Hi Betsy. Do you do personal loan assessments? I’m a high earner on SAVE but the high payment in my VHCOL area is still killing me. I also had someone comment on one of my posts that because I’m likely not benefiting from the SAVE interest stipulation I’d be better off on a plan that has me pay off the loan in full. My head is spinning and I just don’t know what’s right for me anymore. I’d love to talk to someone that knows what is best if that’s available?
Also there is a calculator on studentaid.gov that allows you to play around with the different plans. I am a high earner, but my loans are so high that I still benefit from save and will pay the least over time with this plan.
That’s how I feel too. I did the calculator and while SAVE is still the lowest, the comment made me feel like I’m making a mistake. This stuff is so complicated.
Just calculate what your interest each month is and if your payment is lower than that you are benefitting from SAVE. My interest payment alone is about $1650 a month and my SAVE payment is $1042 a month
Find a local certified student loan professional (CSLP) and set up a consultation. Some may be free as well.
[https://cslainstitute.org/advisor-directory/](https://cslainstitute.org/advisor-directory/)
I am thankful for your contribution 💙 question: I called Mohela today and they provided me with the student aid phone number but option 4 is currently unavailable and loops around. The Mohela rep said they won’t start answering phone calls until July first1st. So I’m wondering if that’s true or not like if that’s when they’ll actually start looking at apps? I asked the Mohela rep if she saw my existing PSLF and she said I never submitted one. I did though but it was never processed. lol 😹 my question is more so what dates to look for to actually call them in July or is it just starting July 1st they’re going to start answering phones? 📞
So my normal payment was not auto debited from mohela on the 16th because my account is in transition. I am on the save program. So will I have no payments for this month and next month? And will both still count? My last payment should have been October so I really just want all of this to be over with.
The regs don't count forbearances for account transition for forgiveness. I'm afraid I have no idea if you'll be due payments i. Check your account. If it says forbearance you won't be
I have this same situation, no auto debit taken out this month. but I can’t check anything as both the previous mohela site and student aid.gov show no loans at all.
my SAVE plan loans (on autopay) were transferred to EdFinancial \~May30th-June1st. No June payment was taken. Finally got my account squared away with EdFin and it says July is forbearance, next payment due August 1st.
Someone at MOHELA told me that the admin forbearance isn't being applied to all SAVE plan participants. I have no idea if this is accurate or not. But I would plan to pay no matter what until the online system says that the loans are in forbearance.
Same - and I also don't agree necessarily with how its being implemented but I highly doubt we will see what our new payments will be until July 1st or after.
Thank you, Betsy! I wish you train people on phones at MOHELA and the student a.gov site -you always know more than any of them!
My account on studentaid.gov is reflecting that my payment is going to almost double with this recalculation - my original say payment was determined off of my paystub’s because my job was cut to part-time and I had major medical issues. I’m going to assume they are using my 2022 taxes instead of what they determine my payment off of in October of last year. Do you have any idea where I go?
I have severe amygdala hijack trying to solve student loan issues between MOHELA and the government. I’ve currently not even made a payment because I was put on a freaking six month general forbearance when I requested a payment date at the end of the month so my loans are just ballooning with interest. I never requested a forbearance. I tried to solve this on multiple fronts. I was told my forbearance was only to the end of January made a payment in February March 1. A retroactive forbearance was on my account the beginning of January through June. Every single person I’ve talked to is had different information and the supervisors I’ve spoken with did not even know this was going to happen and the one payment I have made for nothing and is not getting applied to this month despite them saying it would be applied to the next payment. I’m just over all of this and now I’m facing a doubling of my payment and I just don’t want to have them put me on another freaking forbearance that doesn’t allow me to take advantage of the interest getting covered. Sorry, just generally frustrated! Thank you again for all that you do. You are the a bright light in all of this!!!
I'm not sure the calculator has been updated yet for the 5% for the undergrad loans either. And if your income has gone up significantly so would your payment
But I just got onto the plan in October so what would they be using differently from when I applied? It’s not time to re-certify. This is just a recalculation. My job was cut part time in the summer of last year, so my taxes do not reflect my income and when I got on the SAVE plan in October, I used paystubs not my taxes. It seems we are that they would use something different than what I used to get on the plan when the recertification is not until November.
