Recently I received a notice that I needed to renew my Income Contingent Repayment plan. I submitted the renewal application via StudentAid. At the end of the application I selected the option of an IDR plan for $120 a month since that had the lowest monthly amount.
I’ve since gotten two notices: one stating I am in a 60 day forbearance because “a federal court issued an injunction preventing DOE from operating SAVE and other IDR plans so processing times are taking longer than normal”
And then another notice the same day titled “Notice of Repayment Schedule Change” showing a payment schedule of 3 $74 payments, 124 $409 payments, 1 $277 payment, and 4 $134 payments
I am very confused. I’m not sure why I was sent a forbearance notice and new payment schedule on the same day. And none of them are the $120 plan I selected.
Can anyone shed light on this?
ICR Renewal – Very Confused
byu/doortothephantomile inStudentLoans
Posted by doortothephantomile
1 Comment
The court injunction basically froze everything related to SAVE and other IDR plans, so your loan servicer is probably scrambling to figure out what to do with everyone’s applications. That forbearance notice is their way of buying time while they sort through the legal mess
The weird payment schedule you got might be your old ICR plan or some default calculation they’re using while the IDR stuff is on hold. Those amounts don’t match what you selected because your $120 IDR plan can’t be processed right now due to the injunction
I’d call your servicer directly and ask them to explain what’s happening – the automated notices are confusing as hell right now because of all the legal chaos. They should be able to tell you if you’ll stay in forbearance until the court stuff gets resolved or if you need to make those weird payments they listed. Keep all those notices saved too in case you need to reference the dates later