I tried to switch to a different plan because SAVE seems to have officially ended, and I'm having all sorts of trouble. I accidentally submitted an application for a plan I didn't want (the button said "continue" but it was actually the submit button, horrible design), and then had to message MOHELA to request the plan I actually wanted because there's no way to request it on the FSA site. They cancelled my initial plan request, and said they're processing the other one.
Today I received a notice that says I will owe $95 on 5/18, and will continue with that amount for 15 more payments. This is strange because the initial request estimated my payment to be almost $400, and the second plan I requested was estimated at $114 (which is why I wanted to switch to it). Then I logged in to my account and it's saying I owe $144 on 5/18. I emailed MOHELA about this discrepancy but I'm a little worried that they won't get back to me before the due date.
I'm really sick of not knowing how much my payment is going to be and I don't understand why it keeps changing with no explanation. Has anyone else experienced this? I'm really stressing out because I'm trying to budget and it's already hard with how expensive things are lately. Every time I deal with these goddamn loans I feel like I get spun in circles and I'm getting really sick of it.
Along with this, my account had $619 of Capitalized Interest added today, and I'm confused about how that works because all my loans were showing 0% interest throughout this forced forbearance. I didn't want to make any payments because it wouldn't count towards my PSLF. Can someone explain this? I'm feeling like they're screwing me over no matter what I do.
MOHELA – Mismatched Payments? Capitalized Interest?
byu/Xander9766 inStudentLoans
Posted by Xander9766
1 Comment
This is common for Mohela. They haven’t actually processed your new IDR application yet. This is an automatic letter showing SAVE amounts. You will get a letter specifically for your chosen plan, not “IDR”, with a 12 month payment schedule once you are actually processed into the plan.
And interest starting accruing on the SAVE forbearance on August 1, 2025. It should be accruing, but it wouldn’t capitalize (be added to your principal) unless you consolidate or if you are on the IBR plan specifically and leave IBR or fail to recertify while on IBR.