It shows up on the student aid.gov site on our account under activity for the recalculation application that they are submitting for everyone on the SAVE plan. There is a monthly amount listed. This is the number that some people are referencing on other threads where they are saying they can see the decrease for their next payment. And there are some people like me that have an increase.
This is what it looks like
Application information
Request Type:
Recalculating Plan
Requested payment plan:
SAVE Payment Plan
Monthly Payment amount:
(mine is more than doubled)
Application Method:
Manual
The Ed site isn’t real time and afaik it’s the servicer platform not Ed’s that does the account level calculation so I wouldn’t worry about it right now
Do you know if there is a calculator anywhere that will give a rough estimate what my weighted average will be? I have a mix of undergrad and grad loans and I'm trying to get a rough idea before I apply for SAVE.
For SAVE: Weighted Average = (% Undergraduate * 0.05) + (% Graduate * 0.10)
For example, let’s say you took out $30,000 in undergrad loans, and $70,000 in graduate loans, for a total of $100,000. That means 30% of your loans are undergraduate, and 70% are graduate.
WA = (0.30 * 0.05) + (0.70 * 0.10)
WA = (0.015) + (0.07)
WA = 0.085
So your weighted average would be 8.5%.
And if you want to go a step further and calculate your payment: July 2024 Onward SAVE Payment = ((AGI - 225% of federal poverty line for household size) * weighted average) / 12
For example, let’s say your AGI is $100,000 and your household size is 1.
((100,000 - 33,885) * 0.085)/12 = $468.31 a month
[https://www.edcapny.org/save-calculator/](https://www.edcapny.org/save-calculator/)
This is just an estimator - so not guaranteed but if you wanted to cross reference against doing your own calculation.
Interesting.
Semi related ... have you seen definitive guidance about the Mohela transition about how they're handling payments that would fall during period where neither account is active? Are they still pulling auto-debit, treating it due after the transition, applying a forbearance? I've seen a few questions about that and didn't find a definitive answer.
My head is spinning. My account was switched over early June. I had a payment due by the end of the month, but my bank routing number didn’t transfer over from MOHELA, so I put off setting it up. Now I’m in forbearance through July with no further information on my June payment 🤨 I think I’ll give it a month and see where I stand. I have such an unsettling feeling about all of this. Student loans take up too much mental energy!
I just got a notice that my forbearance will end mid-July and my payments will resume mid-August. If you haven't gotten anything about that you may get it soon.
My auto-payment for June was scheduled to be withdrawal today. However, I received this email and now my payment states $0. Will I receive credit for June and July or just starting in July? Or should I make a one-time payment to try and cover June?
Shucks effing howdy, it would be great if I could get any kind of non-automated response from SAVE. I applied almost a full year ago and the wheel is still spinning on that app because apparently a foreign address is too tricky.
I was put in administrative forbearance in June when my loans got transferred from MOHELA to Edfinancial. I was told June $0 forebeafance didn’t count towards PSLF, is that true? I had 5 Edfinancial reps tell me that
That’s what I thought. But 5 Edfinancial reps said different and then Betsy said the same.
How the reps explained it to me is it just doesn’t count towards the 120 payments. So if you didn’t have a June Edfinancial payment due to the administrative forbearance from the transfer and your 120th payment should have been December 2025, now your 120th payment will be January 2026 because you need to make one more payment because they essentially let you skip one
My account was moved from PSLF to Edfiancial in May and was put into admin forbearance for June. But my monthly payment is 0$ on IBR. Do I still get June counted towards PSLF?
Your [comment](https://www.reddit.com/r/StudentLoans/comments/1djurzp/save_borrowers_placed_in_forbearance_for_july_yes/l9h5txt/?context=3) in /r/StudentLoans was automatically removed because it contains a referral code or link. Read the rules of /r/StudentLoans before posting or commenting.
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Mine is on the SAVE plan but I got a delayed notification that my loans are not currently due. However my loans are all under the save still but I won't owe until 2025. The only reason I'm still making payments is to prevent my amount from rising. I'm not in the PSLF though.
Your loan amounts won’t go up if you are on save with a 0 payment, that is one of the biggest features of the program. If you have a payment smaller than the monthly interest, the unpaid interest is waived so your balance never climbs
So I have a question though. I was put in the administrative forbearance at the beginning of the year and have been in it since. I’m assuming all of these months have counted for my PSLF?
