I'm so frustrated.
For the past year I've been doing research and trying to figure out if it made sense for me to remove myself from SAVE to start paying on IBR and I finally worked up the courage to do it just last week. According to Student Aid Federal website loan stimulator tool if I pay 588 a month through July 2028 I would be done and the rest forgiven. I owe roughly 54k. Today, a week later I received an email that my change has been approved for 120 payments??? My loans go all the way back to 1997. it says 11 payments at that amount and then 110 of 588??? I'm confused because this sounds like 10 years when it showed I only needed 28 payments. Can someone please clarify? This email is coming from Mohela.
Thanks!
Changed from SAVE to IBR. 120 payments when the Federal website said 28.
byu/Virtual_Natural797 inStudentLoans
Posted by Virtual_Natural797
2 Comments
Your IDR plan is totally independent – it doesn’t know how many payments you have left until forgiveness
That’s just your payment schedule for IBR. It’s only good for 12 months and then you have to recertify your income. It’s showing a 10 year standard amount for months after that window because your payment becomes that amount if you fail to recertify. The payment schedule does not take into account any forgiveness programs. It’s just to give you your payment plan amounts.