I am 66 and owe $176K, with about 14 years left to 25 grad-loan "forgiveness" - on fixed income and with my balance growing as SAVE goes away, there is no bleeping way I can pay the tax on over $200K in my late 70s. I guess I have to hope that I die before then. Even Putin doesn't do this to his people.
I had 5 years credit into PSLF and then went into the private sector. I went into SAVE because I have no intention or capability of paying off $150k+. Now that's also going away. The government needs to actually address student loans and stop with this every branch having its own ideology
I recently reconsolidated my loans from Navient IBR to SAVE. I'm just going to wait this thing out, and let the Department of Education do the default thing it will do to loans like mine if SAVE goes away. I keep making my monthly payments because I can, even though I'm in a forced forbearance, and let the professionals work this out.
How do you know if you’re even making qualifying payments if they aren’t telling you the specific amount you would need to pay? Are you basing it off of SAVE or IBR rules? I’m considering doing the same if I can know it will count towards PSLF down the road. Otherwise why make a payment towards something getting forgiven if making the payments does not guarantee it will be forgiven sooner??? 😵💫
@@carlose0318 Personally, I am paying a token amount each month, $25. Even though I am in forbearance, and am required to pay $0. each month, I still make a $25 payment each month. It's a point of pride with me that I have not missed a monthly student loan payment in many, many years, even when in forbearance or Income-based repayment plans say don't have to. I want the record to reflect that I kept making regular monthly payments, even when politics and financial stress says I don't have to.
Why can I now NOT make extra payments towards the principal? I had no issues doing so in the past. This student loan epidemic has gotten out of control 😢.
I'm similar to your example of Sarah a teacher 41 years old with around 30k in student loans. I went with save as I have it was a life saver especially as I don't make a lot as a teacher and I have two small children. We struggle to make ends meet, and I don't have extra for loans. I have been doing pslf but still have years to go as they screwed up My counts. Thanks, mohela. I'm praying save goes through. Too many of us need it.
My goodness, can't we help young people get ahead! I am against interest for student loans - we are the only Country to not provide some or all college for free for our youth - they really are our future!! Let's do better!
So why can’t we find any clear information anywhere on what they’re doing even as September ends???? This whole thing is ridiculous these politicians have no clue what they’re doing and it’s us normal folks suffering
I changed from the Federal Family Education Loan Program to SAVE because I didn't want to miss out on that $10,000 student loan forgiveness. If SAVE goes away, I'll probably be put back on PAYE. I only have around $8,600 left in student loans and I'm not paying it back if I can get it forgiven. They already got $50,000 out of me on $25,000 in student loans I borrowed.
@@mekam3963 I probably would have the loans paid off by now, but I got a $5,000 penalty because I defaulted on the loans for a year in 2007 when I didn't have a good enough job to make the $250 a month payments.
@@blackloki9 I defaulted for 1 year and had to make bigger payments to get it out of default. They gave me a $5000 penalty for the default. That's why I'm still paying it off after 18 years.
@rwdchannel2901 yea but that would still be only 30 k. Realistically speaking, you should have been able to pay it off in 4 years. Your yearly interests would have been no more than 2400 k a year. And if you were putting money in 401 k and paying 10k a year which is 208 a week you should have been able to pay it off sooner. That why 25 years till forgiveness doesn't make since. Because if I pay for 25 years it would pay off my loan. Unless my payment really low and doesn't cover interest. To make a dent you have to pay 7 to 10 k a year and that will reduce principal if principle smaller interest amount is smaller. I was in default for 4 years racked up 7 k so I understand. you weren't able to increase your wage over the 18 years. Pay atheist 2500 in interests so you can get the deductible.
I'm 77 years old. I went to school for 1 yr. Had to quit. I'm on SS and have no possible way to pay 18,000 That's the total interest that keeps increasing daily. It started from 3000 in 2007
Even though I have 3 months left, I still don't understand why I would try to switch plans considering the processing for those applications is paused (and paper only). The only explanation I've seen is the queue up assumption, the notion that you will be processed faster if you applied sooner. While it sounds logical, I'm not sure that they will process applications in the order that they are received. SCOTUS should allow and order borrowers to be sent back to an alternative payment plan immediately. Unfortunately, there's nothing in the law that says how fast our PSLF needs to proceed or be processed. My question for the legal expert. I read that SCOTUS may or may not rule and the district courts pend the appeal awaiting SCOTUS . Is there a scenario where no one rules and we all just sit here in limbo for years on end?