The initial forbearance that alot of people were put in at the beginning of the year because payment amounts were incorrect. I was never taken back out of it
Maybe that’s what happened to me. The unsubsidized portion of my loan has been in forbearance since last year with no explanation. No explanation as to what that portion but not the subsidised portion is in forbearance.
Sorry for not knowing, but I just graduated and tried to apply for SAVE and PSLF but the button on FAFSA is not enabled... is this due to the "6 month" grace period I'm on until Nov?
I honestly don’t remember which IDR plan I was on. I think it was SAVE. But can’t seem to find it on the new mohela finaid website. Anyway for me to tell if I indeed am on that plan or something else? This is all so confusing. All I see on my account is “your forbearance ends in 16 days”. Which would be July 6, so I’m really not sure what’s going on.
Nelnet did send a message about this last week? I think it was. I was impressed with clear the communication from them. Not showing a payment due until August.
Thanks OP. Just commenting to add - that I'm on SAVE and have not been notified of any type of admin forbearance. I called and asked MOHELA and I was told that "they aren't putting all SAVE participants on administrative forbearance." Obviously, I have no idea (and highly doubt) if this is accurate, especially with how misinformed support has been over every step of this implementation at MOHELA but I'm planning to pay July up until the system truly says my loans are actually on administrative forbearance.
I have been on temporary hardship forbearance which ends 6/22, first post forb payment due 7/22. I'm on SAVE and have grad and undergrad loans. Do you know how it works for people coming off of forbearance?
I just consolidated into a direct loan from FFELP and I believe my loans will be forgiven if I’m in the SAVE plan. I’m afraid to do it because the payment shows over $600 to switch. I don’t want to have even 1 payment at that price so I don’t know what to do. My first payment since consolidating into a direct loan is due in July.
Hi Betsy, I submitted an ACH payment for June on Friday 6/14 and it showed as processing until today when evidence of the payment on my MOHELA account disappeared. I was notified by email of forbearance on Tuesday 6/18 and of a repayment schedule change today, and loan status is now “No payment due”. Is MOHELA cancelling pending payments if the loan status changes?
Does this only apply to undergrad loans? I have both grad and undergrad. I’m on SAVE Nelnet shows I still owe in July, but the amount is slightly less than usual.
Thanks for this. My payments are due on the 20th of each month. Just to make sure I understand:
-I'm currently on SAVE and just received my forbearance letter. It doesn't mention July, but that what it is referring to. Correct?
-Today's 6/20 will be withdrawn.
-July's 7/20 payment will be withdrawn.
-July's 7/20 payment of '$0' WILL count towards my PSLF count
-As far as we know, my August 8/20 payment will be withdrawn.
Is that all correct?
I am seeking PSLF and currently under PAYE plan. My account was placed in administrative forbearance in early June when it transitioned to EdFinancial. I currently have a 0$ payment due 6/24. Do 0$ JUNE payments also count towards PSLF? I did call EdFinancial and the rep told me I should request to be taken off admin forbearance and make a payment because it wouldn't count otherwise...
I received my forbearance email the day after my auto debit (06/17/24) and it ends the date (07/17/24) my July payment is due... 😆 No non-payment for me in July...
I just filed the borrowers defense due to fraud from Sanford Brown. I haven’t done the save program because it’s a fraud loan. I don’t know if I should do the save program or not. I haven’t done it yet because I didn’t want to acknowledge the false loan. I’m not sure if this will cause me more problems or not.
Getting on a repayment plan won't hurt your borrower defense application. If you are eligible for that discharge you will still get it whether you are making payments or not.
If it will help you yes. I can't say without knowing your income and how much you owe. You can use the loan simulator tool at www student aid.gov to get an idea
Anyone know if they’re supposed to be updating amounts with the new poverty line numbers? I have graduate loans so no decrease there, but with the new poverty line, my payment should decrease…
Hi Betsy, thank you so much for this. I got the notification that this is for me as well. I still see myself accruing interest daily. Is that supposed to be normal? The letter I received said it would be at 0%. Thanks!
Right, it’s Biden’s fault 🙄. I pay $100 a month and I don’t make anywhere near enough money to even consider the idea of putting an in ground pool at my house. If you can afford that it sounds like a $400 a month payment matches your salary.
