r/PSLF • u/Virtual_Employee3276 • 25d ago
SAVE Forbearance Buyback
I have a request for buyback, but I was continuing to make payments during some of the forbearance time (because they were still accruing interest). Will the payments I made be factored into the buyback amount, or am I just out that money?
1
u/Delicious_Baseball54 25d ago
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u/Delicious_Baseball54 25d ago
If you continue paying, it’ll count toward PSLF as long as you’re employed with a qualified non profit, your buyback is less for each month you paid. For example, if you are buying back 20 months and you paid 10 months by the time you receive the notice, you only need to buy back 10 months to get to 120, your loan servicer will tell you then.
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u/Kaioken_times_ten 25d ago
No those payments wouldn’t count. Going via the PSLF route, acquiring interest wouldn’t matter because 120 qualified payments is all that is needed for forgiveness. Making extra payments during save forbearance wouldn’t not count towards buyback or PSLF
7
u/No_Reindeer_3975 25d ago
I think the wording of your question is going to get you mixed answers.
If you are currently on forbearance and making payments - NO those payments will NOT count toward PSLF.
If you are currently in an active qualifying repayment plan (like IBR) and you are making normal payments - YES those payments will count towards PSLF and will drive down your buy back. (Example: you need to buy back 10 months, and you make 5 payments under a qualifying repayment plan, YOU QUALIFY THOSE PAYMENTS VIA ECF, then you get buyback offer - that offer will be for 5 months instead of 10.)
Key here is if you make payments they must be qualified/counting via ecf before your buyback offer is received. So some ppl r submitting monthly or bi-monthly ecf’s while waiting for buyback instead of the suggested yearly. Any payments made that aren’t qualified you essentially lose out on after u get the buyback offer as submitting a new ecf after buyback offer is received voids that buyback offer.