My husband and I have an income that has tripled since COVID but our payments have remained the same. My husband loans from medical and grad school are well over 500K not counting mine, so a minimum payment until PSLF would severely dip into our savings with a loan payment of 4-5K, and he is so close to PSLF on 2 of his loans totally 300K forgiveness. I’m trying to save as much as possible during this time and see what shakes out with SAVE.
Are lenders making billing mistakes again? MOHELA is showing my next payment is due next month. I'm in the SAVE plan and was waiting to see what happens before attempting to change back over to REPAYE while working on PSLF if SAVE is killed off.
I have 3 more years for PSLF but I'm so over my job and want to move out of the country. Do you think when they figure out what they want to do these months will go towards PSLF? Should I just swap to IBR?
I just started residency after graduating med school in May. Enrolled in SAVE so that all my loans would be eligible for PSLF but now they are in an administrative forbearance with the start payment dates continually pushed back…I have a closing window to make PSLF eligible payments of $0 because I had $0 income as a medical student. Im afraid im losing out on this by waiting things out but if I apply for IDR then im opting out of SAVE and may end up with higher payments in 2 years once it’s starts being based on current income. So I can either get a year of qualified PSLF payments in OR take a chance and hope the courts get their shit together soon. No one can say how long this pause will be and I’m locked in place unable to chip away at PSLF. Damned if you do damned if you don’t it seems. And no one can even begin to give tailored advice bc even the lawyers don’t know what’s going on. This is why voting matters…
Tate? for those of us who are in a govt position, and my employer is verified for PSLF, can we DOUBLE CONSOLIDATE, (parent plus loans) then drop it into PSLF? Is that an optional possibility? SAVE pulls us out 25 years. I"ll be damn near 80, if im alive. So i think, if those initial consolidation aren't low enough im thinkin that PSLF would be the way. Thanks for you channel. It's been an incredible tool for me to hear the options available because this is a complicated topic for so many people. Please keep us informed. Good luck to everyone.
Only if that buyback will complete your 120 payments. Say you have 75 qualifying payments like I do now, and the pause lasts 12 months. You couldn't buy back those months, because then you would only have 87 qualifying payments, not the 120 you need to complete the PSLF program.
Why the stupid court can't allow us to go back to REPAYE so I can continue making progress towards PSLF. I have 36 months of payments left, if it goes up 150 bucks, OK, let me start paying again instead of putting my progress on ice. I want to drive on towards my 36 months of payments. Don't understand what the problem is to revert us back to our past IDR plan, my case, REPAYE for the past 7 years. Income has gone up, payments have gone up. I'm OK with this, but I was much more comfortable with SAVE. But if i know what I know now, I would have just kept driving on, but Biden Lied to US and the GOP has screwed us. Political hacks are the problem and people need to do their damn homework on who to vote for. You have to pick 1 of 2 turds. The one that stinks the most, you don't vote for.
No, doubt, Biden had 2 years before he did this stuff and his lawyers should have known this would happen, instead of just stringing every along to get the votes.... and now he wants another 4 years to get it done....if you believe that.
Exactly! Why did they rebrand REPAYE that was working fine? They could have just made SAVE a whole new plan without messing REPAYE up for everyone. Now almost everyone is in limbo.
You can keep making payments on PSLF. I went to my servicer website and made a payment. It says on the federal student aid site that even though (MOHELA… my loan servicer) is in forbearance with SAVE plan the payments you make will go towards the PSLF count. I will not be opting out of the forgiveness either, just going to let it all play out. And I’m going to keep making payments. And there is a buy back option too. It’s for people who are supposed to be close to 120 months and payments. It’s on the fsa website too.