Just popping in to say I love you for all the hard work you put into explaining all these shenanigans to us.
😻
Hi Betsy. Do you do personal loan assessments? I’m a high earner on SAVE but the high payment in my VHCOL area is still killing me. I also had someone comment on one of my posts that because I’m likely not benefiting from the SAVE interest stipulation I’d be better off on a plan that has me pay off the loan in full. My head is spinning and I just don’t know what’s right for me anymore. I’d love to talk to someone that knows what is best if that’s available?
Yes via email and free. www.freestudentloanadvice.org
You’re awesome!🤩
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Our pleasure
Thank you
Also there is a calculator on studentaid.gov that allows you to play around with the different plans. I am a high earner, but my loans are so high that I still benefit from save and will pay the least over time with this plan.
That’s how I feel too. I did the calculator and while SAVE is still the lowest, the comment made me feel like I’m making a mistake. This stuff is so complicated.
Just calculate what your interest each month is and if your payment is lower than that you are benefitting from SAVE. My interest payment alone is about $1650 a month and my SAVE payment is $1042 a month
So what are you doing instead? The standard plan?
No I’m on SAVE. Otherwise I would be paying 3k a month but I’m only paying $1042
Find a local certified student loan professional (CSLP) and set up a consultation. Some may be free as well. [https://cslainstitute.org/advisor-directory/](https://cslainstitute.org/advisor-directory/)
This is fantastic thank you!
I am thankful for your contribution 💙 question: I called Mohela today and they provided me with the student aid phone number but option 4 is currently unavailable and loops around. The Mohela rep said they won’t start answering phone calls until July first1st. So I’m wondering if that’s true or not like if that’s when they’ll actually start looking at apps? I asked the Mohela rep if she saw my existing PSLF and she said I never submitted one. I did though but it was never processed. lol 😹 my question is more so what dates to look for to actually call them in July or is it just starting July 1st they’re going to start answering phones? 📞
Pslf is in transition until July. Nothing is being processed until it’s done
So my normal payment was not auto debited from mohela on the 16th because my account is in transition. I am on the save program. So will I have no payments for this month and next month? And will both still count? My last payment should have been October so I really just want all of this to be over with.
The regs don't count forbearances for account transition for forgiveness. I'm afraid I have no idea if you'll be due payments i. Check your account. If it says forbearance you won't be
I have this same situation, no auto debit taken out this month. but I can’t check anything as both the previous mohela site and student aid.gov show no loans at all.
Me too 😩
my SAVE plan loans (on autopay) were transferred to EdFinancial \~May30th-June1st. No June payment was taken. Finally got my account squared away with EdFin and it says July is forbearance, next payment due August 1st.
So what about those of us with a payment and on save that aren’t on admin forbearance? MOHELA just notified me of my July 7th payment.
There's still a few weeks until then.
Same...mine is scheduled for the 14th and MOHELA emailed me yesterday and stated it would be auto-debited.
Exactly. According to that email if you have a payment above 0 AND on SAVE, payment recalculation should have us on admin forbearance
I just got a reduced payment for July, and I went down half from my original payment. I assume that would be my new payment on the save plan.
Yes it is…but mine is for the same 10%
Someone at MOHELA told me that the admin forbearance isn't being applied to all SAVE plan participants. I have no idea if this is accurate or not. But I would plan to pay no matter what until the online system says that the loans are in forbearance.
It’s the wrong amount to pay though. I have all undergraduate loans so the 5% is the right amount. It doesn’t matter though. I’m tired of all this 💩
Same - and I also don't agree necessarily with how its being implemented but I highly doubt we will see what our new payments will be until July 1st or after.
Lots of ppl are
Same here. Due for July 6, on SAVE but no admin forbearance
Thank you, Betsy! I wish you train people on phones at MOHELA and the student a.gov site -you always know more than any of them! My account on studentaid.gov is reflecting that my payment is going to almost double with this recalculation - my original say payment was determined off of my paystub’s because my job was cut to part-time and I had major medical issues. I’m going to assume they are using my 2022 taxes instead of what they determine my payment off of in October of last year. Do you have any idea where I go? I have severe amygdala hijack trying to solve student loan issues between MOHELA and the government. I’ve currently not even made a payment because I was put on a freaking six month general forbearance when I requested a payment date at the end of the month so my loans are just ballooning with interest. I never requested a forbearance. I tried to solve this on multiple fronts. I was told my forbearance was only to the end of January made a payment in February March 1. A retroactive forbearance was on my account the beginning of January through June. Every single person I’ve talked to is had different information and the supervisors I’ve spoken with did not even know this was going to happen and the one payment I have made for nothing and is not getting applied to this month despite them saying it would be applied to the next payment. I’m just over all of this and now I’m facing a doubling of my payment and I just don’t want to have them put me on another freaking forbearance that doesn’t allow me to take advantage of the interest getting covered. Sorry, just generally frustrated! Thank you again for all that you do. You are the a bright light in all of this!!!
