@@youtubeuniversity3638 maybe but make no mistake, it's a predatory system. There's a big difference between medieval guilds and the slave system of federal reserve notes when banks create wars , buy politicians, and suck the very life from the world.
I'm on the save plan with 0 payments I've put it out of my head cause plain and simple I cannot afford payments. I know this stupid pause with not counting towards my psfl and extending it, but I can't stress on it. I have to keep my family fed and warm, especially with this winter.
I was in the SAVE program and after it was paused I was put on forbearance but my interest are capitalizing so my loan is increasing! I thought that on SAVE forbearance Interest weren't suppose to capitalize??????
On SAVE & working towards PSLF at the moment. I'm not stressed. I'll use the extra money I have to pay down my car. Once that's paid down, I'll save up to buy back all the paused months. 3 more years until PSLF. Sigh, I'm using the extra cash flow to take care of other financial goals. I'll roll back into an IBR after litigation resolves.
This is exactly where I am as well. 2.5 years out from PSLF, putting what would be my student loan payments into high interest savings. Planning to buy back the months when I get to 120.
Just want to say your videos are excellent. They validate my game plan re this messy messy situation, and relieve some of the immense stress related to loan repayments
Same, mines said it will end at the end of the month. I called Mohela customer service today to asked about recertification of my plan so my bill don’t increase and the lady was as clueless as I am. She said that while the SAVE plan is still tied up in court that they won’t be processing any recertification. So I hope this means and they will also not be processing or excepting payment because I can’t afford the standard plan.
Thanks for the update! So, I'm paused in save and don't qualify for PSLF, cannot afford to take on the payments right now. Should I just stay stuck there? My loan has met the criteria for forgiveness (it's an undergrad loan, taken out in 1999 originally. Started out at 4,000, was in forbearance a few times, payments got screwed up and lost during being passed thru several lenders, big dispute over that. Interest has racked up and greatly increased my balance. Now, I owe a loan of nothing but interest. I filed for an Ombudsman and a complaint on the Student Aid website. It has been PENDING since November 2023! So, here I am stuck in Save with nothing happening.
Thank you for the continued information on this crazy process. Sometimes I get so annoyed reading the same information in news articles...it's almost like clickbait, but your channel helps us that are aiming for some kind of government loan forgiveness. Thank you and many blessings to you!!
I consolidated most of my loans (I'm finishing up a PhD) when Carmona sent that urgent sounding email out about getting on the SAVE plan. It was approved and then the courts blocked it a week later. Subsequently, I had to put the consolidation loan into forbearance. I remember when you used to be able to defer consolidation loans if you were still in school; not the case anymore to my surprise. That email I responded to actually caused me more headaches than the help it was supposed to provide. Hopefully, they can get the SAVE plan back on track...
The thing that bothers me is that I was fine under the Repayee. I didn't like the interest growth, but at least it counted toward my PSLF. Then SAVE got created and I was immediately moved to that, only to have it be contested and possibly taken away soon, throwing me back into chaos. I wish Biden had just implemented a no-interest Repayee. When he started promising forgiveness left and right, that's when things went south fast.
I was about to apply for the SAVE plan because I went through fresh start to get my loans out of default. I was automatically put on a standard plan with $860 monthly payments. The courts had blocked the save plan 3 days before I tried to apply. I realized Friday that the options to apply were available again and immediately submitted an application. Will my application be processed now or will it be on hold again? This is so confusing!! 😢
@@LoveLife-oo9cz I'm in tech, database management was my degree. I owe over $73000 ad my % rate is 4-7% depending on the loan. I even had the Pell grant and a scholarship that covered half my tuition for my bachelor's degree because I transferred with a 3.95 gpa from one school to another. Two days after I submitted my application to Nelnet, they put me on a 0% interest processing forbearance until they get this mess figured out so that's good. I can still make payments but I don't have any due until at least February. I also have a borrower's defense application in because one of my schools is being sued for predatory enrollment practices so I might have some of it forgiven eventually.
I qualified for a home loan previous to this forbearance. I didn't think about the change since I wasn't given a choice. Now I might miss out on the house of my dreams. If I switch now to an IBR, can I go back to an IDR later (if they still exist)?
