A Wrinkle in the Process

My original loan provider +Nelnet transferred my #DirectLoans to +MyFedLoan sometime in July as part of the Public Service Loan Forgiveness program #PSLF. During this time I received a letter that my loans were paid off from Nelnet. Knowing that this was part of the transition of my loans, I awaited information about my loans payments and their due dates with MyFedLoan.org. I received a letter from MyFedLoan.org that my account was past due and I owed about $1,100 by August 5th. Remember a few posts ago about how happy I was to have a $144 payment? After a few phone calls over the course of a few days, MyFedLoan finally had my loans transferred AND they corrected my monthly payment to be $144 NOT $1,100. Interestingly enough, I didn't have to make a payment to MyFedLoan on July 5th or August 5th while the loans were transferred to MyFedLoan as part of the Public Service Loan Forgiveness program.

Another important piece of information: the Employment Certification I submitted only cover loan payments through the date of the application; any payments after the application date require a new employment Certification form. I submitted the application April 18th, before any payments were made. MyFedLoan suggests you submit the form annually. Since I hadn't been credited for any payments it doesn't really make sense to resubmit until next year.

I would still suggest that if you are currently making payments, and have worked for a 501c3, education, government, non profit, or other public service type program, you submit the required form. You will receive credit towards the required 120 payments for any employment and payment after October 1, 2007. You may already have up to 6 years and 10 months of credit and not even know it. If you do, congratulations! You're almost there.

I'm looking at August 2024. Although it was nice to have another 2 months off from student loan payments, Future me is going to be upset that he has to make those higher payments for 2 extra months. :/