Hmmm. Your payments should have been paused automatically once the consolidation to a direct loan was complete.
If they weren't - you can actually request those payments back now, before forgiveness.
"Refunds During the Payment Pause
You can get a refund for any payment (including auto-debit payments) you make during the payment pause (beginning March 13, 2020). Contact your loan servicer to request that your payment be refunded."
I think it's because the process took awhile for my application to go through (they were super backed up).
Besides that scenario, what other refunds would people be getting?
I wish I was getting my extra 30+ paymenta refunded!
People are also getting refunds for overpayment on their direct loan/direct consolidation loans for any payments after the 120th payment.
I'm a personal example of it - I consolidated to a direct consolidation loan back in 2012. And based on waiver rules for pslf - I completed my 10 year requirement in Jan 2019. So my forgiveness was back dated to then and I was refunded every payment after Jan 2019.
For anyone who consolidated their ffel loans or multiple direct loans to take advantage of the waiver they still came out way on top with the waiver (and now IDR adjustment). Prior to these two things - payments made to ffel loans or before consolidation would not have counted for pslf. For the ffel in particular, payments were made to private banking institutions and not the government, so the fact that the government is now counting them as though they were made to them is amazing, but they're obviously not going to refund money that wasn't paid to them.
Once this IDR adjustment period is over and everything goes back to traditional rules (Jan 2024), folks need to be careful about consolidation again.
I think it's because the process took awhile for my application to go through (they were super backed up).
Besides that scenario, what other refunds would people be getting?
I wish I was getting my extra 30+ paymenta refunded!
People are also getting refunds for overpayment on their direct loan/direct consolidation loans for any payments after the 120th payment.
I'm a personal example of it - I consolidated to a direct consolidation loan back in 2012. And based on waiver rules for pslf - I completed my 10 year requirement in Jan 2019. So my forgiveness was back dated to then and I was refunded every payment after Jan 2019.
For anyone who consolidated their ffel loans or multiple direct loans to take advantage of the waiver they still came out way on top with the waiver (and now IDR adjustment). Prior to these two things - payments made to ffel loans or before consolidation would not have counted for pslf. For the ffel in particular, payments were made to private banking institutions and not the government, so the fact that the government is now counting them as though they were made to them is amazing, but they're obviously not going to refund money that wasn't paid to them.
Once this IDR adjustment period is over and everything goes back to traditional rules (Jan 2024), folks need to be careful about consolidation again.
Interesting.
I never consolidated until this program so I don't think I qualify for that type of refund.
I'm curious as to how much I'm actually getting back.
People are also getting refunds for overpayment on their direct loan/direct consolidation loans for any payments after the 120th payment.
I'm a personal example of it - I consolidated to a direct consolidation loan back in 2012. And based on waiver rules for pslf - I completed my 10 year requirement in Jan 2019. So my forgiveness was back dated to then and I was refunded every payment after Jan 2019.
For anyone who consolidated their ffel loans or multiple direct loans to take advantage of the waiver they still came out way on top with the waiver (and now IDR adjustment). Prior to these two things - payments made to ffel loans or before consolidation would not have counted for pslf. For the ffel in particular, payments were made to private banking institutions and not the government, so the fact that the government is now counting them as though they were made to them is amazing, but they're obviously not going to refund money that wasn't paid to them.
Once this IDR adjustment period is over and everything goes back to traditional rules (Jan 2024), folks need to be careful about consolidation again.
Interesting.
I never consolidated until this program so I don't think I qualify for that type of refund.
I'm curious as to how much I'm actually getting back.
Thanks for all of the guidance and explanation!
If you look at the date our consolidation was funded - it should be any payment made after that date (since you're over 120) and because it was covid times.
I haven’t posted in this thread yet, but have been following along to help FI. After a few errors and a lot of time on hold, he got his letter forgiving his $61k in student loans a week or so ago. 🥳🥳 Thanks to all in this thread and especially to gretchenindisguise!
I consolidated last spring and then started the application process but my payments weren't paused until 1 or 2 months later (hard to remember). I have to made a payment since Augustish.
Hmmm. Your payments should have been paused automatically once the consolidation to a direct loan was complete.
If they weren't - you can actually request those payments back now, before forgiveness.
