When should I receive my student loan forgiveness? (2024)

When should I receive my student loan forgiveness?

Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones. ED will continue to discharge loans as borrowers reach the required number of months for forgiveness.

How long does it take to get an answer on student loan forgiveness?

The PSLF application process can take a few months. It may take longer if you haven't been submitting regular PSLF Forms, or shorter. During the wait, you have the option of continuing to make payments or putting your loans into forbearance.

How do I know when my student loan forgiveness is approved?

Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038. Be aware that MOHELA is experiencing historic submission volume that may delay response time. We appreciate your patience.

When should I hear back about PSLF?

PSLF processing times vary based on whether you've previously submitted employment documentation and other factors. But you can generally expect to wait one to three months for your loan forgiveness application to be fully processed.

How long does it take to get student loan forgiveness application approval?

The Federal Student Aid website says, however, that relief can be expected within four to six weeks of completing the application; the website also advises to apply before Nov. 15, 2022, in order to see your loans forgiven by the end of this year. Some qualified borrowers, however, may see their forgiveness sooner.

Will I be notified if my student loan is forgiven?

You'll be notified or see a $0 balance

You will receive notification of your loan discharge via email, mail and/or your online loan servicing account (depending how your communication preferences are set). It will also be reflected when you log in to the Federal Student Aid site using your FSA ID.

Why is my PSLF taking so long?

Due to the unprecedented interest in the limited PSLF waiver we are currently experiencing longer processing times for PSLF forms. Be assured that if your PSLF form is received by us on time, it will be processed under the limited PSLF waiver rules.

Can I check the status of my loan forgiveness?

To check your Student Loan Forgiveness status, log in to your official StudentAid.gov account. Navigate to the loan information section, find your desired forgiveness program, and check for updates on eligibility and application statusborrowers for forgiveness.

How long will it take to hear about student loan forgiveness?

Once the processing is complete, it will take additional time for the servicer to make adjustments to your payment counts and apply discharges.” Borrowers should expect that the process may take up to six months, and in some cases, longer.

What happens after you get approved for student loan forgiveness?

What if my application is approved? If you qualify for forgiveness, cancellation, or discharge of the full amount of your loan, you won't have to make any more payments on that loan. If you qualify for forgiveness, cancellation, or discharge of a part of your loan, you'll need to pay back the remaining balance.

Why does my MOHELA balance says zero?

MOHELA, the loan servicer for the PSLF program, has stated that payment counts for PSLF may temporarily show zero qualifying payments. This can be really confusing for borrowers who were told they needed to consolidate their loans in order to be eligible for PSLF or to maximize their eligibility for PSLF.

How fast is MOHELA processing PSLF?

Form Status & Processing Times

To check your PSLF form processing status, please input the required information below. * Please keep in mind that it may take at least 60 business days for MOHELA to process these forms.

What is the average wait for PSLF approval?

The average processing time for PSLF applicants can vary, but borrowers should generally expect a wait of up to six months. Factors like application volume and loan servicer transfers can affect this timeline.

How long does it take MOHELA to forgive loans?

To process forgiveness, a final review of your account will be conducted, which will take at least 60 business days. PSLF Eligible and Qualifying Payments (Payment Counters): Once your PSLF form has been processed, you will be notified of changes to your payment counts from additional periods of certified employment.

What does it mean if my PSLF has been processed?

It means that your PSLF form has been reviewed by MOHELA and accepted. Next steps will be transferring your account and your application being sent to the department of education for waiver processing. These will both likely take a good amount of time.

How will student loan forgiveness be processed?

Moving forward, borrowers who meet the eligibility criteria for forgiveness under the SAVE Plan will have their loans automatically discharged with no action needed on their part. The U.S. Department of Education (Department) will continue to identify and discharge the loans on a regular basis.

Why does my student loan say paid in full?

You may notice your former servicer has cleared your loan account. For example, your loan balance may come up as “paid in full” on your former servicer's website or on your credit report. This does not mean you've received loan forgiveness. This is part of the loan transfer process.

Does debt forgiveness hurt your credit?

Credit card debt forgiveness could hurt your credit

You stop making payments to your creditors as you save for your settlement. Creditors typically report the debt as "settled" rather than "paid as agreed" on your credit report once it's paid off. This shows that the creditor wasn't able to collect on the full debt.

Why did my student loan disappeared from my credit report?

Why did my student loans disappear from my credit report? Your student loan disappeared from your credit report because your loan servicer made a mistake, or you fell into default more than 7 years ago. Remember, even if your loans no longer appear on your credit report, you're still legally obligated to repay them.

What is the wait time for MOHELA?

MOHELA reported an average wait time of less than two minutes to connect with its customer service representatives via telephone in July 2023. Complaints referenced in the class-action lawsuit say wait times reached up to nine hours in 2022.

What if MOHELA says I have 120 qualifying payments?

If your qualifying payment total is at 120 or more, you can opt into forbearance and stop making payments on your loans. If you continue making payments, any overpayments will be refunded if you have no additional outstanding loans. You can contact MOHELA to change your forbearance preference.

How long does MOHELA take to process?

MOHELA processes payments and documents sent over from your prior federal student loan servicer. Everything is generally processed within 30 business days. Payments will be made effective as of the date your prior servicer received the payment.

Does forbearance count towards forgiveness?

All borrowers affected by these errors will be placed in forbearance by their servicer until the issues are resolved and any months in forbearance will count as credit towards loan forgiveness through Public Service Loan Forgiveness or Income Driven Repayment.

Should I pay off my student loans or wait for forgiveness?

People with private student loans or without other debt tend to benefit more from paying off student loans early. If you have federal student loans and pay them off early, you could lose the opportunity to take advantage of a student loan forgiveness program (if you qualify).

How do I check the status of my student loan?