Reddit thread about TEPSLF

How to Qualify for Student Loan Forgiveness

Let’s check out the Temporary Expanded Public Service Loan Forgiveness program so you will get your loans forgiven.

What is the TEPSLF Program

The TEPSLF program presents student loan forgiveness to public servants who have been: (a) beforehand denied forgiveness below the Public Service Loan Forgiveness (PSLF) program solely as a result of (b) they made funds below the mistaken reimbursement plan.

The important factor to notice right here is that it’s important to have submitted the Public Service Loan Forgiveness utility and been denied debt aid.

The PSLF utility is totally different from the Public Service Loan Forgiveness Employment Certification kind you submitted annually to point out you had qualifying employment.

PSLF Waiver

On October 6, 2021, the Department of Education introduced a change to PSLF program guidelines via October 31, 2022, because of the COVID-19 pandemic.

Now via Halloween 2022, you’ll be able to obtain credit in direction of PSLF and TEPSLF for previous funds made on loans that in any other case won’t qualify for PSLF.

Past funds could now rely as qualifying funds. Loan sort, reimbursement plan, full funds, and on-time funds are not boundaries for PSLF. The solely factor you now want is qualifying employment.

What is a Qualifying Payment

For the PSLF program, a qualifying cost is a well timed cost below an income-driven reimbursement plan.

Under TEPSLF, a qualifying cost is broader – no less than, it was earlier than the October 2021 waiver, and can in all probability be after the waiver’s finish in October 2022.

It consists of, at a minimal, all funds that you just made:

  • after October 1, 2007 (this was when the PSLF program began)
  • for the complete cost quantity due as proven in your invoice (this consists of funds below the Graduated Repayment Plan, Extended Repayment Plan, Consolidation Standard Repayment Plan, and Consolidation Graduated Repayment Plan.)
  • no later than 15 days after the due date
  • whereas working full-time for a qualifying employer.
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Basically, below TEPSLF any funds plan is a qualifying reimbursement plan as long as you have been making the funds on time, for the quantity due, and have been repaying a Direct Loan.

Click right here to study Are Consolidation Loans Eligible for PSLF?

How to Apply for TEPSLF

There is not a proper TEPSLF utility.

Instead, in response to the U.S. Department of Education, you apply for the TEPSLF alternative by emailing FedLoan Servicing a request that the Education Department rethink your eligibility for PSLF.

Why the Department of Education caught with the identical loan servicer that screwed public servants out of getting their student loan debt forgiven below PSLF is past me. You would assume they’d use a unique servicer like Nelnet or Great Lakes to course of purposes below the brand new program.

In that e mail, you may wish to embrace the title used in your PSLF utility and your date of beginning in MM/DD/YYYY format.

Submit your TEPSLF request to [email protected]

How Long Does it Take FedLoan Servicing to Approve TEPSLF Requests

There’s no formal timeline for approval.

That mentioned, I got here throughout a Reddit thread of debtors sharing their approvals. The common timeline for approval appears to be lower than 120 days.

Reddit thread about TEPSLF

Learn More: Reddit student loan questions and solutions

FFEL Loans Aren’t Eligible for TEPSLF

The TEPSLF program solely works for Direct Loans.

So in case your PSLF utility was denied since you had the mistaken sort of federal student loan, TEPSLF would not assist.

You’ll have to consolidate your Federal Family Education Loans right into a Direct Consolidation loan after which make 120 month-to-month funds below a certified loan reimbursement plan to get your federal loan steadiness forgiven.

READ:   How To Get Proof Of Your Student Loan Debt Balances And Ownership

Is TEPSLF Working

Not actually. 

Over 38 thousand student loan debtors have submitted an utility for forgiveness.

Of these, lower than 300 have gotten their student debt forgiven.

The causes for the denials embrace:

  • failing to submit revenue info
  • making lower than 120 month-to-month funds
  • not beforehand being denied below the PSLF program

Final Thoughts

Getting aid below the TEPSLF program ought to be comparatively straight-forward. You merely want to point out you made no less than 10 years of funds whereas working full-time for within the public sector.

FedLoan Servicing could, nevertheless, follow-up with a request for added info.

If that occurs, do not sweat. Just get FedLoan the knowledge they’re requesting. Remember, you might have one purpose: federal student loan cancellation.

I’ve helped different debtors efficiently get authorised below each the PSLF and TEPSLF applications. Let’s discuss if you would like assist.