January 13, 2019
This is a multi part question:
1. If I VOLUNTEER to work at a 501(c)3 does that work qualify for PSLF? Are there minimum number of hours worked to qualify? What is that?
2. Are all certified 501(c)3 organizations treated the same or do the loan people look for additional qualifications? What are they? My church is a 501(c)3 ..does it qualify?
3. Do I have to be PAID as an employee of the 501(c)3 to qualify for PSLF?
4. If I get paid , will minimum wage qualify?
5. If it all works out what paperwork and procedure is required. Please advise.
1. I have an outstanding balance of almot 60000 on an original of 40,000. I am unemployed, unable to pay, and coming on to 60 years.
2. Is it possible that if I can beg/borrow/short of steal scrape together 40,000 to pay off original will Fedloan/Navient people agree to waive the accrued interest. And close my file?
May 3, 2014
1) I do not believe that volunteer work would count (your employer has to certify that you are a full time employee)… it requires a minimum of 35 hours per week.
2) There have been some issues with some employers, so the best way to know for sure is to review the employment certification form with a potential employer, and if you are already working there, submit it for review asap. Also for churches, take special note of question 8 on page two of the form: https://studentaid.ed.gov/sa/sites/default/files/public-service-employment-certification-form.pdf
3) I don’t think volunteering would work…again, check out the form… but I won’t say for certain.
4) Minimum wage work would qualify.
5) Submit employer certification forms on a yearly basis, once you have reached 120 qualifying payments, apply for the loans to be forgiven.
As for your additional questions:
1) I’d suggest getting on to an income-driven repayment plan as soon as possible, with you being unemployed, you can pay $0 per month and get started towards student loan forgiveness (the standard loan forgiveness, not the public service variety) More on forgiveness can be read here: https://studentloansherpa.com/student-loan-forgiveness-programs/
2) There have been federal settlements, but it is extremely rare… there is little to no incentive for the federal government/loan servicer to accept a partial payoff
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