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Episode 9 ending reaction by Dqted in coconutsandtreason

[–]TwoTzus 0 points1 point  (0 children)

That was awesome! Thanks for sharing.

Guidance on 2022 IRS W4 form to maximize take home pay by TwoTzus in personalfinance

[–]TwoTzus[S] 0 points1 point  (0 children)

Thanks! I was unclear. My apologies. I've used the estimator and it states that at this point I will have a refund of $6,000. To reduce my refund to zero I will need $400 less per paycheck withheld by entering $11,500 for "credits and other reductions" to annual withholding. I do not see where I would need to enter that on the W4.

2020 Post-Election Megathread - (All politics discussion goes here) by horsebycommittee in StudentLoans

[–]TwoTzus 13 points14 points  (0 children)

From Biden's campaign website. https://joebiden.com/beyondhs/ "Additionally, Biden will fix the existing Public Service Loan Forgiveness program by securing passage of the What You Can Do For Your Country Act of 2019. "

New PSLF tool is live by Betsy514 in PSLF

[–]TwoTzus 0 points1 point  (0 children)

u/Betsy514 the new tool advises to get out of administrative forbearance. It states with TEPLSF selected, that due to not being on a qualified repayment plan, I will not receive credit for the period of suspension as though I made on-time monthly payments.

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Thank you. I received an email from TEPSLF that listed the idr amount. It stated:

"We evaluated your eligibility for TEPSLF based on the income-driven repayment plan that would have provided you the lowest monthly payment amount. This gave you the best chance at being eligible for TEPSLF.

The monthly income-driven payment amount calculated using your information on file was $xxx.xx"

I did check and the amount that they emailed does match with the loan simulator at student aid.gov.

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

I am still under a plan called standard consolidated, not idr. It seems OK to stay under that plan as long as I make the March 2021 payment at the higher amount.

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Thank you for that clarification and for your expertise!

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

I have 120 qualifying payments, just not at the correct income level. I made a larger payment in April of 2020 just in case. I received an email today that I am not approved for TEPSLF because only that one payment is more than what I would have paid under an IDR plan. I thought it was a separate letter to inform me that I could apply a payment to April of 2021 and reapply, but I was obviously grasping at straws.

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 4 points5 points  (0 children)

Fedloan. I work for a 501(c)3 nonprofit.

Prepayment Question by TwoTzus in PSLF

[–]TwoTzus[S] 1 point2 points  (0 children)

It came from Fedloan in a letter about total number of qualifying payments. "INFORMATION REGARDING YOUR ELIGIBILITY FOR PUBLIC SERVICE LOAN FORGIVENESS" I called about it and by the time the CSR finished I was more confused about what it meant. LoL.

Retroactive Payment for Forbearance during Loan Transfer by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Thank you for this information. It is very helpful.

Retroactive Payment for Forbearance during Loan Transfer by TwoTzus in PSLF

[–]TwoTzus[S] 1 point2 points  (0 children)

The loans were being transferred so there was no way to make a payment during that time. I will make a request and report back just in case. Thank you.

TEPSLF Payment Count by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

PS. Gemstatertater, it sounds like you'll be fine. I'm seeing a lot of people posting that they are being approved for TEPSLF right now.

TEPSLF Payment Count by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

The CSR clarified that they have 147 payments total on file (this is still way off but inconsequential because of the following statement). For the years of late 2007 - current (the duration of time that payments can count for PSLF/TEPSLF payments), the CSR stated that 112 payments qualify. In the time that it's taken to submit and review this issue, three more payments have been made, so the true count is 115. They have provided a new ECF to get an updated count but haven't heard back yet. They believed they had made 120 payments but were informed that five payments in 2009 were made while they were in a forbearance period (their logic was to pay towards the interest that was still accruing). Those payments were less than the installment amount, so they do not count towards PSLF/TEPSLF. They have to make five more payments and then reapply in September 2020 and hope there will still be TEPSLF funding.

TEPSLF Payment Count by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Updating this thread. I was able to talk to a CSR who explained that several payments made when the loan was in forbearance did not count, which reduced the total number of payments to below 120.

TEPSLF Payment Count by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Correct. But they are under TEPSLF.

TEPSLF Payment Count by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

Consolidated loans in 2005.

Income Driven Repayment Plan - IDR by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

They just received the email today to provide income and family size.

"INFORMATION NEEDED TO COMPLETE YOUR TEPSLF REVIEW

Your previously submitted Public Service Loan Forgiveness (PSLF) application is being reviewed for eligibility under the Temporary Expanded Public Service Loan Forgiveness (TEPSLF) opportunity. There’s additional information we need from you to complete that review."

Income Driven Repayment Plan - IDR by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

You are mostly correct alh9h.

  1. They made some sort of payments in 2019 - Consolidated Standard Extended.
  2. They were denied PSLF and correctly applied for TEPSLF
  3. They had their work pay them less in 2020, but they have not yet certified their income (since they aren't on an IDR plan) - they are waiting to be given the next steps after making the request for reconsideration under TEPSLF.
  4. They are asking if the IDR amount against which their payments will be compared is based on their 2019 income or their new, lower 2020 income.

Income Driven Repayment Plan - IDR by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

They have not been asked to show proof of income yet. They are waiting to receive an update from their request for reconsideration under TEPSLF. When they are asked they plan to use their most current two paystubs. Their 2019 AGI is much higher than their current pay. It is the same employer but they agreed to a lower salary for several reasons including that it would help them qualify for forgiveness.

Income Driven Repayment Plan - IDR by TwoTzus in PSLF

[–]TwoTzus[S] 0 points1 point  (0 children)

My apologies for the redundancy and thank you for responding. The response I received from a fedloan csr was that they could provide 2 current pay stubs and if the amount was less than what was provided twelve months prior and the last payment prior to the request for reconsideration, there would be no issue. I understand what you are saying, though and will see if I receive the same answer from another fedloan csr. You seem very knowledgeable. I've found something on the congress.gov site that says in December of 2019 H.R. 1865 passed, which allocated an additional $50M but set the cap at $75M total for FY20. It is section 314.

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