Hey Guys, I just need some clarity. I’m a post grad, and have been working for over 1 year. I was okay with riding out the SAVE forbearance of $0 while I save aggressively (which is also difficult because I’m furloughed on gov shutdown at the moment).
I wasn’t notified at all, but Edfinancial switched me from the SAVE plan to Standard Consolidated repayment with the first payment due Oct 19th. I found out myself when I logged on to Edfinancial a couple days ago.
I’d like some guidance on whether I should bite the bullet and apply to PAYE or IBR to start paying so I can get PSLF credit, or figure out what I can do to get back on SAVE. I’d prefer to still be on Forbearance while I can.
Any info would be helpful!
Kicked off of SAVE Plan
byu/Professional-Grape44 inStudentLoans
Posted by Professional-Grape44
1 Comment
If you consolidated around last summer it’s possible you were never actually on SAVE. You would have been in SAVE forbearance this whole time if you had a pending SAVE application or an application with “lowest monthly payment” selected. They are denying those applications now and borrowers have to select another plan or stay what they are currently on.
There is no getting on SAVE now. If you want to make PSLF qualifying payments you would have to choose IBR, PAYE, or ICR. You can get a $0 payment if you currently have no income