Slash Your Student Loan Payments: A Comprehensive Guide to Income-Driven Repayment Plans
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- Опубліковано 5 чер 2024
- Looking to lower your student loan repayment? Wondering SAVE vs PAYE? You need to understand the Income Driven Repayment plans (IDR student loan repayment plans)! This video goes into all the details of IDR repayment plans (SAVE, ICR, IBR, and PAYE) and explains each Income Driven Repayment plan - benefits, drawbacks, eligibility, who is right for each IDR plan, and more!
Links/videos mentioned:
⭐ Department of Ed for more details on IDR plans: studentaid.gov/manage-loans/r...
⭐ Loan simulator: studentaid.gov/loan-simulator
⭐ SAVE plan explained video! • New SAVE Student Loan ...
⭐ How to calculate your SAVE payment video: • How to calculate your ...
⭐ PSLF video: • PSLF explained! Public...
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00:00 -1:07 IDR repayment plans are confusing
1:08 - 1:51 What is an IDR payment plan?
1:52 - 3:13 What you need to know about all IDR plans
3:14 - 5:05 Drawbacks of IDR plans
5:06 - 7:56 SAVE IDR plan explained!
7:57 - 10:06 PAYE explained!
10:07 - 12:05 IBR explained!
12:06 - 13:44 ICR explained!
This was a LOT of work, I'm sure there are some things I should have included but because there was so much they aren't here but hopefully it helps you understand your options better. Let me know below if this was helpful to you - thanks!
I stumbled upon your channel today, because apparently I’ve been living under a rock and didn’t realize student loan payments are now due again, and had to rush to do some research… I’m SO grateful to have found your channnel!!! I am working towards PSLF, and took your advice to consider the SAVE plan and essentially lowered my monthly payment from $1,240 to $92… 😳🤯🤯🤯 My SAVE plan application is still pending, but if these numbers prove to be true, your videos will have changed my life in a HUGE way! Thank you so much for doing the lords work by simplifying such a complicated process!!! I will definitely keep you posted!!!!
Hi @wendyperez1940 - wow that’s quite the difference in payment!!! Thank you for your kind words, I’m so happy I was able to help☺️. I love hearing stories like yours. Thanks for watching! -k
@@Jennchannel24 you can change your payment plan at any time. You can see what your payments are on the different plans by using the loan simulator: studentaid.gov/loan-simulator
I don't know what you mean by "did the wrong thing" - if you're paying your loans, then you've got this base covered! You can always call your loan servicer and talk to them to learn more of the ins and outs of paying your loans (just be prepared to be on hold!) Good luck and thanks for watching! -k
Thank you!
This was amazing. Thank you
Great info. Thank you very much Money Librarian! You rock. 😊
Hi @markcummings6856 - THANK YOU! Love hearing from you - hope you're well! -k
Thank you, the information provided by my loan servicer is so confusing. This helped clarify things greatly.
Hi @errormine - so glad this was helpful, thanks for watching!! -k
Thank you for your time in making this video. It's very informative and useful. Also, whoever your partner is they've done well ;)
Hi @DS-xw8dg - you’re welcome and thanks for watching! -k
New subscriber 💯
Hi! Glad to have you, welcome to the smarty pants party!! 🎉 🥳
Let me know if there are particular topics you want to know more about.
-k
Amazing video as always! You're my go-to every time I want to learn more about my loans. Just to clarify, if i'm on the save plan and my monthly payment is $0, my total balance I need to pay back will not increase? So in theory If I make manual payments during this time, I am paying them without back interest accruing on any of my loans?
Hi @dylanlampert5939 - glad to be your student loan go-to!
From everything I’ve been able to glean, on SAVE, if your payment is less than your interest the gov waives the interest, BUT if you pay more than your minimum, they still waive the same amount, meaning your payment goes directly to the principal 🥳
It’s still early days so we’ll see but from everything I’ve seen, this is how it’ll go.
