(Ep. 292) Last Day to Apply for Pay As You Earn & Consolidate for the IDR Waiver
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- Опубликовано: 24 июл 2024
- Today, June 30, 2024, is the deadline for the IDR waiver, Pay As You Earn (PAYE) plan and Income Contingent Repayment (ICR) plan for non-Parent PLUS borrowers. Things to know about the Saving on a Valuable Education (SAVE) plan are also discussed. This webinar is a last call for action if you're a student loan borrower who could benefit from these plans. Our student loan expert, Meagan McGuire, CFP®, ChFC®, CSLP®, shares more.
Here is the link to apply for an IDR plan using the online application: studentaid.gov/idr/
Here is the link to the paper application: studentaid.gov/sites/default/...
Here is the link for consolidation: studentaid.gov/app-static/ima...
0:00 Introduction
0:53 What is Pay As You Earn
2:10 PAYE vs SAVE plans
4:32 Applying for SAVE
9:10 Uncertainty future of SAVE
11:00 Applying for PAYE
15:55 Who needs to and how to consolidate
📩 Get the brand new IDR calculator that minimizes your student loan payments so you can use the money on better stuff: www.studentloanplanner.com/yo...
#IDRwaiver #PayAsYouEarn #IDRaccountAdjustment #StudentLoanPlanner #StudentLoans
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The instructions are to mail the PAYE app, which means it won't get date stamped by US mail until July 1 which is too late, yes?
You can upload the PAYE application to your loan servicer’s online portal today.
@@StudentLoanPlanner good call
I just noticed 7 notifications in my app.. I have been Forgiven for 7 loans..57k total!! I’m in shock… I had no idea they were forgiven until last nite..they were forgiven back in March!!!! I just have 1 big loan to go!!! Crossing fingers it will happen too!!🙏
What are the odds of REPAYE coming back and including 25 year forgiveness(all grad loans)? We are 5-6 payments from 300. Income is way too high to qualify for IBR. Current save payment is $328. If we had moved to ICR it would have been $1700-1900 right now. (income increase). If we hold firm in Save until next April’s recertify (where we are now.) then our payment would be around $1600 then. Obviously we had hoped to be forgiven soon. Any thoughts?
I am already on the save program. I have 9 loans. 6 of the 9 are already consolidated. Do I need to consolidate the remaining three loans?
Need more context. What types of loans are these?
HELP!! I applied to direct consolidate my loan.. do I also need to complete the idr plan today, 6/30??
It depends - are you trying to get on PAYE or ICR? If so, then yes!
@@StudentLoanPlanner hi! I’m already signed up on the IDR plan…aka SAVE… I had to add on 1 loan to my direct consolidation loan to qualify it for the idr plan.. somehow it got dropped out of my direct consolidation appln… so I’m good!
..also I just found out that my inbox had 7 letters from Biden dated back to March that I’ve been FORGIVEN for All 7 loans!!! I still can’t believe it!! It didn’t come in my email.. it was in my app… so everyone it does happen!! 57k of student loans are now Zero balance!!!
Help! The students website is not letting us apply for consolidation online!!
You can upload the paper consolidation to your loan servicer’s online portal today, then mail it ASAP tomorrow. See this link for more details: studentaid.gov/announcements-events/save-court-actions
@@StudentLoanPlanner I’m so confused. I am trying to finish my Parent solid double consolidation before the deadline tonight. I have my own existing student loans that have already been consolidated and I’m going for PSLF. I don’t want to screw this up and I was counting on being able to do this online. I’ve consulted twice with you guys already and the last time with Megan. Her instructions say to request Mohela and they do already have my other loans, so is that who I upload this to then? And what about finding the account numbers? I can’t find them anywhere on student aid now or advantage. I feel like I’m screwed.
@@amyt.9246 If your consultant advised you to consolidate with Mohela, then you should follow that advice. You can locate the account numbers using the NSLDS file Meagan likely attached to your recommendations email. Search your inbox for "SLP Recommendations," download the NSLDS file to your computer, open it up, select the Sheet 2 tab, then search for "Loan Award ID." Keep pressing enter until you have the account numbers for all of your PPLs.
Also please note: the double consolidation loophole does not expire until July 2025 NOT 2024. PPL borrowers have time to complete this.
@@StudentLoanPlanner I know but I have my own loans totally 150k and I’m going for PSLF. So I wanted to get these PPL counted in with my loans to qualify for my PSLF counts.
for double consolidation loophole, would SAVE paper application be due tonight?! 😬
Today’s deadline is not for applying to SAVE. Applications for SAVE will still be open, although you will have to use the paper application for now. See this link for more info: studentaid.gov/announcements-events/save-court-actions
@@StudentLoanPlanner thank you for the prompt response! keep up the good work