During and after Covid, while payments & interest were on pause, I was funding a high yield savings account. The account is now at a point where I can make a one time lump sum payment and clear the debt. I don’t know if I should clear it, or wait for the courts to forgive a chunk of the debt and then pay… Any advice is welcome!
I'm really not sure if there's any kind of instantaneous relief that's being blocked by the courts right now that may impact you. It's a complicated question that comes down to the type of loans you had, how long you've had them for, what repayment plan you're in, and so on. Sounds like you may want to just hold on, assuming the situation is not changing anytime soon, especially if your loan isn't accruing interest. If it is accruing interest, the cost of waiting is really just whatever that daily interest is - that's the penalty that you pay to keep that option open of hopefully getting rid of some of the debt through government action.
Does this hold affect consolidated recalculations or is it just blocking the new programs? I consolidated my loans back in March of 2024 to take advantage of the recalculation. I have 25 years worth of qualified payment periods. Are they still working on forgiving this type of loan, or is that also on hold?
I am at 119 on the PSLF PLAN , but in June they would not allow me to make a payment. After the ED processed my count I landed at 119. My question is can I buy it back.?
Questions. I'm currently in public service. I consolidated a parent plus loan that i'd been paying since 2013 to an Icr in my name in 2020 and have not missed a payment since. I didn't know about the payment pause. Will I get credit for those payments? I'd like to retire spring 2025 from public service and only have 6 more payments
It might not be stopping it, it might just be where they need to go in and renew it. Without looking at your account, I don't know. But it's very common right now for some people to have forbearances that are ending that need to be renewed and you may need to call in and get that done. It should be a simple phone call to your loan servicer.
I have completed my 120 total payments towards PSLF. Mohela told me that they are not forgiving any debt during this injunction. If this lasts a long time and the administration changes, am I at risk of not having my loans forgiven if they scrap the program or make some other catastrophic ruling? I have fulfilled my obligation to the program and FSA has given my letter of forgiveness eligibility.
@ they put me into the save forbearance finally in November. I have decided to just got for IBR since the new admin can’t really change it, and I would pay the same amount as the PAYE plan. I also can display the financial burden for IBR too so it seems like my best route for PSLF.
And all I want to know is if I will get my REPAYE plan back or if my loan amount will triple if I have to go into an IBR if REPAYE is shot down with SAVE.
Question: Is there harm in switching to IBR in order to have payments count toward PSLF, and then, if and when everything is resolved with SAVE, switch back? I mean, I understand, especially with Republicans controlling everything now, that SAVE and even PSLF are uncertain. But if SAVE or something similar came back, would I be able to switch to it in the future if I switch to IBR now. I really want my payments to count toward PSLF!
I can understand the debate about loan forgiveness on both sides regardless of whether I agree with one side or the other but I do not and cannot understand why repayment plans are contested. When we buy a house or a car we know what our payments will be roughly each month. Now think about paying your mortgage and then all of a sudden someone doesn’t like you paying your lender your current amount and they decide to take it to court. This is exactly what is happening now and is a complete screwing of millions of Americans. Yes we took loans and yes we are obligated to pay them back but don’t go and change the rules when people were already doing what they should!
It's a pretty good tool to keep us all down. If those of us who don't have student loan debt try to negotiate for better terms or a raise at work, or decide to try to form a union Etc, they can just replace us with someone who is being crushed by the student loan debt crisis. Indentured servants are more obedient workers
Hi, I HAVE BEEN PAYING ON MY LOANS SINCE 2000 WITH NELNET. I CONSOLIDATED THEM IN 2019 WITH MOHELA. SHOULDN’T I RECEIVE CREDIT FOR THOSE 19yrs PLUS NOW IT IS 2024. SHOULDN’T I BE CLOSE TO GETTING MY LOANS FORGIVEN. AT THE MOST I’M CLOSE TO 25yrs. THANK YOU SO VERY MUCH AND MAY GOD BLESS YOU!🙏🏾👏🏾😇🙌🏾☝🏾
Wow, 24 years of payments? At this rate, you could have paid for a small island! Here’s hoping your loans get forgiven before you retire and start a new career as a professional beachgoer!