Thanks for watching! -k
Thank you for this! Very informative! Would you happen to know of anything similar towards private student loans? Thank you!
Hi @mamba28874 - each private company offers different options. You’ll have to contact yours to see what options they offer. If they don’t have anything that works for you, you can look into refinancing with a different company just be careful of the fine print especially if it raises your interest rate.
Good luck and thanks for watching! -k
Thank you!@@themoneylibrarian
Leave it to the Federal Government to make all of this incredibly complex. What a surprise! That said, Well done, great info:-) Thanks!
Hi @ncb1003 - from my perspective it’s a too many cooks in the kitchen situation. And oddly, it’s WAY better than it used to be😳. Thanks for watching! -k
Thank you for the great video of the different plans!!! I've been hearing that the government subsidy would only apply for the first 3-5 years once you start on the SAVE plan. Do you know if that is true?
Hi @DD-wy8us - I'm not sure what you mean by "subsidy", could you elaborate?
For anyone on the income driven student repayment plans, you have to recertify your household size and income yearly, so your payment would change if either of these has changed.
Thanks for watching! -k
Thank you so much for these videos! I am currently at $0 on the IBR plan and recently got a quote from my loan servicer that says if I switch to the SAVE plan my monthly payment would be about $38. I am considering going with that option because I want to take advantge of the interest forgiveness, which if I understand correctly, would be the difference of monthly interest accrued and monthly payment? So for example: $100 monthly interest minus $38 monthly payment= $62 of interest forgiven? I am also on PSLF and about to recertify so that I can have an updated number on the amount of payments I have left before reaching 120 paymemts required for loan balance forgiveness (may be at 66/120) and wondering which plan makes sense. Thank you again and I really look forward to your thoughts!
Hi @missyattah! Yes, if I’m reading your breakdown correctly that’s how the SAVE plan handles interest.
I would think SAVE is the way to go but if IBR is cheaper, in general, if you’re going for pslf, you generally want to pay as little as possible towards your loans.
I think you should figure out what your SAVE payment should be as lots of loan servicers have been giving the wrong payment to people, it’s easy to do, I walk you through it here: ua-cam.com/video/Ek3ak-93vas/v-deo.htmlsi=_JJoCE72jBAARwLM
I have a couple other vids that should be super helpful to you-
All about PSLF: ua-cam.com/video/XrJ0D_uIn-I/v-deo.htmlsi=H-UvzZaRYIrdfeTb
What to do now if you are going for pslf: ua-cam.com/video/gGX7WOwjMjo/v-deo.htmlsi=UYjQcyznB-eRBTPA
Good luck, hope this helps, and thanks for watching! -k
Hey thank you for this! Quick question can any of these loans be paid off before their maturity? Let’s say I get on SAVE and instead of 20 years I pay it off on 7 years. Would I be in trouble for doing that?
Hi @johncocoma4075 - I’ve never heard of early payment restrictions on regular federal loans but you can check the paperwork (I know, barrels of fun there!), or call and ask to make sure.
Glad you are in a position to get out from them early, thanks for watching! -k
Thank you so much for the video! I have a quick question: I’ve always been on IDR with just grad school loans-is SAVE still a good option if I plan on aggressively paying back all my loans in a shorter time frame?
Hi @hauntingbeauty - a major advantage could be that if your required payment is less than interest, the gov will cover the interest and more of your payment will go to the principal.
I would play around with the loan calculator on studentaid.gov to see what all your payment options are. There should be a link in the vid description.
Be sure to subscribe as I’m posting a vid in the next few weeks that outlines creative ways to aggressively pay off your student loans. 🥳
Thanks for watching! -k
Hi so on all the plans it’s telling me
Monthly payments: $0
Total to be paid : $0
But they all say a different forgiveness amount but more that what I owe I only owe 9,000
Hi @rampage.laysha5642 - This seems odd but each plan works differently and it estimates future payments. Between those two factors it's easy for the forgiven amount to change.