I am 65 and I have been paying a parent loan since 2004 on the extended payment plan which makes it 20 years since I have been paying this loan at 6% interest and I still have 20k left to pay on the loan. Will my loan be forgiven since it has been 20 years since I have been paying it?
I submitted a paper application and MOHELA refused to process it, because they said they are precluded from doing ANYTHING due to the stay. The stay is "staying" absolutely everything. MOHELA will do nothing, FSA will do nothing. I have 120 qualifying payments right now, but they won't do anything.
Is PAYE back to being an option given what’s happening with SAVE? I know PAYE has since closed for new applicants but I have heard that enrollment is possible again during this time that SAVE is on pause. Is this true?
I am not sure if it is possible again for a borrower to switch to PAYE, but I never switched from PAYE to SAVE because my minimum payment is zero on both plans, and I wanted to see how the litigation of SAVE play out in the courts before I would have switched to SAVE. I also just left some good advice in another comment explaining a good way to quickly get your documents to your loan servicer(s) through the postal service.
It’s uncanny that the forbearance ends in November- that’s the election month 😒 Also for people in PSLF. Keep making your payments even though it says you’re in forbearance. FORBEARANCE DOES NOT COUNT FOR PSLF. You need to keep making the payments so that when it ends your count is not messed with. I am doing it. Also I saw on FSA website that employers and borrowers making PSLF payments will be updated once forbearance is over.
Making payments during this forbearance will NOT count towards your PSLF. You can buy back these months later (once adding these months makes you hit the 120 payments). I'm saving my money during these months so I can use it to buy them back later
Yes we are, but not supposed to be!! I have sieht countless hours go around with Mohela on this with no recourse. My loans have been accruing interest July 18th to present day. I have exhausted all means to get Mohela to follow the law so I reported them to the department of education.
Aidvantage did the same thing to me. The interest was accruing in spite of the court's decision for 3 days, then I started calling them ,threatening that I will report them and contact Senators, they stopped. Now interest doesn't accrue, but they said they won't wave the amount that accrued
How about instead of sending billions to Ukraine we help out Americans in need so we can help those who are working hard to make America successful. If this doesn’t go through I don’t see any incentive for people to try and go to school for years just to be tied down by loans. Government needs to figure it out or else we will see the repercussions down the road
Honestly , Under Biden , the whole student Loan system when under Limbo. We have no clue of anything at all. Under Trump at least everything stayed ghe same as like the time it was Under Obama. He didn't help , but he didn't change anything either. But now with all these changes , and no body knowing nothing about anything because everything is changed or under lawsuit ... Then which one you think is better ? I still have the email from FSA that my 20K student Loan forgivness is approved , but that was never implemented/ blocked . The same will happen most likely to everything else.
I'm 49 over $170k in debt and have 22 months left of PSLF and frustrated that the stupid Republicans are doing this. I wish the last thing Biden does before leaving office is sign an executive order to lower from 10 years to 5 years to end this crap and paper work, red tape, all these other crappy things.
I am 66 and owe $176K, with about 14 years left to 25 grad-loan "forgiveness" - on fixed income and with my balance growing as SAVE goes away, there is no bleeping way I can pay the tax on over $200K in my late 70s. I guess I have to hope that I die before then. Even Putin doesn't do this to his people.
Thank you. My anxiety usually just needs someone to explain the situation in clear terms. So glad I found this channel
I had 5 years credit into PSLF and then went into the private sector. I went into SAVE because I have no intention or capability of paying off $150k+. Now that's also going away. The government needs to actually address student loans and stop with this every branch having its own ideology
I recently reconsolidated my loans from Navient IBR to SAVE. I'm just going to wait this thing out, and let the Department of Education do the default thing it will do to loans like mine if SAVE goes away. I keep making my monthly payments because I can, even though I'm in a forced forbearance, and let the professionals work this out.
What’s the default thing that happens if SAVE goes away?
How do you know if you’re even making qualifying payments if they aren’t telling you the specific amount you would need to pay? Are you basing it off of SAVE or IBR rules? I’m considering doing the same if I can know it will count towards PSLF down the road. Otherwise why make a payment towards something getting forgiven if making the payments does not guarantee it will be forgiven sooner??? 😵💫
@@carlose0318 Personally, I am paying a token amount each month, $25. Even though I am in forbearance, and am required to pay $0. each month, I still make a $25 payment each month.
