There have been some important changes over the past few weeks regarding Public Student Loan Forgiveness (PSLF), and the advisors at Vestia here to help you navigate them smoothly! As many of you know, your loans have been in administrative forbearance since June while transitioning from Mohela to Mohela.StudentAid, and you should have received an email when your loans were successfully transferred. Once you receive that email, you will be able to set up your login credentials at https://mohela.studentaid.gov/.
What You Need to Do Right Now
While setting up your new account, here are some items that we suggest you give immediate attention.
· Create New Login Credentials: You will need to setup new login credentials at https://mohela.studentaid.gov/
· Double-Check Your Bank Account: Make sure your updated correct bank account is still linked for payments.
· Set Up Auto Drafts: Confirm that you auto drafts are aligned with your next payment due date.
· Verify Income-Based Repayment: Verify that this is the same as it was before the transfer.
Even though everything should transfer over seamlessly, these steps are important to avoid any potential future hiccups.
Tracking Your PSLF Progress
Going forward, the Mohela.StudentAid login will be where you go to make payments and update banking information, however this is not the best place to track your payment progress toward Public Student Loan Forgiveness the way your previous Mohela login was used in the past. The new way to track your PSLF progress is through your https://studentaid.gov/ login. Under the “My Aid” dropdown you will be able to see each of your loans, the qualifying payment count, and your expected forgiveness date. This is overall very similar to the tool that was used on the Mohela site, with some of the same features such as the ability to view individual payments for specific loans.
Do a Quick Payment Count Audit
We highly recommend doing a quick audit to verify your payment count is accurate post-transition. If something is missing or just not adding up, reach out to your advisor, or contact StudentAid.gov at 1-888-303-7818. Going forward, StudentAid.gov will also be where you will submit all your income documentation and PSLF employment certification forms, making it a one-stop shop to keep things streamlined.
Need Help? We’ve Got You Covered!
Exciting times are ahead and there could potentially be more updates and changes, so it is important to be proactive and stay informed to make sure you can take full advantage! If you have questions or concerns about PSLF or the transition from Mohela to Mohela.StudentAid, please don’t hesitate to reach out to your advisor. If you are not a client of Vestia Personal Wealth Advisors and you do not currently have an advisor, send Contact Us and we will be happy to connect you with one of our experienced advisors to chat about your loans and Public Student Loan Forgiveness.