It is criminal that this is complex enough that a channel like this is meaningfully useful to people.
Exactly. They do it by design to keep people in debt and then blame you for being in debt.
Welcome to the greatest ponzi scheme in history! That next inflation spike going to be ruthless
These loans are a scam and another way to crush the middle class. Trades are more useful since AI is taking over most other jobs anyway.
@@petrusprimus Unfortunately stagnating wages screw you over college or no...
@@youtubeuniversity3638 maybe but make no mistake, it's a predatory system. There's a big difference between medieval guilds and the slave system of federal reserve notes when banks create wars , buy politicians, and suck the very life from the world.
I'm on the save plan with 0 payments I've put it out of my head cause plain and simple I cannot afford payments. I know this stupid pause with not counting towards my psfl and extending it, but I can't stress on it. I have to keep my family fed and warm, especially with this winter.
Same I got a useless degree from a for profit university it didn't help me get a better paying job
Thank you for this. It is awful that the US has no care for those of us with no income and tons of student loan debt.
I was in the SAVE program and after it was paused I was put on forbearance but my interest are capitalizing so my loan is increasing! I thought that on SAVE forbearance Interest weren't suppose to capitalize??????
On SAVE & working towards PSLF at the moment. I'm not stressed. I'll use the extra money I have to pay down my car. Once that's paid down, I'll save up to buy back all the paused months. 3 more years until PSLF. Sigh, I'm using the extra cash flow to take care of other financial goals. I'll roll back into an IBR after litigation resolves.
This is exactly where I am as well. 2.5 years out from PSLF, putting what would be my student loan payments into high interest savings. Planning to buy back the months when I get to 120.
Same. I’m focused on saving for traveling and house down payment.
My concern is that PSLF can be slashed.
Thank you for choosing to be a student loan expert.
I am on the save plan and they put mine on hold until 0225
Just want to say your videos are excellent. They validate my game plan re this messy messy situation, and relieve some of the immense stress related to loan repayments
0:15 this! THIS! So overwhelmed, I’ve stopped reading the letters 😱
I am on the SAVE plan, which went to a Forbearance, but it says the Forbearance expires in 24 days. What does this mean?
Same here, not sure what that means either
Mine as well. I think it’s processing forbearance
Same here. It’s very confusing.
Am Sad.
Same, mines said it will end at the end of the month. I called Mohela customer service today to asked about recertification of my plan so my bill don’t increase and the lady was as clueless as I am. She said that while the SAVE plan is still tied up in court that they won’t be processing any recertification. So I hope this means and they will also not be processing or excepting payment because I can’t afford the standard plan.
Thanks for the update! So, I'm paused in save and don't qualify for PSLF, cannot afford to take on the payments right now. Should I just stay stuck there? My loan has met the criteria for forgiveness (it's an undergrad loan, taken out in 1999 originally. Started out at 4,000, was in forbearance a few times, payments got screwed up and lost during being passed thru several lenders, big dispute over that. Interest has racked up and greatly increased my balance. Now, I owe a loan of nothing but interest. I filed for an Ombudsman and a complaint on the Student Aid website. It has been PENDING since November 2023! So, here I am stuck in Save with nothing happening.
I was searching my Smart TV and got to RUclips - and there you were - great job - keep up the information for us! Patricia Dersam
My servicer keeps saying payments are due. I haven’t seen anything from them about a freeze. They seem as though the freeze ended in July.
What about those who submitted a complaint that were skipped over for the 20 year loan forgiveness under SAVE?
Thank you for the continued information on this crazy process. Sometimes I get so annoyed reading the same information in news articles...it's almost like clickbait, but your channel helps us that are aiming for some kind of government loan forgiveness. Thank you and many blessings to you!!
Vote Nov 5th AGAINST tRump and his maga allies. They are the reason we cannot get student loan help.
My team and I really appreciate the positive feedback. Thank you so much.
My loan consolidation was "processed" Oct 7th I had applied in April.
