Only Direct Loans qualify, as well as certain FFEL and Perkins loans that were bought back by the Department of Education during the 2007-2009 financial crisis (this is a very, very small amount of loans).
As such, the 8 million or so borrowers that have FFEL and Perkins loans are left out of all CARES ACt programs.
Sounds like you have an FFEL loan? Basically, 99% of all loans prior to 2009 were FFEL.
Last post by Denise - February 19, 2021, 08:01:29 am
I currently have federal student loans being serviced by Navient. The Federal Student Aid/National Student Loan Database have also confirmed that my loans are federal and not private loans. Today, I contacted Navient to confirm that my scheduled montly payments have been suspended until September 30, 2021 at 0% interest per Biden's recent forbearance extension for federal student loans. According to Navient, the extension does not apply to all federal student loans. Rather, only federal student loans that were awarded by the Department of Education qualify for the extension because Biden's jurisdiction on federal student loans is limited to those given by the Department of Education.
I have not read this caveat anywhere and would like to know if anyone is aware of it or had a similar experience with Navient or other loan servicers?
Last post by nik_pa - February 18, 2021, 11:07:17 am
Just to update anyone else on this I finally received a reply from the Pa. Dept. of Revenue (I submitted the question December 10th). They confirm that loans forgiven under PSLF are taxable as the forgiveness is linked to employment.
Last post by nik_pa - January 29, 2021, 08:45:00 am
Than you, I have checked with one and they were unsure but thought the same. I am waiting to her from the Dept. of Revenue but I think they will confirm that Pa. does not follow the federal guidance and taxes the amounts.
Last post by nik_pa - January 27, 2021, 11:44:50 am
Are amounts forgiven under the PSLF program taxable at the state (Pennsylvania) level? I know they are not taxable for federal income tax purposes but have not been able to find an answer to the state question. I have tried contacting the Pa. Dept. of Revenue but phone lines are impossible and they have not replied to the customer service question I submitted almost 2 months ago.
Last post by Paulsp2012 - January 24, 2021, 09:34:09 am
Hello everyone I have several student loans originating from 2007-2009 that were originally through Sallie mae and navigant I believe. Through my own poor choices I never made any real attempts to pay on them and they were acquired by the department of education. I recently checked credit karma and they are now listed as closed with a loan balance of 0 for total despite each individual loan still having not been paid. It no longer shows it as a strike against me apparently. I tried getting information from the department of educations Texas office number and was met with an automated response that I have 37000 in loans outstanding. Will this continue to accrue as they are apparently closed? Would it be worth attempting to tackle and possibly consolidate somehow into a single payment or should I go down this constant path of ignoring the debt? Is this just a temporary reprieve from the pandemic? It says the accounts were closed in February of 2019 but I swear I saw them open later than this.. I don't have anyone else to give advice on this which is why I came to you guys for some perspective. Thank you for reading God bless.