I’m 65. I only had 7 years of payments on SAVE for PSLF forgiveness. At this point it’s 8 years now. I can’t work forever and I can’t allow them to take my retirement. I won’t eat. What do they expect older people to do?!
When I listen to you, I feel calmer. I completed the Parent Plus Loan Double Consolidation process successfully and applied for SAVE. Even though I applied for the SAVE plan after the injunction, the servicer recognized the application and issued the forbearance. I can wait as long as it takes. When this chaos administration takes over, it will take awhile. The WWE woman won’t even know what is going on. As long as I am not paying, I am good.
My husband is 77 and still has $20K outstanding in student loan debt from the 1990’s. Keeping my fingers crossed that the one-time payment recount will still happen! I want to use the freed-up money to do more fun stuff together before he kicks the bucket!
Is the one time accoutn adjustment still happening? I am not hearing anyone talk about this and I wonder if any of the recent court judgments have blocked this?
What about one-time account adjustments? Are they still doing it?? I'm in the SAVE plan after a consolidation last year and I meet the 300+ payments/ 25 years of payments but still have not received forgiveness. When will they start processing forgiveness??? Do you do consultations??
Hi! I’m hoping you may be able to help… I started the double consolidation process for my father patent plus loans using the loophole. Once we’re done with all the steps, Will his application still be considered for the SAVE plan despite the pause/potential cancellation? Is it even worth doing anymore?
SAVE is done. The only ways to actively work towards loan discharge at the moment is through PSLF after 10 years, or through IDR forgiveness after 20 or 25 years, but you need to be on the IBR plan for the IDR forgiveness. This may change with future court rulings, last minute program implementations of the current ED administration (e.g., the one-time IDR count adjustment), and future GOP installed IDR plan(s) that may allow for some type of forgiveness, but no one really knows at this point.
I have a question if anyone here can answer it. I have 79 out of 120 PSLF payments and am in the SAVE forbearance. I want to switch to the IBR payment plan and I do qualify. I am told that they are not processing any applications right now, including the IBR applications, and that my best course of action right now would be to stay where I am in the SAVE forbearance. I can go ahead and apply for the IBR payment plan, but it won’t be processed and again. I am being encouraged to stay the course in the forbearance. Is anyone else debating whether they should stay in forbearance or switch to IBR? Give the reasons for your answers.
IBR is SIGNIFICANTLY more monthly for me so I am waiting to see if I can revert back to a cheaper monthly payment before committing to IBR and doing a million payment plan switches
I am in the same boat and have applied for IBR. I’m 84/120 payments in. I’m missing significant time in the PSLF program because of the forbearance. Very frustrating. I’m prepared to pay the higher payments, but Mohela isn’t processing the application.
I'm in the same boat. I heard a rumor that when payments resume, you can "buy back" previous months as long as you were working with a qualifying employer in the months you buy back.
@Vanya2519 Personally, I would sit on it for now (stick with SAVE forbearance). Stay informed. You being concerned and reactive about something that doesn't have any direction whatsoever isn't useful to you. Unfortunately, we all have to wait and see what the next office's plan will be. It may be helpful, or it may be harmful, but what you can do for now is try to save up the money you would've spent if we weren't in forbearance and be prepared. IBR may not even be an option when things open back up (could have a better plan to save more each month, could have no plan). With them not processing apps, it kinda tells you that no one really knows what the best option is. You just have to operate with what you can. I'm personally paying off other debts with the extra money I would've used for my payments (and pocketing a little bit since it's been a while since anyone really has been able to). When the time comes (whenever that is), I'll be in a better spot financially to be able to pivot. At the end of the day, we just have to keep in mind that the most financially beneficial goal is to pay as little as possible until we reach that 120 threshold. If right now 0$ is the number, it is what it is. Good luck!
what happens if you retire, have 325k in student loans - your on social security and a small pension. being in a 0 payment plan (save?). interest has stop for the time being. do i pay $1 a month for 1000 years???
