6 Things to Know About Public Service Loan Forgiveness During the COVID-19 Emergency

6 Things to Know About Public Service Loan Forgiveness During the COVID-19 Emergency Woman standing smiling holding a table in front of a person seated (with his/her back is to the viewer).

On Aug. 8, 2020, President Trump extended the 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) until Jan. 31, 2021. These relief measures began March 13, 2020.

If you’re considering or already participating in Public Service Loan Forgiveness (PSLF) or Temporary Expanded Public Service Loan Forgiveness (TEPSLF), you may have questions about how this suspension of payments or other Coronavirus-related changes will impact your progress.

Before we look at those impacts, check out the eligibility requirements for PSLF.

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5 Things to Know About Current Repayment Flexibilities and Your Federal Student Loans

Young man smiles slightly next to text which reads “5 Things to Know About Current Repayment Flexibilities and Your Federal Student Loans”

On Jan. 20, 2021, the 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) were extended through at least Sept. 30, 2021. These relief measures began on March 13, 2020, and below you’ll find a recap of the resulting repayment flexibilities for student loan borrowers and relevant considerations.

Check out StudentAid.gov/coronavirus for the latest updates.

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So Your Loan Was Transferred, What’s Next?

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Whether you are new to student loan repayment or not, or whether you have just one loan or 10, we know that it can be challenging to keep track of everything. And, if Federal Student Aid (FSA) transfers one or more of your federally-owned student loans to a new servicer, you may have some questions. If so, we’re here to help make sense of it all.

Sometimes FSA needs to transfer a borrower’s federally-owned loan between members of its federal loan servicer team which changes the servicing assignment for those loans. 

We also transfer loans when borrowers sign up for programs, such as Public Service Loan Forgiveness (PSLF). Today, only one of our loan servicers exclusively handles accounts enrolled in the PSLF Program, so those accounts get transferred to that servicer regularly. And, sometimes, it’s necessary to transfer loans when a servicer’s contract with the Department of Education (ED) ends.

Rest assured; FSA is working closely with our federal loan servicers to make sure your loan transfer is as seamless as possible. You may need to take a few steps to ensure you get set up properly with your newly assigned loan servicer, but don’t worry; we’ll let you know what action to take and we’ll be here to support you along the way.

Here are some key pieces of information you need to know if your loans are being transferred to a new servicer:

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How to Use the Public Service Loan Forgiveness Help Tool

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Chances are you’ve at least heard of the Public Service Loan Forgiveness (PSLF) Program, but do you know if your loans qualify? Or, how to apply? If not, we’re here to help!

First, what is PSLF? PSLF is a program that forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan, while working full-time for a qualifying employer. However, your loan will only be forgiven if you meet all of the PSLF Program eligibility requirements.

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Student Loan Forgiveness (and Other Ways the Government Can Help You Repay Your Loans)

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Here’s a common question from customers who have taken out student loans… Is it really possible to have my federal student loans forgiven or to get help repaying them?

The answer: Yes!

However, there are very specific eligibility requirements you must meet to qualify for loan forgiveness or receive help with repayment. Loan forgiveness means you don’t have to pay back some or all of your loan.

You never know what you may be eligible for, so take a look at the options we have listed below.

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7 Things You Need Before Filling Out the 2020–21 FAFSA® Form

If you need financial aid to help pay for college, you must complete the Free Application for Federal Student Aid (FAFSA) form. The 2020–21 FAFSA form is available beginning Oct. 1, 2019. You should fill it out as soon as possible on or after Oct. 1 at the official government site, fafsa.gov.

It’ll be easier to complete the FAFSA form if you gather what you need ahead of time. Here’s what you’ll need to fill it out.

1. Your FSA Account 

If you haven’t already, create a Federal Student Aid (FSA) account by setting up a username and password. Each student, and—if you’re a dependent—one of your parents, will need an FSA account (also known as an FSA ID) to complete the FAFSA process on fafsa.gov. We recommend creating your account early—even before you’re ready to complete the FAFSA form—to avoid delays in the process. That’s because you may need to wait up to three days to use your FSA account after creating it.

Create an FSA Account

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