It's a point of pride with me that I have not missed a monthly student loan payment in many, many years, even when in forbearance or Income-based repayment plans say don't have to.
I want the record to reflect that I kept making regular monthly payments, even when politics and financial stress says I don't have to.
Why can I now NOT make extra payments towards the principal? I had no issues doing so in the past. This student loan epidemic has gotten out of control 😢.
117 out of 120 keeping fingers crossed and praying
good luck to you !
118 here. Pray for us.
I'm similar to your example of Sarah a teacher 41 years old with around 30k in student loans. I went with save as I have it was a life saver especially as I don't make a lot as a teacher and I have two small children. We struggle to make ends meet, and I don't have extra for loans. I have been doing pslf but still have years to go as they screwed up My counts. Thanks, mohela. I'm praying save goes through. Too many of us need it.
Thanks for all the great info and for delivering it in such a calming way! Really appreciated!
My goodness, can't we help young people get ahead! I am against interest for student loans - we are the only Country to not provide some or all college for free for our youth - they really are our future!! Let's do better!
So why can’t we find any clear information anywhere on what they’re doing even as September ends???? This whole thing is ridiculous these politicians have no clue what they’re doing and it’s us normal folks suffering
I changed from the Federal Family Education Loan Program to SAVE because I didn't want to miss out on that $10,000 student loan forgiveness. If SAVE goes away, I'll probably be put back on PAYE. I only have around $8,600 left in student loans and I'm not paying it back if I can get it forgiven. They already got $50,000 out of me on $25,000 in student loans I borrowed.
Wow! That damn interest is a crime
@@mekam3963 I probably would have the loans paid off by now, but I got a $5,000 penalty because I defaulted on the loans for a year in 2007 when I didn't have a good enough job to make the $250 a month payments.
@mekam3963 Mos likely it took them a long time and they were probably paying just enough to marginally affect principle.
@@blackloki9 I defaulted for 1 year and had to make bigger payments to get it out of default. They gave me a $5000 penalty for the default. That's why I'm still paying it off after 18 years.
@rwdchannel2901 yea but that would still be only 30 k. Realistically speaking, you should have been able to pay it off in 4 years. Your yearly interests would have been no more than 2400 k a year. And if you were putting money in 401 k and paying 10k a year which is 208 a week you should have been able to pay it off sooner. That why 25 years till forgiveness doesn't make since. Because if I pay for 25 years it would pay off my loan. Unless my payment really low and doesn't cover interest. To make a dent you have to pay 7 to 10 k a year and that will reduce principal if principle smaller interest amount is smaller. I was in default for 4 years racked up 7 k so I understand. you weren't able to increase your wage over the 18 years. Pay atheist 2500 in interests so you can get the deductible.
Ima stay put cause right now I got a “free” foreberance until it all gets sorted out.
I'm 77 years old. I went to school for 1 yr. Had to quit. I'm on SS and have no possible way to pay 18,000 That's the total interest that keeps increasing daily. It started from 3000 in 2007
Thank you for making this video. I am literally a 28 year old teacher in Sarah's shoes with the same question.
Do you think anyone will ever "sue" for these months to be counted towards pslf since the forebearance wasn't our choice?
Even though I have 3 months left, I still don't understand why I would try to switch plans considering the processing for those applications is paused (and paper only). The only explanation I've seen is the queue up assumption, the notion that you will be processed faster if you applied sooner. While it sounds logical, I'm not sure that they will process applications in the order that they are received. SCOTUS should allow and order borrowers to be sent back to an alternative payment plan immediately. Unfortunately, there's nothing in the law that says how fast our PSLF needs to proceed or be processed.
My question for the legal expert. I read that SCOTUS may or may not rule and the district courts pend the appeal awaiting SCOTUS . Is there a scenario where no one rules and we all just sit here in limbo for years on end?
worst case scenario is IDR plan until I die
My husband and I have an income that has tripled since COVID but our payments have remained the same. My husband loans from medical and grad school are well over 500K not counting mine, so a minimum payment until PSLF would severely dip into our savings with a loan payment of 4-5K, and he is so close to PSLF on 2 of his loans totally 300K forgiveness. I’m trying to save as much as possible during this time and see what shakes out with SAVE.