You may need to choose one based on WHEN the amount would be forgiven.
Good luck and thanks for watching! -k
Hello thanks so much for this video! Do you know if I am able to apply for SAVE if I was planning to do PSLF (I work for public school district) in 6 years? Its all grad school debt
Hi @lynnettecarrillo1125 - PSLF and SAVE go together like peanut butter and chocolate! Which is to say, they work very well together.
SAVE is the payment plan that determines your monthly required payment. PSLF is the forgiveness program that gets rid of any balance after 10 years. I recommend you watch the following vids to have a clear understanding of how these work and know what you should be doing now to have your ducks in a row:
PSLF Explained - ua-cam.com/video/XrJ0D_uIn-I/v-deo.htmlsi=plK5Zp7UxFpkPdsf
SAVE plan explained - ua-cam.com/video/Iz1C8Ou-Bgc/v-deo.htmlsi=PInXb5IS16CYLVo0
What to do now if you’re going for PSLF -
ua-cam.com/video/gGX7WOwjMjo/v-deo.htmlsi=RsXj-3LRfElZRJUr
Hope this helps and thanks for watching!!-k
I just paid off a Perkins loan that prevented me from being eligible for SAVE. I'm low income $32k, 1 dependent. Now that my Perkins is paid must I consolidate all of your Direct loans to qualify for SAVE? Some of my Direct loans are i.g. 3%, 5%, 6% are half the amount of others.
Hi @robicarm - congrats on paying the Perkins! Direct loans qualify for SAVE so I don’t think you need to consolidate to get on it.
Thanks for watching! -k
Hi, I appreciate the information. I just want to see if there's any update on the deadline to switch/enroll into PAYE. Is the deadline still July 1, 2024 for us to enroll or switch our IBR into PAYE? I also called MOHELA and all of the agents have no information that there's a deadline to the PAYE program enrollment. Thank you
Hi @ytytyt90 - I’m having trouble finding my original documentation but I did find this from studentaid.gov/articles/6-things-to-know-about-save/
“Starting in July 2024, there will some be additional limits on which plans you can switch between. If you’re on the SAVE Plan, you will not be able to reenroll in the Pay As You Earn (PAYE) Repayment Plan or the ICR Plan after July 1, 2024. If you make 60 or more payments on the SAVE Plan on or after July 1, 2024, then you will not be able to enroll in the IBR Plan.”
As the news changes all the time, I wonder if something has been updated about no new applicants to PAYE?? I'll keep looking.
Thanks for watching, hope this helps! -k
I have not made any payments and now trying to pick a plan. I was under economic hardship for years did not file taxes. Can i , how do you say backdate info in any way toward forgiveness referring to (3:00 minute mark in video)
Hi @interesting70 - If you log into studentaid.gov it should show your total number of "payment" (even if you weren't paying due to hardship). They're doing a recount this year but have tens of millions of accounts to go through so it's possible they haven't gotten to yours yet. This should all happen automatically, no need for you to take any actions but you can always call the Dept of Ed or your loan servicer to find out details for you.
Good luck and thanks for watching! -k
I wish someone could just look at my student loans and tell me which route to take😢 . I have federal loans & work for the government so could do PSFL with those , but I also have a private loan which is double my federal & high interest. Doesn’t seem like I can change that one
Hi @kyliemagitz2641 - ugh, I know, these are SO confusing. As for the private loans, you can look into other companies to see if they’ll offer you a better rate and move your loans over if you do find better terms.
