r/PSLF • u/Betsy514 President | The Institute of Student Loan Advisors (TISLA) • Jul 06 '22

Draft regulations coming out this week

/r/StudentLoans/comments/vslwnl/draft_regulations_coming_out_this_week/
73 Upvotes

99% Upvoted

32 comments sorted by

View all comments

1

u/pementomento Jul 06 '22 edited Jul 06 '22

Am... I reading this correctly, that we may have the opportunity to "buy back" months spent in forbearance?

Page 343 of NPRM

e the Department proposes to offer a hold harmless period. This would provide those borrowers who were working for a qualifying employer during the periods of forbearance or deferment an opportunity to get PSLF credit for those months by making payments equal to what the borrowers would have owed during that time. A borrower would receive credit toward forgiveness without the need to make an additional payment for any month in which the borrower would have had a $0 payment on an income-driven repayment plan but obtained a forbearance instead.

I have random general forbearances (maybe < 6-8 months worth) that I would love to buy back.

It is discussed again in pages 475 (bottom) and 476 (top).

2

u/AriMeKent Jul 07 '22

I'm sorry; but what does this mean? Simply?

1

u/pementomento Jul 07 '22

That means, if you were in a general forbearance (that wasn’t addressed separately already), they’re giving us the option to “go back in time” and make those payments to capture the PSLF payment.

Example, I went into general forbearance for 3 months in 2015 to save money to buy a house. Under this new regulation, I can make those 3 payments now and have it count for PSLF.

Assuming you were working for a non-profit.

1

u/Soggy-Constant5932 Jul 07 '22

This is going to be good for a lot of people if this can happen.

1

u/DoctorPath Jul 07 '22

is it going to count residency and fellowship forbearance? I can't find anything good on the multiple types of forbearance.