How do I find out if my student loan has been forgiven? (2024)

How do I find out if my student loan has been forgiven?

Your loan servicer will track your qualifying monthly payments and years of repayment and will notify you when you're getting close to the point you would qualify for forgiveness of any remaining loan balance. To determine if your remaining loan balance will be forgiven, contact your loan servicer.

How can I check if my student loan forgiveness was approved?

Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038. Be aware that MOHELA is experiencing historic submission volume that may delay response time. We appreciate your patience.

How do you know your student loan was forgiven?

How Will I Find Out if I'm Approved for Student Loan Forgiveness? If you have applied for forgiveness under a program like the PSLF or Teacher Loan Forgiveness program, your student loan servicer will notify you regarding your loan being forgiven totally, or partially with a remaining balance, depending on the program.

Why does my MOHELA balance says zero?

MOHELA, the loan servicer for the PSLF program, has stated that payment counts for PSLF may temporarily show zero qualifying payments. This can be really confusing for borrowers who were told they needed to consolidate their loans in order to be eligible for PSLF or to maximize their eligibility for PSLF.

Did the student loan forgiveness go through?

“As of today, we have approved loan relief for nearly 3.9 million borrowers who were counting on the Biden-Harris Administration to fix the broken student loan system and provide the forgiveness they earned and have been waiting for,” said U.S. Under Secretary of Education James Kvaal.

How long does it take to find out about student loan forgiveness?

The Federal Student Aid website says, however, that relief can be expected within four to six weeks of completing the application; the website also advises to apply before Nov. 15, 2022, in order to see your loans forgiven by the end of this year. Some qualified borrowers, however, may see their forgiveness sooner.

How long is the approval process for student loan forgiveness?

Once the processing is complete, it will take additional time for the servicer to make adjustments to your payment counts and apply discharges.” Borrowers should expect that the process may take up to six months, and in some cases, longer.

How do I check the status of my student loan?

How long does it take for MOHELA to process PSLF?

Form Status & Processing Times

To check your PSLF form processing status, please input the required information below. * Please keep in mind that it may take at least 60 business days for MOHELA to process these forms.

Does debt forgiveness hurt your credit?

Credit card debt forgiveness could hurt your credit

You stop making payments to your creditors as you save for your settlement. Creditors typically report the debt as "settled" rather than "paid as agreed" on your credit report once it's paid off. This shows that the creditor wasn't able to collect on the full debt.

How do I know if my MOHELA loan will be forgiven?

If you work in certain public service jobs and have made 120 payments on your Direct Loans, you may be eligible to have your loans forgiven. If some or all of your payments were not made on a qualifying repayment plan for PSLF, you may be able to receive loan forgiveness under a temporary opportunity.

Why did my student loan balance disappeared?

Zero balance – the Education Department may have forgiven the student loan debt, but what's more likely is that the loans were moved to a different servicer. Disappeared – the loans defaulted several years ago and fell off the report.

How can I check my MOHELA loan status?

Manage Your Loans 24/7 - Visit your App Store to download the MOHELA Android or iOS Apps, where you can view account details and make payments to specific loans. Call 888.866.4352 to get account information and make payments using the automated system. Log In to mohela.com or StudentAid.gov.

What happens next if your student loans are forgiven?

You will receive notification of your loan discharge via email, mail and/or your online loan servicing account (depending how your communication preferences are set). It will also be reflected when you log in to the Federal Student Aid site using your FSA ID. When you log in to your accounts, your balance should be $0.

How do I know if I'm on the save plan?

Your total principal balance, income level, and loan type will determine whether the SAVE Plan is your best option. To view your loan(s) and your loan type(s), log in to StudentAid.gov and go to your My Aid page. Your loans will tell you which repayment plan you are enrolled in.

Do student loans affect credit score?

Having a student loan will affect your credit score. Your student loan amount and payment history are a part of your credit report. Your credit reports—which impact your credit score—will contain information about your student loans, including: Amount that you owe on your loans.

Will my credit score go up if my student loans are forgiven?

As long as your loans were in good standing at the time they were discharged and your accounts are being reported properly to the credit reporting bureaus, you won't see a huge difference in your score. On the other hand, you could see your score drop if your account wasn't in good standing prior to the discharge.

Why do my student loans say paid in full?

You may notice your former servicer has cleared your loan account. For example, your loan balance may come up as “paid in full” on your former servicer's website or on your credit report. This does not mean you've received loan forgiveness. This is part of the loan transfer process.

How often does MOHELA report to credit bureau?

How often does MOHELA report my student loan information to the nationwide Consumer Reporting Agencies (CRAs)? The status of your student loan(s) is reported monthly to the nationwide consumer reporting agencies. If your account is past due, late payments may be reported.

What happens after you make 120 PSLF payments?

Once your cumulative total of qualifying payments reaches 120, the PSLF servicer will confirm your eligibility and forgive your remaining balance.

How long does MOHELA take to process?

MOHELA processes payments and documents sent over from your prior federal student loan servicer. Everything is generally processed within 30 business days. Payments will be made effective as of the date your prior servicer received the payment.

What happens after I submit my PSLF application?

If your PSLF form is approved for forgiveness, then you'll be notified that the entire remaining balance of your eligible Direct Loans will be forgiven, including all outstanding interest and principal.

How do I know if I received federal student loans?

You can identify your loan types by logging on to StudentAid.gov and selecting “My Aid” in the dropdown menu under your name. In the “Loan Breakdown” section, you'll see a list of each loan you received. You'll also see loans you paid off or consolidated into a new loan.

What does smiley face on MOHELA mean?

A smiley face and an account alert that says your account is in good standing.

Why is my public service loan forgiveness taking so long?

According to StudentAid.gov, PSLF processing times depend on: Whether you previously submitted employment documentation for review versus submitting documentation all at once when you apply for loan forgiveness. The number of qualifying employers you've had. If you have gaps in your employment or payment history.