If you’re going for PSLF, I have a couple vids that could help:
What to do NOW if you’re good for PSLF: ua-cam.com/video/gGX7WOwjMjo/v-deo.htmlsi=wEH97CWu3WifKUVV
General how PSLF works: ua-cam.com/video/XrJ0D_uIn-I/v-deo.htmlsi=drVuCzpr3MrrUtwe
And if you want an expert to chat about these with, I do offer 45 minute AMA’s (ask me anything) where we can just sit and talk about this stuff: app.acuityscheduling.com/schedule.php?owner=17405040&appointmentType=33484278
Hope this helps and thanks for watching! -k
Thanks for sharing
I consolidated my loans with a private lender years ago. My payments are 362.00 per month. As of 12/31/23 I owe $31,366. I frequently pay more through out of a year. Moving forward I will pay 500 a month to pay my loans off in 5.5 years. My salary is over $70,000 with no depends. Should I try a Student loan payment plan?
Hi @aposhboutique00 - if you’re overpaying, be sure the overpayments are directed to where you want- either the principal (if your goal is to pay these off sooner) or your next payment (if you want to get ahead of the payments)
The payment options are generally for people who are having trouble making ends meet, and this doesn’t sound like the case for you. A strategy to get your principal down faster (but this only works if your required payment is less than interest accrued) is to get on SAVE and then the gov will cover part of the interest while you still pay $500 a month.
are they still federal loans or are they now private? If they are federal, you can log into studentaid.gov and see what your repayment options are.
If they aren’t federal anymore, you’ll have limited options but you can contact your lender to see if they offer different payment plans.
Sounds like you’re in a good position either way! Thanks for watching! -k
If you apply for consolidation and save, be sure to have the consolidation done first. Applying for save during or before consolidation will nullify it! I had to re apply per ed financial and in 2024, versus 2023. I hope I didn't miss the 2023 deadline, the consolidation happened in 2023, thoughts?
Hi @dumpstercheese! (Great name!!) sorry to hear this happened to you. Good to know and I’ll mention your experience in the vid I’m filming today on consolidation.
You can consolidate anytime but there was a deadline of end of year 2023 which has been extended to April 30th 2024 that some people will need to get in under. If you’re one of them, you have some time.
If you want lots more info on this, Be sure to subscribe and hit the bell so you’re notified when my vid goes up!
Thanks for watching! -k
@@themoneylibrarian I should also say thank you for your time, help and explanations. After 16 straight years of paying off loans, 3 diff. servicers, ever missing a payment, no forebearance, no deferment, 2 marriages, child support, never qualifying for help or forgiveness, depleted savings, friggin pandemic, your vids were refreshingly informative, positive, funny and hope from such a bleak predicament. Thank you!!
thank you for your kind words - these videos take forever to make, so it's nice to hear it's had such an impact in others' lives!!! Sorry to hear you've had a rough go of it and glad my vids were so helpful to you!! Good luck!! -k
If you qualify to lower your payment, can you still make monthly payments? Let's say I qualify for $0 a month but I choose to pay $200. Am I able to make that $200 optional payment or am I not allowed to make any payments if I qualify for $0?
Hi @keilam2608 - I believe all federal student loans allow you to make extra payments on top of your required payment. (that said, you'd have to check your paperwork/call your servicer to confirm this with YOUR loans)
IMPORTANT: You have to log into your loan servicer and tell them how you want the payment applied; whether you want it applied to your next month or as an overpayment towards the principal.
This is an especially good move if you're on the SAVE plan and your required payment doesn't cover interest accrued as any overpayments will go to the principal while the gov waives the interest not covered by the minimum payment.
Thanks for watching! -k
I will work with my loan officer but I think you mentioned that if you start earning more on a save plan you can change your repayment option?
Hi @sergiorivera2762 - any time your income changes you can apply to update your SAVE payment. Normally people only do this when their income goes down to reduce their payment amount.
Either way, you have to recertify your income yearly so they can update it to the most current income you have.
Hope this helps and thanks for watching! -k
It does help! I still have not been able to get through to my loan people but I still have 3 weeks until my next payment! For some reason they are only open M-F during work hours @@themoneylibrarian
Hi @sergiorivera2762 - of course they have inconvenient hours 🫠. Keep on trying, eventually you’ll get though!!! -k
If I am making less than 50k now under the SAVE plan but start making 150k next year… and I am able to pay off my loans in 2 years… do I have to pay 10% of my income for the next 8 years of the 10 year commitment regardless if my loan is paid off?