I find myself in the situation where I consolidated my loans while on the save plan in order to get the most out of the one-time adjustment. I did so at the end of May/ beginning of June. So I know I met the deadline which was the end of June for consolidating to get the most out of the adjustment. I had 8 to 9 years of credits worth of payments, and stood to potentially get anywhere from two to four additional years after the adjustment. Adjustment. Is there any scenario where I would be stuck with another 25 years of payments and not get any kind of adjustment, or at least the credits back for what I had paid?
Same situation for me too. No one has the answers on this 1 time count adjustment. Are they done? Are they still working on it? I haven't seen any adjustments yet but keeping my fingers crossed. I have about 3 yrs that couldn't count t.
My SAVE plan was placed in forbearance like w/ everyone else. I got an email from Mohela saying interest DOES accrue during forbearance. I don't get it. I thought they said it doesn't accrue. The wait time to call them is outrageous.
My loans should have been in administrative forbarence as well with Mohela, I was told they were along with a letter, but found out they were still accruing interest. Mohela told me only Department of Education/Fed.gov can do that and they have to tell Mohela to do it. 🤦. But when I told them they are Fed gov loan servicer and was directed to do so by Dept of education via letter for all SAVE plans. I mysteriously got disconnected and never got a return call. You know they always ask you for a call back number in case the call gets disconnected!!!! Hahaha what a joke these servicers are. They have no idea on anything other than being dishonest, manipulative for there own benefit. It makes me sick 12:49
Does a past ffelp loan holder have a claim for promissory estopple and detremental reliance if the were induced to consolidate large loans to receive the account adjustment benefits and qualify for the Save program payments, but now have large capitalized loan interest and likely unaffordable payments under IBR without the certainty of forgiveness.
any suggestion for a person on the save plans who after years out of college has never been able to find a job that pays enough to be able to make student loan payment whos save plan plan payments were zero?
Income based repayment in whatever form still take the federal poverty level into account. That is unlikely to change other than annual revisions to the poverty level so that should keep your payments low if in any sort of repayment plan based on income. Just pay attention to whatever Dumpsters minions plan to switch SAVE to so you can apply to the best available option they come up with. IBR plans are based on 150% of the Federal Poverty Level (FPL), SAVE plan uses 225%.
@@czgator9000well, not 100% accurate, have to account for your dependents as well. That changes everything. I'm in that situation. Had 3 kids, WA in an IBR since 2008, pmt was always zero up until my last child turned 18. My loans had tripped with all the interest and my monthly student loan payment is over 300 a month on a 75,000 loan. I'm not at poverty level any more but I don't bring home more than 35,000 a year by the time all the insurance, retirement taxes to every one. But that doesn't matter it's based on Gross income. There is no way I can afford that and I only have a car payment, a mortgage, utilities, insurance for home and car and 1 credit card with a low balance and is only used for my dogs vet. This economy is kicking my butt.😢 12:49
I applied and was accepted to SAVE but last month MOHELA said they moved me back to IDR. They also said that $11k worth of interest had been capitalized and added to my principal b/c I applied for SAVE. Now that I'm back on the IDR that $11k is still part of my principal, despite never having benefitted from SAVE. Has anyone else experienced this?
How likely do we think it is that ED under the new administration is going to walk back the Art Institutes discharges? Or do we think it’s more likely they’ll just slow roll it forever?
Well, they can't change the Judgement Entry / settlement Agreement once entered into court and signed by the judge. But they can drag this out for years doing this song and dance thing they are doing. Which truly is horrible for everyone who has been cheated from these schools like they have!
@ That’s for the SvC cases, not for those of us who got automatic discharges based solely on the ED finding that Ai had defrauded us. No judge signed that.
How can I get in contact with you. I co signed on my daughter student loan and she is no able to pay for them. I need help as I am supporting her, my grad daughter and my other child. Thank you
Any information on how long its actually taking them to process buyback requests? I submitted in August. I have called them and been told so many different things. A rep last week told me to submit a complaint but that did nothing at all.