I consolidated most of my loans (I'm finishing up a PhD) when Carmona sent that urgent sounding email out about getting on the SAVE plan. It was approved and then the courts blocked it a week later. Subsequently, I had to put the consolidation loan into forbearance. I remember when you used to be able to defer consolidation loans if you were still in school; not the case anymore to my surprise. That email I responded to actually caused me more headaches than the help it was supposed to provide. Hopefully, they can get the SAVE plan back on track...
Mine is put on hold until feb. 25
Thank you for this informative video!
You are so welcome!
Is there any update on the Art Institute investigation?
Not yet, I hope it comes soon.
I hope strayer will be on their list for profit schools should all close down
is the IBR income based plan the on,y one i can get now?
This video was informative, anxiety-inducing and comforting all at once. 😅
LOL
The thing that bothers me is that I was fine under the Repayee. I didn't like the interest growth, but at least it counted toward my PSLF. Then SAVE got created and I was immediately moved to that, only to have it be contested and possibly taken away soon, throwing me back into chaos. I wish Biden had just implemented a no-interest Repayee. When he started promising forgiveness left and right, that's when things went south fast.
Wait, Why are they sending bill due ?
10:20 ...wait you can set email filters?
I was about to apply for the SAVE plan because I went through fresh start to get my loans out of default. I was automatically put on a standard plan with $860 monthly payments. The courts had blocked the save plan 3 days before I tried to apply. I realized Friday that the options to apply were available again and immediately submitted an application. Will my application be processed now or will it be on hold again? This is so confusing!! 😢
BTW I'm in georgia and my loans are with nelnet
Omg $860 per month? How much did you borrow from them and the interest rate. With this monthly payment must be in medical or something.
@@LoveLife-oo9cz I'm in tech, database management was my degree. I owe over $73000 ad my % rate is 4-7% depending on the loan. I even had the Pell grant and a scholarship that covered half my tuition for my bachelor's degree because I transferred with a 3.95 gpa from one school to another. Two days after I submitted my application to Nelnet, they put me on a 0% interest processing forbearance until they get this mess figured out so that's good. I can still make payments but I don't have any due until at least February.
I also have a borrower's defense application in because one of my schools is being sued for predatory enrollment practices so I might have some of it forgiven eventually.
I qualified for a home loan previous to this forbearance. I didn't think about the change since I wasn't given a choice. Now I might miss out on the house of my dreams. If I switch now to an IBR, can I go back to an IDR later (if they still exist)?
What should I do if I'm in the SAVE program and have 120 qualified payments, but not working a public service job?
During and after Covid, while payments & interest were on pause, I was funding a high yield savings account. The account is now at a point where I can make a one time lump sum payment and clear the debt. I don’t know if I should clear it, or wait for the courts to forgive a chunk of the debt and then pay… Any advice is welcome!
I'm really not sure if there's any kind of instantaneous relief that's being blocked by the courts right now that may impact you. It's a complicated question that comes down to the type of loans you had, how long you've had them for, what repayment plan you're in, and so on. Sounds like you may want to just hold on, assuming the situation is not changing anytime soon, especially if your loan isn't accruing interest. If it is accruing interest, the cost of waiting is really just whatever that daily interest is - that's the penalty that you pay to keep that option open of hopefully getting rid of some of the debt through government action.
Does this hold affect consolidated recalculations or is it just blocking the new programs? I consolidated my loans back in March of 2024 to take advantage of the recalculation. I have 25 years worth of qualified payment periods. Are they still working on forgiving this type of loan, or is that also on hold?
It's on hold. The court blocked it unfortunately. We don't know when they are going to resume unless lawsuits occur.
I am at 119 on the PSLF PLAN , but in June they would not allow me to make a payment. After the ED processed my count I landed at 119. My question is can I buy it back.?
I forgot I am still working for the VA MY employment has reached 120
You can apply for PSLF buyback just go on studentaid.gov and it will walk you through the process there.
Questions. I'm currently in public service. I consolidated a parent plus loan that i'd been paying since 2013 to an Icr in my name in 2020 and have not missed a payment since. I didn't know about the payment pause. Will I get credit for those payments? I'd like to retire spring 2025 from public service and only have 6 more payments
Wish I'd stumbled upon your videos soon. Excellent info.
I'm so n the save plan and ever since this summer, it won't let me apply extra payments individual loans. Has anyone else noticed this issue?