Are these gambles?
Hi @patrickwalsh8933 - for federal student loans you can switch payment plans at any time - so if SAVE no longer is lower than the 10 year you can switch to the ten year (or any other payment plan). I am unaware of any federal student loans that penalize you for early payments, so if you want to pay them off early, that shouldn't be a problem.
Hope this helps and thanks for watching! -k
Does that matter if you file your taxes with the overseas exemption so that you are not paying taxes? The overseas exemption makes it so that you technically make 0, in terms of paying federal and state taxes. Would 0 be your income then for these types of repayment plans? Or would they take your overseas amount before claiming an overseas exemption? Thanks!
Hi @jadickso - oof, I wish I had an answer for you but once you bring international tax law into it, this is well outside my understanding.
I recommend calling the Department of Ed and asking them about this issue - if you do this I’d love to know what you find out!!
Wish I had a better answer for you, thanks for watching, and good luck! -k
@@themoneylibrarianThanks, I know it is a tough question. I have one more for you. I have 3 Direct Unsubsidized loans, according to what Student Aid is telling me. Can I consolidate them together or are they already together, and apply for an IDR of my choice? Thanks for the help!
Hi - if they are three loans then they are not consolidated, each may have their own interest rate and payment, etc. consolidation can bring many benefits but you definitely want to do your research to make sure you aren’t giving up any benefits you were counting on.
I have a vid about the benefits of consolidation before April 30th, you may find it helpful: ua-cam.com/video/-wytjZvqafs/v-deo.htmlsi=oK4BzlcgST53d9Qv
Thanks for watching! -k
@@themoneylibrarian awesome thank you!
you are the best
Hi @Vambibuda - Thanks for the kind words and thanks for watching!! -k
@0:51 constructive feedback, an in-depth, 1 hour video on these subjects would be super helpful and potentially life changing for a lot of your target audience
Hi @jordanharper5795 - thank you! This is helpful to know what kind of vids to make in the future. Keep an eye out for them and let me know if there are any other money topics you'd like to know more about! Thanks again -k
@@themoneylibrarian thanks, excited to learn anything you have to share!
If I chose to go this route, should I switch to IDR from Graduated first?? And then apply to consolidate?? And THEN apply for PSLF?
Hi @lbanks1164 - If you're currently on an IDR plan, then that payment will count to PSLF. If you're going for PSLF, then do not get on the graduated plan, those payments won't count.
Here's my vid on what to do NOW if you plan on getting PSLF: ua-cam.com/video/gGX7WOwjMjo/v-deo.html
If you're considering consolidation, I have a video about a very important deadline of April 30th you should probably watch: ua-cam.com/video/-wytjZvqafs/v-deo.html
Hopefully those will help you understand what to do in your situation but feel free to type in any other questions in the comments!
Thanks for watching and hope this helps! -k
I currently have 2 direct loans with graduated repayment and I was considering switching to an IDR before consolidating. And applying for PSLF later on.
Hi! When you consolidate your loans will be put into administrative forbearance and you'll be asked what payment plan do you want to be on, so I don't see much point in switching payment plans before consolidating but you know your situation better than me.
I'd definitely call your loan servicer, tell them what loans you have, that you're going for PSLF but have been on a graduated repayment plan, so you need to get those payments to count for PSLF and are considering consolidating. They can explain your next steps.
Do this asap as you may need to consolidate before April 30th (watch the linked vid) and wait times on the phone are absolutely bonkers.
Good luck! -k
I'm still being denied to be put on Save even after the double consolidation. I've uploaded the IDR Save payment plan and was denied
Hi! Sorry to hear this, it isn’t unusual for these things to take a few weeks for all the paperwork to go through.
