(Ep. 282) What Happens After the IDR Waiver?
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- Опубліковано 22 кві 2024
- A timely discussion of what happens as we face down the expiration of the IDR waiver. Will the administration extend it at the last second? We don't know (as of the time of the recording). But one thing is sure: Borrowers can expect seismic shifts as the IDR waiver ends. It's been key to unlocking the forgiveness gates for many, but its flexible counting of nearly any kind of payment toward forgiveness expires at the end of April. We'll recap the IDR waiver and its benefits and explore what happens after the IDR waiver ends. Get clarity about your next steps and the implications of these changes on your student loan repayment journey.
In today’s episode, you'll find out:
✅ How the end of the IDR waiver impacts borrowers who've been in forbearance or deferment
✅ Changes borrowers should prepare for after the IDR waiver expires
✅ How borrowers with older loans will suffer the biggest consequences as this program ends
✅ Options for maximizing qualifying payment count when consolidating loans
✅ Consequences borrowers will face when Pay As You Earn (PAYE) applications close
✅ What the precedent of moving borrowers from REPAYE to the SAVE plan means for the future of IDR programs
✅ How to calculate the cost-benefit of married filing separately for taxes
✅ Tips to navigate the PSLF pause during the transition from MOHELA to the Department of Education
✅ What “consolidation Death Valley" is and why it could impact you in May-June 2024
✅ Best practices for dealing with the coming uncertainty of student loans
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#IDRwaiver #IDRaccountAdjustment #StudentLoanPlanner #StudentLoanForgiveness
If you're new to the IDR waiver, here is everything you need to know: www.studentloanplanner.com/idr-waiver-how-to-qualify/
So I can still consolidate until April 30th? I am nervous that MOHELA will continue to mess things up
I feel like a fool. I've worked for months to complete the double consolidation loophole for parent plus loans, hoping to decrease my payments. Monday of this week I was notified everything is finished and I am now officially on the SAVE program - but my payments went up, in fact they more than doubled. Obviously I've done something wrong. On one hand at least I'm on the save program, but on the other hand I'm not so sure it was the right move. Have you heard of this before? Anyone have suggestions or insight?
Its all a ponzi scheme. No need to pay until September. Watch the bond market. If rates make new highs entire system collapses. These clown servicer companies need to be made aware a sovereign debt crisis may be coming. Gold at $2400 says something is broken…
Yes, this happened to me aa few months ago. I called Mohela and the correction was made. I think that what happens is, that first they remove the old pay plan, then loan is in "limbo" and then they apply the SAVE plan. Also, I self-certified my income because last yr I filed married jointly, but file separate this year
Great video, thanks for creating and sharing. We're in the process of a Double Loophole Consolidation and WOW! What a nightmare and extremely slow process. Your videos have proven exceptionally beneficial.
I consolidated back in Nov and have heard nothing yet. Has the Dept of Ed released any info on when most will see the results of their IDR audit?
I still have a question which seems to be unanswered anywhere. When consolidating direct loans, some are unsub and some are sub, will there be 2 different consolidated loans? And if so, does the longest repayment count for both, even if the longest repayment term is under the unsub category only? Also, what happens to the already accrued interest with respect to Bidens “plan” to relieve accrued interest once you consolidate (doesn’t it get looped into the full new term of the loan as principal instead of interest)-how can that be potentially forgiven if added into a consolidation loan?
I can answer the first part. Without question, the subsidized and unsubsidized will remain separate after consolidation. So there will be two separate loans.. I cannot answer whether the longest loan counts for both subsidized and unsubsidized after consolidation, but I am also interested in the answer
These are some of my questions as well, but I get hung up on by the automated system because of call volume every time I call my loan servicer. Has anyone else had that issue or been able to get through? The servicer is currently (and ironically) called Aidvantage at the moment.
@@Wilson1649my sub and unsub loans were all lumped into one. I was trying to share a picture to show but can’t. I just double checked to be sure I wasnt wrong .
I have 3 direct consolidation loans but I also don’t have to re-certify my income until 2025 so I owe $0/mon right now. If I consolidate the 3 direct loans then I’ll have to re-certify and will likely have a payment higher than $0. Like, for sure. If I don’t consolidate I won’t benefit from my oldest loan being from 2007, right? It’s ridiculous the hoops they make us jump through.
I have parent plus loan can you help me to consolidate before April 30th ?
Go to studentaid.gov and sign into your account and you can consolidate there.
Book a consult here to get help with your parent plus loans: www.studentloanplanner.com/hire-student-loan-help/