
studentaid.gov/app/launchCons…
You do NOT need to be approved for consolidation by 10/31 to qualify, you just need to APPLY by 10/31. It takes 10 minutes. Choose MOHELA as your servicer. Pick an income driven repayment plan. (3)
🚨#PSLF folks, got an updated🧵on how to navigate the Limited Waiver & those panic-inducing MOHELA review letters that look like rejections. If you got a review letter and you think all hope is lost, it is NOT. Follow along ⬇️ (1)
(2) First rule of the limited #PSLF waiver. REVIEW THE RULES! Don't waste time calling your loan servicer. Read info from @usedgov directly. Here is the link to the waiver page & FAQs. Almost every question can be answered there: studentaid.gov/announcements-…
3) The 1st thing to figure out for the #PSLF waiver is your LOAN TYPE. Your LOAN SERVICER is irrelevant! FFEL, FFEL consolidation, or Perkins loans MUST be consolidated. Go to your profile on studentaid.gov, click on "view details" for each loan to see your loan types.
I’m still in shock, and intermittently weepy as I process (mute thread if you need). Starting w the numbers, which are, simply, mind blowing:
Total debt forgiven: in the low 6 digits, abt half a house
Total retirement fund, std same year as #PSLF: about 3k *less* than loans 1/
Total debt forgiven: in the low 6 digits, abt half a house
Total retirement fund, std same year as #PSLF: about 3k *less* than loans 1/
I realized I’ve been low-key thinking about my retirement fund as “almost enough to pay off student loans if shit hits fan” fund. Now it’s . . . an actual retirement fund. 2/
Speaking of retirement, spouse and I have filed tax separately bc filing jointly would’ve raised “my” income, disqualifying me for the IBR, ICR, and poss the PSLF itself. The guv penalizes married ppl filing separately, inc. barring us from having Roth IRAs (w tax advantages) 3/
Woke up to amazing news: my $268,765 #studentloans were forgiven after 10 years of #PublicService through the #PSLF program! I don’t share this to gloat, but to provide some helpful tips to those in #MedTwitter who have questions about the legitimacy of this program. See 🧵
I was incredibly privileged to not have undergrad loans, but spent over $250,000 in tuition and expenses at a public university for medical school. All of my loans were federal.
The first year of residency, I claimed $0 income for the prior year, so was able to make 12 months worth of $0 payments that counted toward my 120 payments. I made sure to certify my employment by filling out the PSLF form each year and have it signed by my employer.
🗒️Today's Twitter Space Agenda:
1. History of the PSLF Program
2. PSLF Program Qualifications
3. Breakdown of the PSLF Help Tool
4. What you need to fill out a PSLF Form
5. How to handle Employer Certification
6. How to Submit a PSLF Form and Next Steps in the process
7. FAQs
1. History of the PSLF Program
2. PSLF Program Qualifications
3. Breakdown of the PSLF Help Tool
4. What you need to fill out a PSLF Form
5. How to handle Employer Certification
6. How to Submit a PSLF Form and Next Steps in the process
7. FAQs
From 2007 to now, we're covering the history of Public Service Loan Forgiveness (PSLF) and improvements made to the program. We just surpassed $10 billion in Public Service Loan Forgiveness (PSLF) for more than 175,000 public servants.
Hi! This is Tanika and I'll be taking over the
@FAFSA handle to moderate today's Twitter Space on Public Service Loan Forgiveness (PSLF) at 7 p.m. Eastern time!
Quick 🧵below to learn about what we'll cover.
@FAFSA handle to moderate today's Twitter Space on Public Service Loan Forgiveness (PSLF) at 7 p.m. Eastern time!
Quick 🧵below to learn about what we'll cover.
🗒️Today's Twitter Space Agenda:
1. History of the PSLF Program
2. PSLF Program Qualifications
3. Breakdown of the PSLF Help Tool
4. What you need to fill out a PSLF Form
5. How to handle Employer Certification
6. How to Submit a PSLF Form and Next Steps in the process
7. FAQs
1. History of the PSLF Program
2. PSLF Program Qualifications
3. Breakdown of the PSLF Help Tool
4. What you need to fill out a PSLF Form
5. How to handle Employer Certification
6. How to Submit a PSLF Form and Next Steps in the process
7. FAQs
Got questions about #PSLF or the limited waiver?
Send them to us now and we'll try to answer your question when we go live.
We cannot answer any questions about your personal application status.
Send them to us now and we'll try to answer your question when we go live.
