I was a top performer too. Just starting to get out of post 2008 homelessness 2 years ago đ
Our records show that you are currently enrolled in the Saving on a Valuable Education (SAVE) Plan or have a pending SAVE application. A recent court order ended the SAVE Plan. It is no longer available to borrowers, and the U.S. Department of Education (ED) is ending the SAVE Plan over the coming months. You must take action.
Your student loan servicer will contact you about your specific deadline to choose a different repayment plan. Once you hear from your loan servicer, you will have 90 days to choose another repayment plan. This gives you ample time to select the plan that works best for you.
Our newest repayment plansâthe Repayment Assistance Plan (RAP) and Tiered Standard Planâwill be available starting on July 1, 2026. For many borrowers, RAP may be the best option. All borrowers currently enrolled in the SAVE Plan will have the opportunity to enroll in RAP.
Like other income-driven repayment (IDR) plans, RAP will offer an affordable monthly payment based on your income and number of dependents. Many borrowers will also qualify for monthly payment matching, which includes interest subsidies and principal reductions that could reduce your student loan balance. Most importantly, under RAP, and unlike some of the other IDR plans, your balance can never go up as long as you make your required monthly payments.
If you don't want to wait until July 1, you can choose a different repayment plan now. Use our tool to estimate monthly payments, determine your eligibility, and choose the available repayment plan that best meets your needs and goals.
Help what do I do đ Unemployment is still processing.
My company just did mass layoffs, and I was part of it. Now this email?
byu/ElevatedPriestess inStudentLoans
Posted by ElevatedPriestess
6 Comments
Go to studentaid[dot]gov/forms-library and look under “Loan Deferment and Forbearance”. There are a bunch of different types you can request, and you might be eligible for more than one of them, but I’d start with the Unemployment Deferment Request since that’s precisely your situation.
Depending on the types of loans you have, be aware that accrued unpaid interest on **unsubsidized** loans will generally capitalize at the end of a deferment.
Edit: That said, if you can find a new position before you have to switch out of SAVE, then you won’t need a deferment, since you’re already in forbearance as long as you’re in SAVE, which unless I’m mistaken, you should be able to stay in until *at least* September 30. (Based on the staggered 90-day deadlines beginning on July 1 *at the earliest*.)
You can apply to be on an IDR plan or recertify your income early and say your income has gone down to $0. It won’t use up a deferment and will get you a year of $0 payments if you get on IBR or PAYE.
Apply for another IDR plan and certify your income as $0 so that you still get qualifying payments towards forgiveness and get $0 payments for a year.
Donât panic just yet, this is essentially the same messaging the Dept of Ed has been sending out for months trying to get people to switch. The official press release has more information but July 1st (or later if they go in waves) is the date you will be getting an email from your loan servicer. The EARLIEST you will have to switch will be 90 days after July 1st, you donât have to move now. That gives you about 6 months to plan.
do nothing for now. nothing starts till July 1, then the real emails start. once you get that, the 90 day timer starts.
Man this is going to sound terrible but for my own and others knowledge I would like to know how people find themselves in situations like this. You have over 20 yoe and college eductaed, assuming from a prestigious school if youre still paying off a degree earned prior to 2008? What went wrong to where you find yourself in a hole like this for many decades. I sound like an AH asking but see so many stories on here like this and just wonder wtf went wrong.