"Refunds During the Payment Pause
You can get a refund for any payment (including auto-debit payments) you make during the payment pause (beginning March 13, 2020). Contact your loan servicer to request that your payment be refunded."
A little caveat to this that I learned the hard way recently - they are denying refunds of any payments you made if you consolidated after March 2020 (so, you know, basically everybody who is applying for the PSLF waiver...). So there goes the $8k I was hoping to get back. Any it didn't matter that those extra payments I made were before I consolidated, and with the same servicer that I'm back with again now (Mohela). Since I consolidated after March 2020, they said I'm SOL.
Oh, and they never followed up with me to tell me this was the case, so they just denied the refund and moved on and never contacted me to tell me about it. I ended up calling them to find out what the status was.
Hmmm. Your payments should have been paused automatically once the consolidation to a direct loan was complete.
If they weren't - you can actually request those payments back now, before forgiveness.
"Refunds During the Payment Pause
You can get a refund for any payment (including auto-debit payments) you make during the payment pause (beginning March 13, 2020). Contact your loan servicer to request that your payment be refunded."
A little caveat to this that I learned the hard way recently - they are denying refunds of any payments you made if you consolidated after March 2020 (so, you know, basically everybody who is applying for the PSLF waiver...). So there goes the $8k I was hoping to get back. Any it didn't matter that those extra payments I made were before I consolidated, and with the same servicer that I'm back with again now (Mohela). Since I consolidated after March 2020, they said I'm SOL.
Oh, and they never followed up with me to tell me this was the case, so they just denied the refund and moved on and never contacted me to tell me about it. I ended up calling them to find out what the status was.
Yeah, unfortunately consolidation erases any chance for refund from the old loan because it pays off the old loan and creates a new one. Since the old loan is paid, they can't refund you from it.
If you had paid after consolidation, which imaimahoney was potentially talking about, then you would get refunded those payments from the new loan that were over the 120 mark or paid during covid pause months.
It’s official! A little over a year after applying, my loan is wiped out! 🎉🍾🤸
Wahoo!
So 1 year after you had enough payments is how long it took them to forgive them?
I’m just fantasizing about quitting my job so don’t want to get overly excited that it’ll be a fast process once I get to 120, lol.
It's averaging 3-6 months once you hit 120. I'm hopeful it'll speed up a bit once most of the pslf waiver applications are processed. It also seems like Mohela is getting their legs under them a bit, which will help speed things up.
It’s official! A little over a year after applying, my loan is wiped out! 🎉🍾🤸
Wahoo!
So 1 year after you had enough payments is how long it took them to forgive them?
I’m just fantasizing about quitting my job so don’t want to get overly excited that it’ll be a fast process once I get to 120, lol.
Yours should be much faster. I was hindered by the fact I had the wrong loans at first and the first company that was managing denied me because I only had one loan. I thought they were just telling me I didn’t need to consolidate and finally figured out in October that no progress would be made until I attempted consolidation again.
Then I applied again and highlighted that I was eligible because it was for PSLF, and they had to go through the consolidation process and employment verification process all over again. So technically it’s just been since October due to my own ignorance.
Post by HoneySpider on Apr 27, 2023 13:21:01 GMT -5
I'm still waiting for Mohela to update the count for my current employer, I've talked to them about it a few times and keep getting told it will be fixed, but we're not there yet. One time they added some payments, but not all. With it I will be well over 120, but in the meantime with the covid pause, payments keep getting added and now I'm only 2 months away. So I'll have 120 payments in June. I'm so ready to be done with this!
Post by Doggy Mommy on Apr 28, 2023 9:34:39 GMT -5
Mine was forgiven this week! Yay! I wouldn’t have known about the waiver at all if I hadn’t heard about it here, so thank you all for posting about it!
Mine was forgiven this week! Yay! I wouldn’t have known about the waiver at all if I hadn’t heard about it here, so thank you all for posting about it!
Mine was forgiven this week! Yay! I wouldn’t have known about the waiver at all if I hadn’t heard about it here, so thank you all for posting about it!
Mine was forgiven this week! Yay! I wouldn’t have known about the waiver at all if I hadn’t heard about it here, so thank you all for posting about it!
So 1 year after you had enough payments is how long it took them to forgive them?