We cannot answer any questions about your personal application status.
HAPPENING NOW: @rweingarten talks to the @nysut conference of leaders. Follow along in the thread below.
.@rweingarten: After the 2016 election, several of us got together in Washington DC to see what we needed to do next. Rather than talking about politicians to voting, we now focus first on what the values are to lead people to vote.
.@rweingarten: It doesn't matter where you are or how you've voted in the past. What matters is, what are the values we're voting on? I know everyone in this room believes in well-resourced public education as an aspiration agent.
#PSLF folks, thought I'd share an updated🧵on how to navigate the Limited Waiver & those panic-inducing review letters that look like rejections. Seeing so many stressed out people when we should be celebrating how close to cancelation we are. Follow along ⬇️ (1)
(2) First rule of the limited #PSLF waiver. REVIEW THE RULES! Don't waste time calling your loan servicer. Read info from @usedgov directly. Here is the link to the waiver page & FAQs. Almost every question can be answered there: studentaid.gov/announcements-…
3) The first thing you need to figure out for the #PSLF waiver is your LOAN type. FFEL, FFEL consolidation, or Perkins loans MUST be consolidated before applying. Go to your profile on studentaid.gov, under your dashboard, click on "view details" for each loan.
Teachers, nurses, librarians and other public service workers can have their student loan debt canceled.
‼️ The deadline to apply under relaxed federal rules is Oct. 31. ‼️
Here's what you need to know.
apnews.com/article/busine…
‼️ The deadline to apply under relaxed federal rules is Oct. 31. ‼️
Here's what you need to know.
apnews.com/article/busine…
What is the #PSLF?
👉The Public Service Loan Forgiveness Program cancels public service workers' student debt after 10 years of public interest work, or 120 payments.
apnews.com/article/educat…
👉The Public Service Loan Forgiveness Program cancels public service workers' student debt after 10 years of public interest work, or 120 payments.
apnews.com/article/educat…
Who qualifies for the #PSLF?
✔️Government (local, state, federal or tribal) and nonprofit workers who work full-time or 30 hours or more.
✔️Federal Direct Loan program grantees. If you don't have a direct loan you can consolidate other federal student loans.
✔️Government (local, state, federal or tribal) and nonprofit workers who work full-time or 30 hours or more.
✔️Federal Direct Loan program grantees. If you don't have a direct loan you can consolidate other federal student loans.
Lots of people are reaching out asking for help with this. If we can't respond to you ASAP please understand. Here is a general 🧵 about the #PSLF waiver
First the practical stuff. If you work for the government or a nonprofit you should absolutely apply under the PSLF waiver to get as many qualifying payments as you can. @theSBPC has the best resources here: protectborrowers.org/our-projects/p…
PSLF has been plagued with tons of problems, and although we are celebrating all of the people finally getting their debt cancelled, there are also tons of problems with the waiver. Fedloan and other servicers, and the Dept of Ed are screwing this up. So be ready for problems.
Helping a borrower who owes $100k on a private student loan for an undergrad degree. Had trouble repaying (underemployed & lender wanted $500/mo). Unusual debt for an in-state student so I asked for their credit report. The original loan: $6k. How👏🏽is👏🏽this👏🏽legal👏🏽!
Update: Borrower is trying to find loan docs so we can determine how much of the current $100k balance is interest vs. penalties and fees. For those asking if I read the numbers right: (1) nice to meet you and (2) yes, the numbers are right. Original debt is listed as $6k.
Also, the borrower attended a public school, in-state. Works in public service and has federal loans <$50k. Working on #PSLF paperwork for the federal loans & gathering info on the private debt to consult with an attorney. This will take a good while but we will get through it.
I've been dutifully submitting documents to the Public Student Loan Forgiveness Program #PSLF office since I began my career in #publicservice as an audiologist for #VA in 2009. My first🧵...
As an A+++ personality, I read ALL the instructions. I consolidated my loans and my payments as instructed. I submitted my Certification of Employment paperwork every year beginning 2010
Back then, there was no tracking system, so I made one. I was counting my payments, ticking off progress to #120. In 2012, I was told, for the first time, that I had not read the fine print carefully enough
I've been in 20 states, 40 schools since Aug 1. Every place I'm in you see it in educator's and bus driver's eyes: the joy of being back. - @rweingarten #FEADA21 @FloridaEA
Part of being here for as long as I've been here... is that when @FloridaEA came together, it was a pivotal moment for the union. - @rweingarten #FEADA21
The promise made to you in 2007 by Congress that if you work in public service you will have your loan forgiven, that promise is being fulfilled. - @rweingarten #PSLF
"It has literally saved my life. It has restored my hope." - AFT member and career choir teacher Debbie Baker of Oklahoma will have $81,336 discharged.