Your loan servicer can look into the case and let you know the status. When you call be sure to have something else to do as the wait times can be hours!😤
Good luck and thanks for watching! -k
is there a level of income where you make too much to even attempt any of these plans?
Hi @benjamincheung3311 - if you make enough where you will pay more than if you were on the standard 10 year plan, these probably aren’t right for you.
I have a vid to help you decide which is your best plan option where I talk about this kind of situation. You may find it useful: ua-cam.com/video/SfuPciHkT1k/v-deo.htmlsi=Zxir7kPVF5tRy1X3
Thanks for watching! -k
I have zero income right now and I got denied by the income driven repayment plan 🤔
I’m really nervous and I am waiting for them to call me back .
Hi @bpassion4fashion581 - so sorry to hear this! Are your loans federal still? You should be able to get on one of the IDR plans if so - log onto studentaid.gov to find out more about your options.
If your financial situation has changed since you last filed taxes, you can update it with them when they call you back (fingers crossed the conversation goes well!). Be sure to take good notes including the time/date and what they tell you in case you have to file a complaint (rare, but not nearly rare enough).
Good luck and thanks for watching!!! -k
I just have a question that I don’t think anybody has thought of. If you have to reapply for IDR every year, does the clock start again for 25 years the answer is yes then maybe reapplying for IDR is a good option
Hi @yolandagomez9255 - you don’t reapply to the program so much as update your income and household size so they can adjust your payment in case something has changed.
Hope this helps and thanks for watching! -k
@@themoneylibrarian thank you. But does this reset the clock from 24 yrs back to 25 yrs? since one year has passed with paying.
Hi - no, it doesn't reset the clock, you get one year closer to forgiveness so you'd now have 24 years to go. Thanks for watching! -k
@@themoneylibrarian thank you
ICR is my cheapest option and SAVE is my most expensive option...?? So confused.
Hi @ChrisArtsTube - Although SAVE is often people's cheapest monthly option, it isn't ALWAYS the cheapest option.
Please be careful though - if your monthly payment on ICR isn't covering the interest accrued, even if you are paying monthly your balance can still GO UP. On SAVE, even if your monthly required payment doesn't cover the interest, the government will cover the interest so it won't go up.
This video shows you how to calculate your monthly student loan interest if you want to learn more: ua-cam.com/video/2EmA0O6XKsE/v-deo.html
Hope this helps and thanks for watching! -k
Law suit filed to the Ed Dept!
Hi @dumpstercheese - Interesting, are you suing them or is there another suit you're talking about? -k
@@themoneylibrarian I read a newsbreak that a collective sued for not getting their debt wiped as promised. They're looking for a specific timelime as it stains their credit
ohh, best of luck to them!!! Thanks for posting! -k
They’re telling me that they would be forgiving my entire remaining loan balance… I’m so confused
Hi @mallorysipp234 - That sounds like great news for you! If you're confused about your own loans, I recommend calling your servicer to find out why they would be forgiving the balance.
Each of the IDR (income driven repayment plans) forgives the balance after anywhere from 10 years to 25 years depending on how much you took out, what plan you're on, and whether it was for graduate school or not.
For example: if you start with a balance of $100,000 for undergraduate, pay on the SAVE plan for 20 years, and at the end of 20 years you still have a balance of $30,000, that $30,000 would be forgiven!
Perhaps you've been paying for 20-25 years???
Hope this helps and thanks for watching! -k
This was SUPER helpful in understanding the different options! Question I have - I've been on IBR for a few years and paying $0 - if I switch to SAVE - will i go through the 20 or 25 years before forgiveness again or will the payments i've made be counted towards them even if I switch to SAVE?
Hi @lhwang78 - So glad you found this helpful! I believe previous payments will count but you'll have to confirm this with your servicer. I made a video all about the SAVE plan you may find helpful: ua-cam.com/video/Iz1C8Ou-Bgc/v-deo.html
Thanks for watching! -k
thank you so much!!@@themoneylibrarian