I’m just fantasizing about quitting my job so don’t want to get overly excited that it’ll be a fast process once I get to 120, lol.
It's averaging 3-6 months once you hit 120. I'm hopeful it'll speed up a bit once most of the pslf waiver applications are processed. It also seems like Mohela is getting their legs under them a bit, which will help speed things up.
Awesome! I imagine being all dramatic quitting my job like I won the lottery when I get verification that it’s been approved and I see that 0 balance I’m sure it’ll be much more mellow than that, but I’m going to fantasize.
Post by Jalapeñomel on May 8, 2023 14:33:31 GMT -5
I think this has been asked, but imma gonna ask again: the payment pause ends in August. Does that mean they’ll count payments up until them as part of this COVID waiver thingy?
I think this has been asked, but imma gonna ask again: the payment pause ends in August. Does that mean they’ll count payments up until them as part of this COVID waiver thingy?
Yes. Paused payments count as long as you have qualifying employment.
I think this has been asked, but imma gonna ask again: the payment pause ends in August. Does that mean they’ll count payments up until them as part of this COVID waiver thingy?
Yes. Paused payments count as long as you have qualifying employment.
I
So that’ll wipe out DH’s debt. They’ve counted 117 payments; if May, June, July count, august will put him at 121.
Yes. Paused payments count as long as you have qualifying employment.
I
So that’ll wipe out DH’s debt. They’ve counted 117 payments; if May, June, July count, august will put him at 121.
I’m in disbelief.
That's awesome!!
When payments do restart, you can ask to go into admin forbearance while they process his forgiveness so you never have to make another payment. If you don’t want to do that, any payment he does make over 120 will be refunded.
I haven’t posted in here in forever, but my aunt and co-worker who I helped with all this recently got forgiveness! They are both in their late 50s and this will help them retire sooner! They both assumed they’d be paying their loans until they died. My co-worker had six figures!
I haven’t posted in here in forever, but my aunt and co-worker who I helped with all this recently got forgiveness! They are both in their late 50s and this will help them retire sooner! They both assumed they’d be paying their loans until they died. My co-worker had six figures!
Post by Jalapeñomel on May 16, 2023 9:12:50 GMT -5
Ok, my counts are still wrong. They keep telling me that they will be updated by July, but DH's are all updated and he filed after me.
There are three gaps in my counting, one where they didn't count 12 months worth! Should I just keep waiting or insist that someone goes back and reviews my counts?
Ok, my counts are still wrong. They keep telling me that they will be updated by July, but DH's are all updated and he filed after me.
There are three gaps in my counting, one where they didn't count 12 months worth! Should I just keep waiting or insist that someone goes back and reviews my counts?
I'm no expert but waiting never did anything for me. I would ask.
Ok, my counts are still wrong. They keep telling me that they will be updated by July, but DH's are all updated and he filed after me.
There are three gaps in my counting, one where they didn't count 12 months worth! Should I just keep waiting or insist that someone goes back and reviews my counts?
I don't think there is anything wrong with asking!
But also keep in mind that there doesn't seem to be a whole lot of rhyme or reason to the order that things are being processed so I wouldn't get too concerned that someone who filed after me is moving faster.
Ok, my counts are still wrong. They keep telling me that they will be updated by July, but DH's are all updated and he filed after me.
There are three gaps in my counting, one where they didn't count 12 months worth! Should I just keep waiting or insist that someone goes back and reviews my counts?
I don't think there is anything wrong with asking!
But also keep in mind that there doesn't seem to be a whole lot of rhyme or reason to the order that things are being processed so I wouldn't get too concerned that someone who filed after me is moving faster.
I've asked a couple of times, and they just keep saying call back in July. It's so annoying to me that they skipped an entire year of payments for no rhyme or reason, and I'm afraid if I keep waiting, nothing will ever get done!
I don't think there is anything wrong with asking!
But also keep in mind that there doesn't seem to be a whole lot of rhyme or reason to the order that things are being processed so I wouldn't get too concerned that someone who filed after me is moving faster.
I've asked a couple of times, and they just keep saying call back in July. It's so annoying to me that they skipped an entire year of payments for no rhyme or reason, and I'm afraid if I keep waiting, nothing will ever get done!
What year did they skip and what status were the loans in at that time (i.e. repayment, deferment, forbearance...)?