I have student loan debt of 87k and currently earned low income of 35k annually. I am Super stressed and needed help on paying it or at least get half of it forgiven? 😢
My repayment plan is to only pay the minimum I have to and then just kick the bucket. Hell I’m 73 and still owe $16,000. I live on social security and am disabled. No way can I finish paying that off and I’m not getting an ulcer over worrying about it.
Crazy is that anyone who went to college literally lost 10% of their income. This is not including states with high taxes like CA and NY. One could literally lose 40% of their income total within the middle class. State, Federal taxes and income taxes, and if you run a business, their taxes. Taxes are too dang high. Literally, to fix the middle class, vote red. Even though they'll be harsh to those who borrow money lol (since they invest into that). But it beats pricing going so up no one can afford and taxes so high no one can survive BUT the rich.... Inflation from all the borrowing and giving to other countries makes it no better either. Price of meat should not be this high compared to the early 2000s. Can't believe democrats tried to expand the government... we can't afford all that dystopianism.
I hope that the unstable student loan climate scares so many people out of taking out student loans that 99% of colleges and universities close. This whole circus needs to shutdown.
I’m 65. I only had 7 years of payments on SAVE for PSLF forgiveness. At this point it’s 8 years now. I can’t work forever and I can’t allow them to take my retirement. I won’t eat. What do they expect older people to do?!
When I listen to you, I feel calmer. I completed the Parent Plus Loan Double Consolidation process successfully and applied for SAVE. Even though I applied for the SAVE plan after the injunction, the servicer recognized the application and issued the forbearance. I can wait as long as it takes. When this chaos administration takes over, it will take awhile. The WWE woman won’t even know what is going on.
As long as I am not paying, I am good.
Again y'all have given more clarity on this than anything I've read thx!
They have two years of majority rule in all three areas of government. They can screw this up a lot.
Save the SAVE!
I'm at the point I'm tempted to just assume I'm automatically screwed and behave as if my days are just numbered...
Right there with you. And I worked directly with Stanley to put my loans into SAVE so... yeah, I agree with you.
@@AllAboutTheJoyyou need a redo.
@kimmc626 Not one lie told. Thank you friend. 😔
Can always move abroad and just never go back to the states. Or just go all in on crypto and pray for 100x
@@Jackson-e4k Too expensive. Crypto a scam.
Thanks again to you and your team for all the updates you provide!
When are they going to start offering any kind of relief for us parents plus loan holders who are now retired
My husband is 77 and still has $20K outstanding in student loan debt from the 1990’s. Keeping my fingers crossed that the one-time payment recount will still happen! I want to use the freed-up money to do more fun stuff together before he kicks the bucket!
He will kick the bucket before anything like that happens. Do fun stuff now. The government shouldn’t dictate how you spend your life
Don’t wait. Live your life. 77 is knocking on eternities door.
Is the one time accoutn adjustment still happening? I am not hearing anyone talk about this and I wonder if any of the recent court judgments have blocked this?
What about one-time account adjustments? Are they still doing it?? I'm in the SAVE plan after a consolidation last year and I meet the 300+ payments/ 25 years of payments but still have not received forgiveness. When will they start processing forgiveness??? Do you do consultations??
Thanks for your info! I will come in off the ledge!
Hi! I’m hoping you may be able to help… I started the double consolidation process for my father patent plus loans using the loophole. Once we’re done with all the steps, Will his application still be considered for the SAVE plan despite the pause/potential cancellation? Is it even worth doing anymore?
What about tbe 20 year loan forgiveness under SAVE?? What options steps should you take if you filed tbe complaint?
SAVE is done. The only ways to actively work towards loan discharge at the moment is through PSLF after 10 years, or through IDR forgiveness after 20 or 25 years, but you need to be on the IBR plan for the IDR forgiveness.
This may change with future court rulings, last minute program implementations of the current ED administration (e.g., the one-time IDR count adjustment), and future GOP installed IDR plan(s) that may allow for some type of forgiveness, but no one really knows at this point.
