Managing Student Loans - a Q&A

I often hear about teachers getting cheated out of their PSLF after years of payments. How do I avoid this happening to me? How do I find out if they will forgive my loans after my 10 years?

likehelpful
Reaction Icon Like
Arrow Icon
works at

I was turned down because they said I had student loans prior to 1997!

Reaction Icon Like
like
Arrow Icon

That happened to me despite the fact that I paid those loans off and was looking for forgiveness for loans taken out in 2009

Reaction Icon Like
like
Arrow Icon

They only forgive Federal Direct loans. If you have any other type, they’ll turn you down

Reaction Icon Like
likehelpful
Arrow Icon

They won’t forgive private loans. I called and was declined. My loans originated as federal direct; they told me my loans were somehow changed to being classified as private, so I was turned down, which doesn’t make much sense. I think this is - in part - why they are being sued

Reaction Icon Like
like
Arrow Icon

I took out my loans from fed direct 5 years ago after consolidating. Call fed direct for help. Each year I have my employer fill out a form ne send in so it shows my countdown.

Reaction Icon Like
like
Arrow Icon

I consolidated my loans and due to the fact that one $600 loan was taken out too long ago that I rolled into the consolidation the entire sum of my loans was considered to originate at that initial point thus making the rest of my loans invalid for forgiveness

Reaction Icon Like
like
Arrow Icon

Same for me

Reaction Icon Like
like
Arrow Icon

Contact MyFedLoan and they will walk you through the process!

Reaction Icon Like
like
Arrow Icon

You have to consolidate loans that are not Federal Direct loans to make them eligible. I don’t know about private loans.

Reaction Icon Like
helpful
Arrow Icon

I can tell you, the Dept. if Ed. figured out a way to reject 99% of us teachers through these forgiveness programs. I was part of the 5 year forgiveness program. I worked in an underrepresented area of need in Science and Special Ed., I consulted the whole time with Navient and was told I was good and in compliance, but guess what? After I served the 5 years and submitted the paperwork, I was turned down and was told I took out a loan in 1998 that did not satisfy the conditions... Mind you, I finished paying that $1500 loan years ago. Navient rejected my application to forgive $17,500. I do noticed that the government waits until you apply for the grant and work the 5 years before reneging on the agreement.

Reaction Icon Like
like
Arrow Icon

I have a Fed Dir loan and was turned down. I forget why. It was something about my parents signing something that disqualified me when the loans were taken out.

Reaction Icon Like
Arrow Icon

I am going to work at a title one school they way for all my loans

Reaction Icon Like
Arrow Icon

Confused. Are you saying that because you work at a Title 1 school, you will have all of your loans forgiven OR because you are working at that particular District THEY are paying for your loans???

Reaction Icon Like
like
Arrow Icon

You should also be able to check the number of “PSLF matched months” (if any) through your Federal Student Aid login.

Reaction Icon Like
Arrow Icon

The eligibility requirements are strict, but many teachers meet them and the program can be life changing if followed carefully!

Reaction Icon Like
Arrow Icon

You could contact an attorney that specializes in consumer law. They can help you navigate PSLF and may be able to reduce your payments as well. There is one in Chicago that advertises on the radio all the time. I’m working with them to help me with Parent Plus Loan debt. There is most likely someone in your area you could contact.

Reaction Icon Like
Arrow Icon

Related Posts

I got a new role in Ohio. My SO is freaking out about the bedbug crisis there. Any tips of how to protect against bedbugs?

like
Reaction Icon Like
Arrow Icon

If anyone wants to join a boutique HR & Talent Advisory consulting firm, Kincentric is hiring for an Associate Partner role! Location doesn’t really matter, but preferably in IL, NY, or ATL.

like
Reaction Icon Like
Arrow Icon

Download the app for more exclusive discussions.