Consolidating parent plus student loans
Use every resource at your disposal to make sure you dot ever i and cross every t.
It may be tedious, but the payoff will be worth it.
It isn’t an overly complicated process, but is is essential. If there is a problem, you will want to know as soon as possible.
If there isn’t, then you have your first chunk of certified payments on your way to 120.
The two of them believed that his remaining federal loans would be forgiven in 2017, based upon a 2007 law forgiving the remaining student debt for those that make 120 timely payments and work in pubic service for 10 years.
The email did didn’t make it clear why the past eight years of payments didn’t count towards forgiveness, but the likely explanation is that they were on the wrong repayment plan.
(You may even find that switching to one of the income based repayment plans results in lower payments, so that may be a pleasant surprise). There are many Federal government repayment plans, but not all of them qualify for PSLF.
As we approach 2017, the numbers of people who realize they don’t qualify will only grow.
The sooner the magnitude of the problem is put before the powers that be, the better the odds of finding a solution.
The sooner you get your previous payments certified, the better.
In order to get payments certified, contact your lender to get the necessary documents that need filled out. Part of the process will involve getting your employer to affirm that you are in a public service or not for profit position.
If there is an issue with your student loan plan, hopefully they will be able to bring it to your attention. This is the only way to be 100% certain that you are eligible.