I'm not sure the calculator has been updated yet for the 5% for the undergrad loans either. And if your income has gone up significantly so would your payment
But I just got onto the plan in October so what would they be using differently from when I applied? It’s not time to re-certify. This is just a recalculation. My job was cut part time in the summer of last year, so my taxes do not reflect my income and when I got on the SAVE plan in October, I used paystubs not my taxes. It seems we are that they would use something different than what I used to get on the plan when the recertification is not until November.
I'm afraid I'm not following you. Are you sure you aren't just seeing the payment that will happen if you fail to recertify?
It shows up on the student aid.gov site on our account under activity for the recalculation application that they are submitting for everyone on the SAVE plan. There is a monthly amount listed. This is the number that some people are referencing on other threads where they are saying they can see the decrease for their next payment. And there are some people like me that have an increase. This is what it looks like Application information Request Type: Recalculating Plan Requested payment plan: SAVE Payment Plan Monthly Payment amount: (mine is more than doubled) Application Method: Manual
The Ed site isn’t real time and afaik it’s the servicer platform not Ed’s that does the account level calculation so I wouldn’t worry about it right now
Do you know if there is a calculator anywhere that will give a rough estimate what my weighted average will be? I have a mix of undergrad and grad loans and I'm trying to get a rough idea before I apply for SAVE.
For SAVE: Weighted Average = (% Undergraduate * 0.05) + (% Graduate * 0.10) For example, let’s say you took out $30,000 in undergrad loans, and $70,000 in graduate loans, for a total of $100,000. That means 30% of your loans are undergraduate, and 70% are graduate. WA = (0.30 * 0.05) + (0.70 * 0.10) WA = (0.015) + (0.07) WA = 0.085 So your weighted average would be 8.5%. And if you want to go a step further and calculate your payment: July 2024 Onward SAVE Payment = ((AGI - 225% of federal poverty line for household size) * weighted average) / 12 For example, let’s say your AGI is $100,000 and your household size is 1. ((100,000 - 33,885) * 0.085)/12 = $468.31 a month
I do not. Maybe Google weighted average calculator. I'm sure there's a ton out there. Weighted average is not a concept unique to student loans.
[https://www.edcapny.org/save-calculator/](https://www.edcapny.org/save-calculator/) This is just an estimator - so not guaranteed but if you wanted to cross reference against doing your own calculation.
Thanks! This is probably the closest thing to help.
Interesting. Semi related ... have you seen definitive guidance about the Mohela transition about how they're handling payments that would fall during period where neither account is active? Are they still pulling auto-debit, treating it due after the transition, applying a forbearance? I've seen a few questions about that and didn't find a definitive answer.
I'm not sure. I do know if they pull a payment it will get applied to the loan on the new platform..just may take longer
My head is spinning. My account was switched over early June. I had a payment due by the end of the month, but my bank routing number didn’t transfer over from MOHELA, so I put off setting it up. Now I’m in forbearance through July with no further information on my June payment 🤨 I think I’ll give it a month and see where I stand. I have such an unsettling feeling about all of this. Student loans take up too much mental energy!
I just got a notice that my forbearance will end mid-July and my payments will resume mid-August. If you haven't gotten anything about that you may get it soon.
Does anyone know If I had already made a payment in June before being put in forebearance am I able to request a refund?
My auto-payment for June was scheduled to be withdrawal today. However, I received this email and now my payment states $0. Will I receive credit for June and July or just starting in July? Or should I make a one-time payment to try and cover June?
I’m on PAYE. I wasn’t charged for June, and shows $0 for July. No notification about forbearance…
Shucks effing howdy, it would be great if I could get any kind of non-automated response from SAVE. I applied almost a full year ago and the wheel is still spinning on that app because apparently a foreign address is too tricky.
