If you are currently in the PSLF (Public Service Loan Forgiveness Program), you may have noticed a change if you tried to access information such as PSLF progress or employment certification on MOHELA’s borrower portal this month. This is due to the Department of Education streamlining student loan servicing including the PSLF program. If you had any experience with the Department of Education’s recent “simplification” of the FAFSA process, you may (rightly) have some concerns about another major transition. We are hopeful that this process will go smoother than the FAFSA and that PSLF servicing will be easier as a result.

Starting in March, federal student loan servicing websites (MOHELA, NelNet, etc.) are being transitioned from “.com” to “.gov” and will now include branding for the Department of Education. The PSLF and TEACH (Teacher Education Assistance for College and Higher Education) program servicing are also being shifted to www.StudentAid.gov (formerly serviced on MOHELA’s website). The loans will not change servicers, but all PSLF related information (such as employment certification and payment counts) will be handled through StudentAid.gov.  

As of May 1^st, there is a processing pause on PSLF forms that are submitted through the end of June.  Forms can still be submitted through the PSLF Help Tool, but will not be processed until July. You will not see updates to your PSLF payment counts as you make qualifying payments during the pause in processing. We recommend logging into the new PSLF dashboard in July following the transition to confirm all information is accurate.  

When processing resumes in July, you’ll be able to access your PSLF information by logging in to your StudentAid.gov account. The new dashboard should provide easier access to qualifying PSLF payment, enhanced form tracking and a decrease in processing time for forms.

As always, we are here for you. Please email or call if you want to set up a Zoom video conference meeting or talk by phone.

Mary McCraw, CFP®

© 2024 The Arkansas Financial Group, Inc., All rights reserved.

The Arkansas Financial Group, Inc. is a Fee-Only Financial Planning Firm located in Little Rock, AR serving clients in Arkansas and throughout the country.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Arkansas Financial Group, Inc. [“AFG]), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from AFG. AFG is neither a law firm, nor a certified public accounting firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of the AFG’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.arfinancial.com.

Please Remember: If you are a AFG client, please contact AFG, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.