PSLF Help Tool Update

The PSLF Help Tool on the Dept of Education’s website has now been updated and is available here:

This new tool allows borrowers to look up their employer and see if their employer qualifies. It also tracks the number of qualifying payments and status of the loans (forbearance, deferment, etc.) in a clearer fashion. This number should be the same as the numbers from FedLoan Servicing’s website; however, the Dept of Education’s website appears to be updated monthly from the FedLoan Servicing website’s numbers, so there may be a temporary discrepancy.

Some borrowers may be interested in the prepayment option, but this does not allow you to receive PSLF forgiveness before the 10 year or 120 payments mark (see under “Can I get PSLF sooner than 10 years?” heading):

You must make 120 separate monthly payments. Paying extra won’t make you eligible to receive PSLF sooner.

You may prepay, or make lump-sum payments, which would apply to future months, for up to 12 months, or when your next income-driven repayment (IDR) plan is due. For example, if you recertified your IDR and your monthly payment was $100, but you paid $1200 for the first month’s payment, that payment would count as 12 separate payments for that year. You would not need to make another payment until the next 12-month cycle. These payments would count as qualifying payments towards PSLF forgiveness once you certified your eligible employment for the 12-month period.

For the prepayment to qualify for subsequent months, you must

  • pay an amount to fully satisfy future billed amounts for each month you wish to prepay within a 12-month period;
  • make one or more prepayments that pay your loan ahead (if you are on an IDR plan, you may not prepay past your next annual recertification date— your annual recertification period is the 12-month time period when your payments are based on your income); and
  • have qualifying employment that covers the due date for each month you prepay.

Note: Multiple prepayments made within the same year will not afford you more than 12 months of qualifying payments.

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