Some important highlights of this settlement:
✅ Borrowers whose applications for #PSLF were denied will now be reconsidered
✅ Automatic review of applications denied prior to November 2020 for borrowers with at least 10 years of repayment on a direct loan
I got some good news today:
~12 years after finishing grad school, my student loans were forgiven via the Public Service Loan Forgiveness (PSLF) program. I'm among a tiny group of people for whom #PSLF panned out, so here is a thread that charts the journey. I hope it's useful.
~12 years after finishing grad school, my student loans were forgiven via the Public Service Loan Forgiveness (PSLF) program. I'm among a tiny group of people for whom #PSLF panned out, so here is a thread that charts the journey. I hope it's useful.
1. PSLF is supposed to take ten years for forgiveness, so why did it take me 12? Because I needed to be in the right repayment program and consolidate my loans into the right kinds of loans. Both take months of bureaucracy and delay your repayment start date.
2. The job I got after graduation was with a "qualifying employer." (This would be @RANDCorporation). You would think that any non-profit or government org would qualify. You would be wrong. Ex.: the United Nations doesn't count.
We are clipping videos from today's hearing on the $1.5 Trillion #StudentDebtCrisis. Find them in this thread, starting with this unexpected question about @CongBillPosey's view on @TaylorSwift13.
#HassleForATassle
#HassleForATassle
@congbillposey @taylorswift13 .@RepPerlmutter asks Seth Frotman, formerly of the @CFPB and now at @theSBPC, about the impact of student debt on housing, borrowers of color, wealth building. #HassleForATassle
@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC "@Navient is like the Comcast of student loan servicing"
--@hasanminhaj to @RepPerlmutter on the abuses of student loan servicers.
--@hasanminhaj to @RepPerlmutter on the abuses of student loan servicers.
Something's not right.
The Public Service Loan Forgiveness program offers #studentloan borrowers debt relief for their public service, but only 864 of the 76,000+ #PSLF applications have been approved.
That’s a dismal 1% approval rate!
The Public Service Loan Forgiveness program offers #studentloan borrowers debt relief for their public service, but only 864 of the 76,000+ #PSLF applications have been approved.
That’s a dismal 1% approval rate!
We need to figure out why #PSLF isn't working, but @usedgov refuses to fully cooperate.
I'm demanding answers so that we can help our hard-working #studentloan borrowers who have dedicated their career to giving back: bit.ly/2ZtNCew
I'm demanding answers so that we can help our hard-working #studentloan borrowers who have dedicated their career to giving back: bit.ly/2ZtNCew
@usedgov If you are trying to manage your loans or see if you qualify for the Public Service Loan Forgiveness program, here are five tips that can help: bit.ly/2EuniZg #PSLF
I just received some truly bad servicing from Fedloan @PHEAAaid. I am currently aiming for #PSLF in 2021. My situation is uncomplicated. I have the right loans. I'm in the right repayment program. I have only worked in 2 501(c)3s. But my employer certifications were rejected. 1/
Back in 2016, I submitted my first ECF forms. If you want to know what they look like, here it is. It is pretty straightforward. Fill out a couple of boxes, have the right people sign. 2/ studentaid.ed.gov/sa/sites/defau…
My first employer was Education Sector which was another think tank and 501(c)3 that, unfortunately, closed (RIP). The ECF has a little check box on the front that you fill out if your employer shut down and Fedloan is supposed to tell you what you'll need to submit instead 3/
🚨 Less than 1% of applicants for the federal “Public Service Loan Forgiveness” program have qualified—that’s a mere 96 people out of over 30,000 applicants! #PSLF
Something’s not right—#DC student borrowers are being denied the debt relief benefits they were promised for their public service.
I've called on @BetsyDeVosED demanding answers and urging her to address this issue. bit.ly/2OFmjfR #PSLF
I've called on @BetsyDeVosED demanding answers and urging her to address this issue. bit.ly/2OFmjfR #PSLF
@BetsyDeVosED If you're a student borrower working to qualify for the Public Service Loan Forgiveness program, here are six tips that can help you stay on track: bit.ly/2BYhcAt #PSLF #StudentLoanCrisis