Are lenders making billing mistakes again? MOHELA is showing my next payment is due next month. I'm in the SAVE plan and was waiting to see what happens before attempting to change back over to REPAYE while working on PSLF if SAVE is killed off.
You can apply for stop payments temporarily.
I have 3 more years for PSLF but I'm so over my job and want to move out of the country. Do you think when they figure out what they want to do these months will go towards PSLF? Should I just swap to IBR?
Assuming, SAVE is determined to be a no go, will it go back to REPAYE?
Aidadvantage is showing next payment due date of November 2024. Is the forbearance expiring then? I am in SAVE.
Hi. It's the standard 3-month Forbearance that has been placed.
Thank you. You're the only good explanation I've seen
Yeah keep voting democrats 😅 eventually communism will kick in 😂
I just started residency after graduating med school in May. Enrolled in SAVE so that all my loans would be eligible for PSLF but now they are in an administrative forbearance with the start payment dates continually pushed back…I have a closing window to make PSLF eligible payments of $0 because I had $0 income as a medical student. Im afraid im losing out on this by waiting things out but if I apply for IDR then im opting out of SAVE and may end up with higher payments in 2 years once it’s starts being based on current income. So I can either get a year of qualified PSLF payments in OR take a chance and hope the courts get their shit together soon. No one can say how long this pause will be and I’m locked in place unable to chip away at PSLF. Damned if you do damned if you don’t it seems. And no one can even begin to give tailored advice bc even the lawyers don’t know what’s going on. This is why voting matters…
Tate? for those of us who are in a govt position, and my employer is verified for PSLF, can we DOUBLE CONSOLIDATE, (parent plus loans) then drop it into PSLF? Is that an optional possibility? SAVE pulls us out 25 years. I"ll be damn near 80, if im alive. So i think, if those initial consolidation aren't low enough im thinkin that PSLF would be the way.
Thanks for you channel. It's been an incredible tool for me to hear the options available because this is a complicated topic for so many people. Please keep us informed. Good luck to everyone.
Now if only ya had some stress management tips to go with these student loan tips.
Can’t you buy back previous payments from pslf?
Only if that buyback will complete your 120 payments. Say you have 75 qualifying payments like I do now, and the pause lasts 12 months. You couldn't buy back those months, because then you would only have 87 qualifying payments, not the 120 you need to complete the PSLF program.
Thank you. This was very helpful!
Why the stupid court can't allow us to go back to REPAYE so I can continue making progress towards PSLF. I have 36 months of payments left, if it goes up 150 bucks, OK, let me start paying again instead of putting my progress on ice. I want to drive on towards my 36 months of payments. Don't understand what the problem is to revert us back to our past IDR plan, my case, REPAYE for the past 7 years. Income has gone up, payments have gone up. I'm OK with this, but I was much more comfortable with SAVE. But if i know what I know now, I would have just kept driving on, but Biden Lied to US and the GOP has screwed us. Political hacks are the problem and people need to do their damn homework on who to vote for. You have to pick 1 of 2 turds. The one that stinks the most, you don't vote for.
No, doubt, Biden had 2 years before he did this stuff and his lawyers should have known this would happen, instead of just stringing every along to get the votes.... and now he wants another 4 years to get it done....if you believe that.
Exactly! Why did they rebrand REPAYE that was working fine? They could have just made SAVE a whole new plan without messing REPAYE up for everyone. Now almost everyone is in limbo.
You can keep making payments on PSLF. I went to my servicer website and made a payment. It says on the federal student aid site that even though (MOHELA… my loan servicer) is in forbearance with SAVE plan the payments you make will go towards the PSLF count. I will not be opting out of the forgiveness either, just going to let it all play out. And I’m going to keep making payments. And there is a buy back option too. It’s for people who are supposed to be close to 120 months and payments. It’s on the fsa website too.
I blame the GOP for the obstruction. Progressives would like college to be free, and would like existing student loans forgiven.
