PSLF

[wanderingback]

Jul 29, 2024 16:42:33 GMT -5 lo said:

Does anyone understand what’s going on with the SAVE program right now? Automatic foreberances? Buybacks? SAVE doesn’t count for PSLF as things stand right now (I think).

I posted this website above. It gives an overview.
studentloansherpa.com/save-lawsuit-status-next-steps-tips/?fbclid=IwZXh0bgNhZW0CMTEAAR1i_OWWkAj4e3mHF7UWZsJARZBibU2R0gFf0704fxYjR0PjLV28YWDnNgI_aem_FphYmdm0l-MhP_-_HAeLcA

[wanderingback]

Ugh this is so frustrating, sorry to come back to this. So I was thinking about just paying this month. But is that even a solution? Like if I pay the amount that I’m supposed to pay under SAVE, are they saying that doesn’t count?

Per the student aid estimator switching to PAYE is only about $200 more per month. Does it make sense to switch to PAYE? Can you switch in and out of plans at anytime?

Is there anyone we can call to discuss this???

[wanderingback]

Ok i think i answered my own questions with further reading and I think we’re screwed and just have to wait. My summary from the below website….

You can switch to a different IDR plan like PAYE that counts towards PSLF but services aren’t even processing applications right now because of all the fuckery that’s happening, so I don’t think that would be helpful.

You can do "buy back credits" to pay right now but only if paying to " buy back" months gets you to 120 payments.

Does anyone else have a different understanding?
Fuck republicans!!!!

studentaid.gov/announcements-events/save-court-actions

[gretchenindisguise]

wanderingback , that's essentially my understanding as well. If you're close to 120, you could switch to a non-IDR and then cross fingers for TEPSLF. There should be enough money in that pot for 2 years, so if you're within let's say 6-12 months of 120, I think you'd be safe going that route.

This whole thing sucks and I'm so pissed for folks who are stuck in it and stuck in jobs longer because of this fuckery.

eta: I think switching plans could make sense, but I don't think they are processing ANY IDR applications at the moment, so it's a moot option.

[keyslover]

I am so glad others are just as confused. It seems to be as if there are no good options.

Magic wand all the student loans away please! Make my life and everyone else's easier.

[wanderingback]

Aug 2, 2024 11:56:57 GMT -5 gretchenindisguise said:

wanderingback , that's essentially my understanding as well. If you're close to 120, you could switch to a non-IDR and then cross fingers for TEPSLF. There should be enough money in that pot for 2 years, so if you're within let's say 6-12 months of 120, I think you'd be safe going that route.

This whole thing sucks and I'm so pissed for folks who are stuck in it and stuck in jobs longer because of this fuckery.

eta: I think switching plans could make sense, but I don't think they are processing ANY IDR applications at the moment, so it's a moot option.

Ok you’re the expert so glad you at least confirmed what I researched all morning even though it completely sucks. WTF.

I also don’t understand how this wasn’t communicated to us properly! With all the forbearances cause of Covid and then switching over to the new servicer platform we’re so used to getting emails about "administrative forbearances" that no one blinked their eyes about this latest one to understand exactly what was happening. So maddening.

[lo]

Is anyone else on the SAVE plan still having their automatic payments taken out? The FB page says this shouldn’t be happening, yet I’ve had both July and August taken out.

[wanderingback]

Aug 27, 2024 18:52:56 GMT -5 lo said:

Is anyone else on the SAVE plan still having their automatic payments taken out? The FB page says this shouldn’t be happening, yet I’ve had both July and August taken out.

No definitely not. Did you get the emails saying you were being put in administrative forebearance? Are you sure you’re in SAVE?

ETA: if anything I wish I were still paying and it counted towards PSLF!!!

[lo]

Aug 27, 2024 21:11:27 GMT -5 wanderingback said:

Aug 27, 2024 18:52:56 GMT -5 lo said:

Is anyone else on the SAVE plan still having their automatic payments taken out? The FB page says this shouldn’t be happening, yet I’ve had both July and August taken out.

No definitely not. Did you get the emails saying you were being put in administrative forebearance? Are you sure you’re in SAVE?

ETA: if anything I wish I were still paying and it counted towards PSLF!!!

You know, I would have SWORN I was on the SAVE plan but turns out I’m ICR. Which I think is different. So that explains it! I know I looked into the SAVE plan but went with the one that gave me the cheapest payment.

[wanderingback]

Aug 28, 2024 12:58:00 GMT -5 lo said:

Aug 27, 2024 21:11:27 GMT -5 wanderingback said:

No definitely not. Did you get the emails saying you were being put in administrative forebearance? Are you sure you’re in SAVE?

ETA: if anything I wish I were still paying and it counted towards PSLF!!!

You know, I would have SWORN I was on the SAVE plan but turns out I’m ICR. Which I think is different. So that explains it! I know I looked into the SAVE plan but went with the one that gave me the cheapest payment.

Nope that’s a different plan. ICR is max 20% of discretionary income.

[wanderingback]

A non update update - www.forbes.com/sites/adamminsky/2024/08/28/new-updates-issued-on-student-loan-forgiveness-credit-during-save-plan-forbearance/

Makes me so mad to read. But do we think if SAVE is saved (no pun intended) they’ll go back and let these months count towards pslf? Is there any indication that is a possibility?

[lo]

Makes me so angry!! I feel like they will make it right somehow, eventually. At least I trust Kamala will.

I think I ended up going with ICR because my loan balance is low (15k) and they calculate payments based on 12 years of payments when doing the calculation. I remember one of the payment plans was $1400 a month and iwould have paid it off before my 120 payments, no thanks to that.