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Public Service Student Loans

Preparing for college and making financial decisions at the same time is no easy task. In fact, just knowing what type of student loan to apply for is head-spinning. However, if you are preparing for college and you are thinking of applying for student loans, there are several things you should know before you apply.

If you are looking for information on the William D. Ford Act program, take a sidebar here.

If you have already applied for student loans, think of your financial future beyond college first. If you do end up applying for student loans and get rejected, don’t fret! It happens. Take a look at the below for some insights from the pros.

What is Public Service Student Loan Forgiveness?

Directly from the StudentAid.gov site: “The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 (10 years) qualifying 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 PSLF Program eligibility conditions.”

Preparing paperwork for the application

Most of this paperwork can be found online these days, and hopefully, you have digital copies of each of these, which will make this process much easier. However, if you still only keep paper versions of these, hit the filing cabinet and search for the following:

  • Your most recent W-2  from your employer or employers, or, if you do not have your W-2, your organization’s Federal Employer Identification Number (EIN)
  • Information about the dates of your employment, such as when you began working for your employer and when you stopped working for them (if no longer employed there)
  • Information about the type of employer you work for (for example, a government organization)
  • If your employer is a not-for-profit organization, the type of tax-exempt status that your employer has, if any (for example, a 501(c)(3) or a 501(c)(4) status)

How long does it take to fill out an application, what are the fees?

With all paperwork and information ready to go, it should only take 10-15 minutes to fill out the application.

There is no fee to fill out the application.

What happens if my application is rejected?

Don’t sweat it, 99% of first-time applicants get rejected in this program! Many times, an improper application was submitted. Other times, however, the automatic review system rejects the applicant in error. A manual review is then required for an appeal of your application. Follow these simple steps:

  1. Email FedLoan Servicing at tepslf@myfedloan.org to request that the Education Department reconsider your eligibility for Public Service Loan Forgiveness.
  2. Include the same name under which you submitted your Public Service Loan Forgiveness application and your date of birth in the email.

 

Sample Email Template:

To: tepslf@myfedloan.org

Subject: TEPSLF request

 

I request that the U.S. Department of Education respectfully reconsider my eligibility for public service loan forgiveness.

 

Name: [Enter the same name under which you submitted your Public Service Loan Forgiveness application]

Date of Birth: [Enter your date of birth in MM/DD/YYYY format]

Thank you for your consideration.

 

Sincerely,

[Your Name]

 

You will receive a response from FedLoan Servicing once your request has been reviewed. Separately, you can contact FedLoan Servicing at 1-855-265-4038 from 8 a.m.– 9 p.m. Eastern time, Monday through Friday.

Other tips and general information

Reviews of your appeal can take the FedLoan Servicing department a few weeks. Be persistent with your follow-ups to your appeal email if you don’t receive a response. Be understanding though – FedLoan Servicing receives hundreds of requests for various issues per day, so be polite when you follow up.

Make sure you have your paperwork handy when responding to any communications you receive. Contact us today at the number below if you have any questions!

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If you found our blog looking for financial advice or assistance with credit card debt relief or debt consolidation, call Golden Financial Services today at (866)-376-9846 or info@goldenfs.org. You can check out the rest of our blog here, and do your research on our services here. Let’s talk soon!

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