Same here - they should let everyone on SAVE back into REPAYE so that we all don’t lose progress instead of putting us all in limbo.
I am 65 and I have been paying a parent loan since 2004 on the extended payment plan which makes it 20 years since I have been paying this loan at 6% interest and I still have 20k left to pay on the loan. Will my loan be forgiven since it has been 20 years since I have been paying it?
Thank you Sir for making this video.
I did not get any forgive Ness on my loans on sept.1
My daughter never received anything either. I re mortgage my house to pay them pos off.
I submitted a paper application and MOHELA refused to process it, because they said they are precluded from doing ANYTHING due to the stay. The stay is "staying" absolutely everything. MOHELA will do nothing, FSA will do nothing. I have 120 qualifying payments right now, but they won't do anything.
Is PAYE back to being an option given what’s happening with SAVE? I know PAYE has since closed for new applicants but I have heard that enrollment is possible again during this time that SAVE is on pause. Is this true?
I am not sure if it is possible again for a borrower to switch to PAYE, but I never switched from PAYE to SAVE because my minimum payment is zero on both plans, and I wanted to see how the litigation of SAVE play out in the courts before I would have switched to SAVE. I also just left some good advice in another comment explaining a good way to quickly get your documents to your loan servicer(s) through the postal service.
I posted an update on my loan servicer's receipt of my IDR renewal application in the other comment.
Everyone keeps talking about PSLF. What about those who DON"T have or qualify for PSLF?
❤ Kamala- Walz 2024❤
And get Stormy Daniels back to Donald! He would want to lose this election to hang out with her!
everybody is in shock for save conjunction.
It’s uncanny that the forbearance ends in November- that’s the election month 😒 Also for people in PSLF. Keep making your payments even though it says you’re in forbearance. FORBEARANCE DOES NOT COUNT FOR PSLF. You need to keep making the payments so that when it ends your count is not messed with. I am doing it. Also I saw on FSA website that employers and borrowers making PSLF payments will be updated once forbearance is over.
Making payments during this forbearance will NOT count towards your PSLF. You can buy back these months later (once adding these months makes you hit the 120 payments). I'm saving my money during these months so I can use it to buy them back later
Wait so while they put us in forbearance- are we accumulating interest?
No, interest should not be accruing in forbearance.
Yes we are, but not supposed to be!! I have sieht countless hours go around with Mohela on this with no recourse. My loans have been accruing interest July 18th to present day. I have exhausted all means to get Mohela to follow the law so I reported them to the department of education.
Aidvantage did the same thing to me. The interest was accruing in spite of the court's decision for 3 days, then I started calling them ,threatening that I will report them and contact Senators, they stopped. Now interest doesn't accrue, but they said they won't wave the amount that accrued
Typically interest will accrue while in forbearance but the SAVE plan forbearance is not accruing interest at this time.
so we are completely cooked no matter what.
How about instead of sending billions to Ukraine we help out Americans in need so we can help those who are working hard to make America successful. If this doesn’t go through I don’t see any incentive for people to try and go to school for years just to be tied down by loans. Government needs to figure it out or else we will see the repercussions down the road
vote blue across all elections for the best case scenario for your student loans. 💙💙💙💙💙💙
No way, blue policies are HORRIBLE. I would vote Trump because we'll have lower costs and better rates. Also, he's helping student loans
Honestly , Under Biden , the whole student Loan system when under Limbo. We have no clue of anything at all. Under Trump at least everything stayed ghe same as like the time it was Under Obama. He didn't help , but he didn't change anything either. But now with all these changes , and no body knowing nothing about anything because everything is changed or under lawsuit ... Then which one you think is better ? I still have the email from FSA that my 20K student Loan forgivness is approved , but that was never implemented/ blocked . The same will happen most likely to everything else.
I'm 49 over $170k in debt and have 22 months left of PSLF and frustrated that the stupid Republicans are doing this. I wish the last thing Biden does before leaving office is sign an executive order to lower from 10 years to 5 years to end this crap and paper work, red tape, all these other crappy things.
What? It's Democrats fault for this Loan problem