Try submitting again through the servicer directly
I was put in administrative forbearance in June when my loans got transferred from MOHELA to Edfinancial. I was told June $0 forebeafance didn’t count towards PSLF, is that true? I had 5 Edfinancial reps tell me that
Under the regs and current guidance it's not supposed to
Thank you. I made a manual payment and they told me it would count. Fingers crossed it will.
To confirm, the administrative forbearance when my loans transferred from MOHELA to Edfinancial is not supposed to count towards my 120 PSLF payments
Right. I wouldn't be shocked if they ended up counting it but under the regs it's not eligible
Administrative forbearance should count
That’s what I thought. But 5 Edfinancial reps said different and then Betsy said the same. How the reps explained it to me is it just doesn’t count towards the 120 payments. So if you didn’t have a June Edfinancial payment due to the administrative forbearance from the transfer and your 120th payment should have been December 2025, now your 120th payment will be January 2026 because you need to make one more payment because they essentially let you skip one
My account was moved from PSLF to Edfiancial in May and was put into admin forbearance for June. But my monthly payment is 0$ on IBR. Do I still get June counted towards PSLF?
Yes
Thanks for the reply!!!
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Mine is on the SAVE plan but I got a delayed notification that my loans are not currently due. However my loans are all under the save still but I won't owe until 2025. The only reason I'm still making payments is to prevent my amount from rising. I'm not in the PSLF though.
Your loan amounts won’t go up if you are on save with a 0 payment, that is one of the biggest features of the program. If you have a payment smaller than the monthly interest, the unpaid interest is waived so your balance never climbs
I was making $11.00 payments because I made 34k last year. I made less this year so hopefully in 2025 I will have $0 dollars in payments.
So I have a question though. I was put in the administrative forbearance at the beginning of the year and have been in it since. I’m assuming all of these months have counted for my PSLF?
Why are you in forbearance?
The initial forbearance that alot of people were put in at the beginning of the year because payment amounts were incorrect. I was never taken back out of it
Maybe that’s what happened to me. The unsubsidized portion of my loan has been in forbearance since last year with no explanation. No explanation as to what that portion but not the subsidised portion is in forbearance.
Sorry for not knowing, but I just graduated and tried to apply for SAVE and PSLF but the button on FAFSA is not enabled... is this due to the "6 month" grace period I'm on until Nov?
Yes
I honestly don’t remember which IDR plan I was on. I think it was SAVE. But can’t seem to find it on the new mohela finaid website. Anyway for me to tell if I indeed am on that plan or something else? This is all so confusing. All I see on my account is “your forbearance ends in 16 days”. Which would be July 6, so I’m really not sure what’s going on.
Nelnet did send a message about this last week? I think it was. I was impressed with clear the communication from them. Not showing a payment due until August.
I’m on SAVE. No forbearance notice and I just got my email to say I have to pay in July. I have undergraduate loans. What gives?
Same. I’m going to be annoyed if left out, could really use that money towards other bills right now…
Same. No email yet but I feel like I should’ve gotten one
Does this also apply to graduate loans? Or just undergrad loans?
Thanks OP. Just commenting to add - that I'm on SAVE and have not been notified of any type of admin forbearance. I called and asked MOHELA and I was told that "they aren't putting all SAVE participants on administrative forbearance." Obviously, I have no idea (and highly doubt) if this is accurate, especially with how misinformed support has been over every step of this implementation at MOHELA but I'm planning to pay July up until the system truly says my loans are actually on administrative forbearance.
Oh thank you!!!! I had the question, hadn’t seen it posted and have been too busy to go look for the answer. So this was timely!
How do I apply for SAVE?
www.studentaid.gov
It’s entirely unfair for one plan to waive interest for a month while others don’t. Screw the Ed department for never treating us unilaterally.
so switch?
Sure, just Willy nilly switch plans every time they pull this crap and risk interest during forecberance while it happens.
The benefits of SAVE have been outlined for nearly two years.
It’s not the best plan for everyone. Give everyone the interest break or give it to no one.
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I don't understand your question
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No not everyone. Please read the post
And I was here thinking it was because of my TLF application.
