I have 1 direct subsidized loan left in repayment. The disbursement date was 06/28/2017 and the original borrowed amount was $2319. (Total balance of 4 loans was around $19k upon graduation) I graduated in May 2021 and entered the Standard Repayment Plan after the normal graduation grace period. I have remained on this plan since. I made some payments during the COVID forbearance, and then have had additional payments to bring my total remaining loan balance down to $568.27.

    Before today, my remaining loan was paid through 4/1/2027 (according to my April statement, this was my next due date). My monthly payment was $23.14 before today.

    Today, I received an email from Aidvantage that my payment schedule was changed. My new monthly payment is $52.83 per month, and my loan would be paid off in April 2027 (now 11 payments remaining). I now have a payment of $52.83 due 6/1/2026.

    I am planning on paying off my last loan this month, so this does not really matter. However, given I am on the Standard Repayment plan, can anyone explain why my repayment schedule was changed so dramatically? I know minor changes to payment amounts happen with the Standard Repayment Plan. However, I thought the whole point was that the loan is to be paid off in 10 years. Now the plan is requiring me to pay it off in less than 6 years (entered repayment November 2021 and was on COVID forbearance)? And why would Aidvantage move my due date back up to 6/1/2026 even though I pushed it out with extra payments?

    Mainly asking out of curiosity!

    Payment Schedule Changed on Standard Repayment Plan
    byu/cowmeryn inStudentLoans



    Posted by cowmeryn

    2 Comments

    1. Minimum payment on the standard plan is $50/mo. Sounds almost like it’s that.

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