5 years of PSLF Payments Not Counted (Article)

[Raney Schauer]

She 'Enrolled' In Student Loan Forgiveness -- And Then Learned This

---

Members don't see this ad.

 

[mimelim]

I know many people who are in this same boat.

 

[Taddy Mason]

It states pretty clearly and explicitly what the requirements (e.g., being in a qualifying repayment plan), qualifying loans, and qualifying payments are, as well as how to best document payments and proof of qualifying employment on the federal student aid website - it’s all pretty straightforward and uncomplicated. Between that, the fact that she’s an attorney, and supposedly has 10+ years working in financial aid and somehow doesn’t know the differences between FFEL loans and Direct loans I’d say the onus is solely on her for not doing her due diligence.

 

[Raney Schauer]

I think the big takeaway is to ensure you got all your paper right. Don't assume that you've got all your ducks in a row, especially with a government program. You have to read everything, make sure you jump through every hoop and follow up.

...especially busy residents and new attendings. Don't assume that you did everything you were supposed to do. There's always one more hoop you have to jump through, especially when you're trying to save a couple hundred grand.

Yes I agree that she, as a lawyer, should have known better than to assume everything was going great. But still, the cautionary tale is here to all to see.

 

[whoknows2012]

I’ve heard this and actually have a co fellow who was not submitting yrly employment certification. Gotta explicitly read and understand the requirements.

 

[Raney Schauer]

I’ve heard this and actually have a co fellow who was not submitting yrly employment certification. Gotta explicitly read and understand the requirements.

They set it up that way because they know people will lapse and they don't have to pay out. Nothing screams success to a bureaucrat like not doing anything Ron Swanson style.

 

[Taddy Mason]

They set it up that way because they know people will lapse and they don't have to pay out. Nothing screams success to a bureaucrat like not doing anything Ron Swanson style.

It’s 1 form that you have to have your employer fill out annually, or anytime you switch employers. Just put it on your calendar and get it over with. Getting enrolled in a qualifying repayment program takes a few minutes, is super straightforward, and can be done just prior to starting residency when you aren’t super busy. Just do that, make your payments on time, and submit your employment certification form annually. The requirements and steps to complete them are very black and white and unambiguous.