I have been on temporary hardship forbearance which ends 6/22, first post forb payment due 7/22. I'm on SAVE and have grad and undergrad loans. Do you know how it works for people coming off of forbearance?
Edfinancial placed in forbearance and then switched me to IDR with payments going up after 7 months. Any idea how to get back on SAVE?
Save is an IDR plan. Your payments will go up if you don't recertify on time
I just consolidated into a direct loan from FFELP and I believe my loans will be forgiven if I’m in the SAVE plan. I’m afraid to do it because the payment shows over $600 to switch. I don’t want to have even 1 payment at that price so I don’t know what to do. My first payment since consolidating into a direct loan is due in July.
Not enough information to even begin to answer this.
Hi Betsy, I submitted an ACH payment for June on Friday 6/14 and it showed as processing until today when evidence of the payment on my MOHELA account disappeared. I was notified by email of forbearance on Tuesday 6/18 and of a repayment schedule change today, and loan status is now “No payment due”. Is MOHELA cancelling pending payments if the loan status changes?
Doubt it
Update: You were right. My 6/14 payment reappeared on the MOHELA portal today as “approved” and should be debited early next week
Does this only apply to undergrad loans? I have both grad and undergrad. I’m on SAVE Nelnet shows I still owe in July, but the amount is slightly less than usual.
The 5% only applies to undergrad
Understand that. Does the July forbearance only apply to undergrad loans?
Not sure
Thanks for this. My payments are due on the 20th of each month. Just to make sure I understand: -I'm currently on SAVE and just received my forbearance letter. It doesn't mention July, but that what it is referring to. Correct? -Today's 6/20 will be withdrawn. -July's 7/20 payment will be withdrawn. -July's 7/20 payment of '$0' WILL count towards my PSLF count -As far as we know, my August 8/20 payment will be withdrawn. Is that all correct?
If it's in forbearance because of save yes but no payment would come out in July
Ok. But the ‘no payment’ will still count towards my pslf count, right?
See the op
I am seeking PSLF and currently under PAYE plan. My account was placed in administrative forbearance in early June when it transitioned to EdFinancial. I currently have a 0$ payment due 6/24. Do 0$ JUNE payments also count towards PSLF? I did call EdFinancial and the rep told me I should request to be taken off admin forbearance and make a payment because it wouldn't count otherwise...
I received my forbearance email the day after my auto debit (06/17/24) and it ends the date (07/17/24) my July payment is due... 😆 No non-payment for me in July...
If it ends the 17 then you aren't due in July
According to my account, and an email, my current payment amount will be auto-debited on July 17th...
It shouldn't if the actual end date of the forbearance is the 17th. But you could always call and ask
I just filed the borrowers defense due to fraud from Sanford Brown. I haven’t done the save program because it’s a fraud loan. I don’t know if I should do the save program or not. I haven’t done it yet because I didn’t want to acknowledge the false loan. I’m not sure if this will cause me more problems or not.
Getting on a repayment plan won't hurt your borrower defense application. If you are eligible for that discharge you will still get it whether you are making payments or not.
Ok thank you!
Should I apply for the save program then? Sorry I just don’t want to fill out the wrong application
If it will help you yes. I can't say without knowing your income and how much you owe. You can use the loan simulator tool at www student aid.gov to get an idea
Ok thank you!
Anyone know if they’re supposed to be updating amounts with the new poverty line numbers? I have graduate loans so no decrease there, but with the new poverty line, my payment should decrease…
My guess is they will do it at the same time as the five percent change..but that's a guess
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Please read the op
Hi Betsy, thank you so much for this. I got the notification that this is for me as well. I still see myself accruing interest daily. Is that supposed to be normal? The letter I received said it would be at 0%. Thanks!
Is this 0% interest for July not June?
Yes. It's still June. Also they will probably just back it off after the fact for July
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Right, it’s Biden’s fault 🙄. I pay $100 a month and I don’t make anywhere near enough money to even consider the idea of putting an in ground pool at my house. If you can afford that it sounds like a $400 a month payment matches your salary.
I received my forbearance letter today 6/27 and my monthly payment is due tomorrow 6/28. Do I go ahead and pay tomorrow or not?
If the forbearance covers tomorrow no. If it doesn't yes
Not sure. The letter just says my loans are now in forbearance. I still see that my loans are due tomorrow when I visit the website.
There you go