January 27, 2018
So, from what I’ve read about the PROSPER Act, it seems likely that new applications for PSLF are going to be closed in July 2018. Is this for all people with public loans or is it just for people taking out loans in July 2018? I did not plan for PSLF to get killed so soon like this; otherwise, I would’ve started working at a non-profit years ago.
I currently work for a for-profit company. Does this mean I have to get cracking RIGHT NOW to find a non-profit job so I can maybe, just maybe slide in under this possible July 2018 PSLF application deadline?
I have over 95k in student loans and the max income in my field is probably like 80-85k and I already make 70k. As things stand with the standard repayment plan, I make a payment of $1,130/month – I would rather not have to deal with this for 10 consecutive years. The tax free forgiveness that PSLF offers would be very helpful .
May 3, 2014
That is not my understanding of the PROSPER Act. As I understand it the PSLF elimination would only apply to new borrowers. Those of us with existing loans would still be able to qualify for PSLF even if we don’t start working for an eligible employer for five years.
That all being said, this is pending legislation. Things can change.
My feeling is that the best protection is actually the master promissory note, the student loan contract between borrowers and the government. Most master promissory notes include PSLF language. Hence the reason legislation to eliminate PSLF would only apply to new borrowers.
My suggestion to people is to have a plan B in place, but going after PSLF is still a viable option that may work well for some.
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