I have a question if anyone here can answer it. I have 79 out of 120 PSLF payments and am in the SAVE forbearance. I want to switch to the IBR payment plan and I do qualify. I am told that they are not processing any applications right now, including the IBR applications, and that my best course of action right now would be to stay where I am in the SAVE forbearance. I can go ahead and apply for the IBR payment plan, but it won’t be processed and again. I am being encouraged to stay the course in the forbearance. Is anyone else debating whether they should stay in forbearance or switch to IBR? Give the reasons for your answers.
IBR is SIGNIFICANTLY more monthly for me so I am waiting to see if I can revert back to a cheaper monthly payment before committing to IBR and doing a million payment plan switches
I am in the same boat and have applied for IBR. I’m 84/120 payments in. I’m missing significant time in the PSLF program because of the forbearance. Very frustrating. I’m prepared to pay the higher payments, but Mohela isn’t processing the application.
I'm in the same boat. I heard a rumor that when payments resume, you can "buy back" previous months as long as you were working with a qualifying employer in the months you buy back.
@@jacobekker only if buying back those months completes the 120 payments in your PSLF application.
@Vanya2519 Personally, I would sit on it for now (stick with SAVE forbearance). Stay informed. You being concerned and reactive about something that doesn't have any direction whatsoever isn't useful to you. Unfortunately, we all have to wait and see what the next office's plan will be. It may be helpful, or it may be harmful, but what you can do for now is try to save up the money you would've spent if we weren't in forbearance and be prepared. IBR may not even be an option when things open back up (could have a better plan to save more each month, could have no plan). With them not processing apps, it kinda tells you that no one really knows what the best option is. You just have to operate with what you can.
I'm personally paying off other debts with the extra money I would've used for my payments (and pocketing a little bit since it's been a while since anyone really has been able to). When the time comes (whenever that is), I'll be in a better spot financially to be able to pivot. At the end of the day, we just have to keep in mind that the most financially beneficial goal is to pay as little as possible until we reach that 120 threshold. If right now 0$ is the number, it is what it is. Good luck!
what happens if you retire, have 325k in student loans - your on social security and a small pension. being in a 0 payment plan (save?). interest has stop for the time being. do i pay $1 a month for 1000 years???
Until rul8ngs are made can i lose my adjustments
I find myself in the situation where I consolidated my loans while on the save plan in order to get the most out of the one-time adjustment. I did so at the end of May/ beginning of June. So I know I met the deadline which was the end of June for consolidating to get the most out of the adjustment. I had 8 to 9 years of credits worth of payments, and stood to potentially get anywhere from two to four additional years after the adjustment. Adjustment. Is there any scenario where I would be stuck with another 25 years of payments and not get any kind of adjustment, or at least the credits back for what I had paid?
Same situation for me too. No one has the answers on this 1 time count adjustment. Are they done? Are they still working on it? I haven't seen any adjustments yet but keeping my fingers crossed. I have about 3 yrs that couldn't count t.
My SAVE plan was placed in forbearance like w/ everyone else. I got an email from Mohela saying interest DOES accrue during forbearance. I don't get it. I thought they said it doesn't accrue. The wait time to call them is outrageous.
I tried to call them too about this letter. 90 minute holds and when you select "call me back" they never do. I really hope that letter was in error
My loans should have been in administrative forbarence as well with Mohela, I was told they were along with a letter, but found out they were still accruing interest. Mohela told me only Department of Education/Fed.gov can do that and they have to tell Mohela to do it. 🤦. But when I told them they are Fed gov loan servicer and was directed to do so by Dept of education via letter for all SAVE plans. I mysteriously got disconnected and never got a return call. You know they always ask you for a call back number in case the call gets disconnected!!!! Hahaha what a joke these servicers are. They have no idea on anything other than being dishonest, manipulative for there own benefit. It makes me sick 12:49
I have 303 payments. Will we lose the adjustments
Does a past ffelp loan holder have a claim for promissory estopple and detremental reliance if the were induced to consolidate large loans to receive the account adjustment benefits and qualify for the Save program payments, but now have large capitalized loan interest and likely unaffordable payments under IBR without the certainty of forgiveness.
