We want to inform you of important changes regarding the Public Service Loan Forgiveness (PSLF) program if you have MOHELA as your loan servicer and have a PSLF Payment Tracker.
- Starting May 1, 2024, MOHELA, in conjunction with the U.S. Department of Education (ED), will stop processing PSLF Employment Certification Forms. Consequently, your PSLF Tracker will no longer be accessible on your MOHELA account after April 30th. We strongly recommend that you download any pertinent PSLF information before this date.
- From May-July 2024, you can still submit your forms by using the PSLF Help Tool and selecting “electronic signature” by your employer, but the response will be delayed. Unless you believe you will reach 120 qualifying payments during this period, we recommend you wait to file your Certification Forms until after the transition is completed.
- Starting July 2024, the Department of Education will manage PSLF qualifying payment counts directly. A PSLF dashboard will be created on your Federal Student Aid (FSA) account at studentaid.gov. For more information, please visit StudentAid.gov/streamlining.
Please note that despite these changes, MOHELA will continue to provide all other loan servicing functions, including payment processing, billing, assistance with repayment plan applications, and handling requests for forbearance and deferment.
Review Your PSLF Information and Keep Records Before May 1, 2024! Check out this brief instruction video from our partners at EDCAP on how to save your information from Mohela: https://www.youtube.com/watch?v=i_C__uMjdU4
If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/
Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your Student Loans? Call us to schedule a FREE one-on-one session! 716-712-2060