My forbearance ends in 7 days yet people are saying this I on hold for six months. Why is mine stopping?
It might not be stopping it, it might just be where they need to go in and renew it. Without looking at your account, I don't know. But it's very common right now for some people to have forbearances that are ending that need to be renewed and you may need to call in and get that done. It should be a simple phone call to your loan servicer.
I have completed my 120 total payments towards PSLF. Mohela told me that they are not forgiving any debt during this injunction. If this lasts a long time and the administration changes, am I at risk of not having my loans forgiven if they scrap the program or make some other catastrophic ruling? I have fulfilled my obligation to the program and FSA has given my letter of forgiveness eligibility.
Any updates?
I’m not on a plan but am trying to get on SAVE, so MOHELA put me in a processing forbearance. Is my time counting towards PSLF?
Any updates? I applied to SAVE a few weeks ago. Went straight to forbearance
@ they put me into the save forbearance finally in November. I have decided to just got for IBR since the new admin can’t really change it, and I would pay the same amount as the PAYE plan. I also can display the financial burden for IBR too so it seems like my best route for PSLF.
Should I vote hopping that this plans ever work or should I vote for a better economy and finally being able to repay my loans?
Evan after appeal its still probably going to get struck down by supreme court again.
And all I want to know is if I will get my REPAYE plan back or if my loan amount will triple if I have to go into an IBR if REPAYE is shot down with SAVE.
Question: Is there harm in switching to IBR in order to have payments count toward PSLF, and then, if and when everything is resolved with SAVE, switch back? I mean, I understand, especially with Republicans controlling everything now, that SAVE and even PSLF are uncertain. But if SAVE or something similar came back, would I be able to switch to it in the future if I switch to IBR now. I really want my payments to count toward PSLF!
still interest on parent plus and no help
I can understand the debate about loan forgiveness on both sides regardless of whether I agree with one side or the other but I do not and cannot understand why repayment plans are contested. When we buy a house or a car we know what our payments will be roughly each month. Now think about paying your mortgage and then all of a sudden someone doesn’t like you paying your lender your current amount and they decide to take it to court. This is exactly what is happening now and is a complete screwing of millions of Americans. Yes we took loans and yes we are obligated to pay them back but don’t go and change the rules when people were already doing what they should!
I owe 27k at my current pay rate I pay $48,000 sheesh
It's a pretty good tool to keep us all down. If those of us who don't have student loan debt try to negotiate for better terms or a raise at work, or decide to try to form a union Etc, they can just replace us with someone who is being crushed by the student loan debt crisis.
Indentured servants are more obedient workers
Hi, I HAVE BEEN PAYING ON MY LOANS SINCE 2000 WITH NELNET. I CONSOLIDATED THEM IN 2019 WITH MOHELA. SHOULDN’T I RECEIVE CREDIT FOR THOSE 19yrs PLUS NOW IT IS 2024. SHOULDN’T I BE CLOSE TO GETTING MY LOANS FORGIVEN. AT THE MOST I’M CLOSE TO 25yrs. THANK YOU SO VERY MUCH AND MAY GOD BLESS YOU!🙏🏾👏🏾😇🙌🏾☝🏾
Wow, 24 years of payments? At this rate, you could have paid for a small island! Here’s hoping your loans get forgiven before you retire and start a new career as a professional beachgoer!
In other words, pay your loans. I work a second part time job and every penny goes towards my loans. Im down to 15k
Well good for you , honestly we don’t care …
@@bradyhack2428 You care. Thats why you commented. Now get off yt, get a job and pay your loans
@@AlbatrossWhisperScrew off.
Education shouldn't cost money period.
Heck, money itself one could debate should Not Be.
Oh also comment reported.
@@bradyhack2428 He's just a troll that is waiting for someone to challenge his ignorant viewpoint. Don't fall for it
While I work a min wage job 😂😂😂
LETS GO BRANDON!!!!! VOTE FOR HARRIS........IF YOURE A SOCIALIST!!!! This is BULLLLLSHIIIITTTT
PAY YOUR DEBTS, NOT MY RESPONSIBILITY!!!!! I PAID MINE. 🖕 THIS!!!!