Would love to know the answer to your question!!!! 🤷
What do you do if you haven't started payment yet but need an income-based repayment plan? Where do you start? With your current lender?
any suggestion for a person on the save plans who after years out of college has never been able to find a job that pays enough to be able to make student loan payment whos save plan plan payments were zero?
Income based repayment in whatever form still take the federal poverty level into account. That is unlikely to change other than annual revisions to the poverty level so that should keep your payments low if in any sort of repayment plan based on income. Just pay attention to whatever Dumpsters minions plan to switch SAVE to so you can apply to the best available option they come up with. IBR plans are based on 150% of the Federal Poverty Level (FPL), SAVE plan uses 225%.
@@czgator9000well, not 100% accurate, have to account for your dependents as well. That changes everything. I'm in that situation. Had 3 kids, WA in an IBR since 2008, pmt was always zero up until my last child turned 18. My loans had tripped with all the interest and my monthly student loan payment is over 300 a month on a 75,000 loan. I'm not at poverty level any more but I don't bring home more than 35,000 a year by the time all the insurance, retirement taxes to every one. But that doesn't matter it's based on Gross income. There is no way I can afford that and I only have a car payment, a mortgage, utilities, insurance for home and car and 1 credit card with a low balance and is only used for my dogs vet. This economy is kicking my butt.😢 12:49
I applied and was accepted to SAVE but last month MOHELA said they moved me back to IDR. They also said that $11k worth of interest had been capitalized and added to my principal b/c I applied for SAVE. Now that I'm back on the IDR that $11k is still part of my principal, despite never having benefitted from SAVE. Has anyone else experienced this?
Yes i see i am no longer in the SAVE program and i dont know why
@@Crazysugarmarie Republicans filed suit to overturn the SAVE Act and it is tied up in court with participants now in forbearance.
Once your debt worries are gone you will have plenty of other things to worry about.
Like what else the MAGAs will destroy.
How likely do we think it is that ED under the new administration is going to walk back the Art Institutes discharges? Or do we think it’s more likely they’ll just slow roll it forever?
Well, they can't change the Judgement Entry / settlement Agreement once entered into court and signed by the judge. But they can drag this out for years doing this song and dance thing they are doing. Which truly is horrible for everyone who has been cheated from these schools like they have!
@ That’s for the SvC cases, not for those of us who got automatic discharges based solely on the ED finding that Ai had defrauded us. No judge signed that.
How can I get in contact with you. I co signed on my daughter student loan and she is no able to pay for them. I need help as I am supporting her, my grad daughter and my other child. Thank you
Any information on how long its actually taking them to process buyback requests? I submitted in August. I have called them and been told so many different things. A rep last week told me to submit a complaint but that did nothing at all.
I have student loan debt of 87k and currently earned low income of 35k annually. I am
Super stressed and needed help on paying it or at least get half of it forgiven? 😢
What happens to your college loan debt if you die?
I just looked it up. It said the loans are discharged but a copy of death certificates needs to be provided
My repayment plan is to only pay the minimum I have to and then just kick the bucket. Hell I’m 73 and still owe $16,000. I live on social security and am disabled. No way can I finish paying that off and I’m not getting an ulcer over worrying about it.
@@cherylsmith950Please don’t worry.
@@KaiBrown38 I’m sure trying not to.
Crazy is that anyone who went to college literally lost 10% of their income. This is not including states with high taxes like CA and NY. One could literally lose 40% of their income total within the middle class. State, Federal taxes and income taxes, and if you run a business, their taxes. Taxes are too dang high. Literally, to fix the middle class, vote red. Even though they'll be harsh to those who borrow money lol (since they invest into that). But it beats pricing going so up no one can afford and taxes so high no one can survive BUT the rich.... Inflation from all the borrowing and giving to other countries makes it no better either. Price of meat should not be this high compared to the early 2000s. Can't believe democrats tried to expand the government... we can't afford all that dystopianism.
Sorry guys. It’s over.
I hope that the unstable student loan climate scares so many people out of taking out student loans that 99% of colleges and universities close. This whole circus needs to shutdown.