I called Mohela yesterday as I was very confused with loan repayment method to choose in order to qualify for PSLF.
Originally prior to consolidation my direct loans were under standard payments, I also have FFELP loans. I read and re-read multiple times regular PSLF and then the one under temporary waiver, and it clearly stated standard payments qualify, so I submitted my loan consolidation application last week. With so much confusion out there I decided to contact chat support at studentaid.gov, and I was told that my application must be submitted under IDR (income based), so I went to cancel my application as I simply cannot afford to pay over $1 per month for a loan around $57k.
After canceling my application I paid another $900 on my Nelnet loan, so my balance there is around $48k, and my FFELP is on autopay with a total balance a little over $8k. Somehow my studentaid.gov has a higher balance despite registering my last $900 payment.
Anyway, so I called Mohela, and very polite customer care representative explained that under current temporary waiver I can submit my application for loan consolidation under standard repayments in order to qualify for PSLF.
I do not have 120 payments, I have plenty of forbearance on direct loan, with 3 big lump sum payments. FFELP I have been paying regular for last 2+ years. I know I won’t get mine waived, but if I can at least bring myself closer to PSLF forgiveness, that would be great, because I want to get closer to start buying real estate and having this huge payments, just impossible.
Yesterday I filed loan consolidation under standard payments.
Both of my jobs I can see eligible under studentaid.gov, but I have total 8 years working for qualifying jobs. First two years, which no longer excuses as they were bought out by another company, and my current job I’m there for 6 years. Do I have to send employment verification even though they are already there?