Backtrack PSLF application?

[deleted980918]

Hello all,

I graduated med school 3 years ago with about 180k in federal loan, consolidated it and have been making REPAYE payments for the past 2.5 years. At the time, PSLF was not on my mind for various reasons (PP job, aggressive payment strategy...etc). Now I am about to start fellowship with a goal of doing one of the most lengthy training (IC- minimum of 7 years in post-graduate training), I think I should at least keep PSLF as an option despite the reported 3% success rate.

What should I do now to make sure all these payments I made for the past 2.5 years count towards PSLF and is it ok to submit the employment certification forms for the past 3 years I was employed as a resident?

Thanks!

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[LucidSplash]

Hello all,

I graduated med school 3 years ago with about 180k in federal loan, consolidated it and have been making REPAYE payments for the past 2.5 years. At the time, PSLF was not on my mind for various reasons (PP job, aggressive payment strategy...etc). Now I am about to start fellowship with a goal of doing one of the most lengthy training (IC- minimum of 7 years in post-graduate training), I think I should at least keep PSLF as an option despite the reported 3% success rate.

What should I do now to make sure all these payments I made for the past 2.5 years count towards PSLF and is it ok to submit the employment certification forms for the past 3 years I was employed as a resident?

Thanks!

As long as you've been making payments while working under PSLF conditions (most residencies are nonprofit) and making your REPAYE payments, you should qualify. You'll have to have the GME at your residency fill out the employment certification form. Then from now on I would get it done yearly. I personally have submitted one at the same time every year so that I remember to do it and keep up.

 

[Dave1980]

were you paying the minimum?

 

[RangerBob]

As pointed out above, you can fill out the certifying form now for the past three years, assuming you made eligible payments. You could actually wait until you’re ready to apply (after the full 10 years), but it is definitely best to file yearly if possible.

 

[LucidSplash]

Remember that HCA is "for-profit" and has a ton of residencies.

As is Drexel. And even if you work at HCA, if you are employed though a university system, that would usually place you in the “nonprofit” category.
So that’s why I said “most.” The vast majority are non-profit.

 

[deleted980918]

were you paying the minimum?

It comes out to be about $300 per month based on my resident salary.

 

[deleted980918]

As pointed out above, you can fill out the certifying form now for the past three years, assuming you made eligible payments. You could actually wait until you’re ready to apply (after the full 10 years), but it is definitely best to file yearly if possible.

Do you know if I should fill out the certifying form once for the past 3 years or 3 separate forms for each of the past 3 years?

Thanks for the help

 

[evilbooyaa]

If you're not sure, double and triple check with whoever is processing your loan payments in this regard. Don't be part of the statistic that went through 10 years of this only to find out something was being done incorrectly during the whole time.

 

[RangerBob]

Do you know if I should fill out the certifying form once for the past 3 years or 3 separate forms for each of the past 3 years?

Thanks for the help

You should be able to do just one to cover all three years (make sure you enter your start date and end date). HR certifies the form (that you were full time, employed for the dates you listed, that it’s a nonprofit/governmental agency, etc). Then FedLoan determines how many eligible payments you made in that period. If you made 36 payments and we’re full time and worked for a non-profit, you should get 36 eligible payments.

Going forward I recommend recertifying yearly.

 

[deleted980918]

You should be able to do just one to cover all three years (make sure you enter your start date and end date). HR certifies the form (that you were full time, employed for the dates you listed, that it’s a nonprofit/governmental agency, etc). Then FedLoan determines how many eligible payments you made in that period. If you made 36 payments and we’re full time and worked for a non-profit, you should get 36 eligible payments.

Going forward I recommend recertifying yearly.

Thanks for the help