60-Day IDR Processing Forbearance Successful Qualifying Payments

Just wanted to share my recent story in case the information helps anyone else. I just got an update today to my account that I am at 121 qualifying payments based on the 60-day processing forbearance associated with submitting an IDR application.

I was at 119 qualifying payments in July right before the whole SAVE plan implosion stopped everything for me. When they started processing IDR applications again at the beginning of October, I noticed they were giving 60-day IDR application processing forbearances which qualified under PSLF. Beyond the 60-days, there would still be an application processing forbearance, but it does not qualify for PSLF. This obviously didn't matter for me as I only needed one more qualifying month.

So in order to run away from the SAVE plan I decided to apply for IBR ASAP in early October. They still have not approved my application to switch to IBR. But I received a letter around Thanksgiving stating that I was being put into the qualifying 60-day IDR application processing forbearance effective October 1. So that meant as of December 1, I should have two more eligible months. So I submitted an employer certification update electronically on December 2, and certified I am at 120 qualifying payments and entitled to forgiveness. I just received an update today from StudentAid that I am at 121 qualifying payments. So it looks like they added the two months for the 60-days as they said they would.

The StudentAid website now says the auto-generated language that I've been seeing from others when you cross the 120 qualifying payment mark: "Congratulations! You have satisfied your obligation, and no additional payments are required for this loan." So at this point I guess I am just waiting for the official letter forgiving the loan, and that will be ~$200K off my ledger!

I'll try to update when anything else happens so others can see the timeframes we are dealing with for approvals right now.

UPDATE (12/10/24): I received notice that a buyback request I submitted was approved. I can pay $716 to get one qualifying payment for a month I am trying to buy back from years ago. When I was stuck at 119 months this seemed like a very reasonable approach, but now that I've crossed the 120 qualifying payment threshold I am not sure whether I should do the buyback to hopefully speed some things up a little. If anyone has insight into the timeframes for forgiveness after your account shows 120 qualifying payments it would be appreciated. I don't want to be waiting forever for "regular" PSLF forgiveness if I can speed it up and do the buyback (if it's faster). I would like to be done with public service ASAP because I have a potential private sector job lined up, but it won't wait forever.

UPDATE (12/24/24): I received the "golden letter" on 12/20 from Dept of Education saying I have met the requirements for PSLF, and that I should receive correspondence from MOHELA within 30 days closing out the loan. Today I checked the MOHELA website and it now says my loans have been discharged and shows a $0 balance. $203K done! Time to move on.