I'Il admit l've been burying my public servant head in the sand a bit with my student loans, but I could really use some guidance. I have about $35k in loans serviced by Mohela, and I'm currently at 86/120 qualifying payments for PSLF. (My loans are undergrad $13k subsidized and $22k unsubsidized )
Right now, I'm enrolled in the SAVE plan, but my account has been in an administrative
forbearance for over two years. (I think my IDR was pending processing). I'm now currently waiting for official communication from Mohela on what to do next. However, I recently saw some advice online suggesting I should switch to the IBR (Income-Based Repayment) plan immediately. (Was this a government scare tactic?)
I'm hesitant to make a move or change plans unless I am officially instructed to, so I've just been waiting. Am I doing the right thing by staying put, or is there something proactive I should be doing right now?
Thank you in advance for any kindness and advice!
Advice needed: Should I switch from SAVE to IBR or wait it out?
byu/Namaste-NY inStudentLoans
Posted by Namaste-NY
1 Comment
Stay put until Mohela sends you the letter/email saying you have 90 days to make a switch, before they switch you. Go on EdFinancial and have it compare ALL the options using your 2025 AGI from your 1040. We haven’t had to send our AGI to anyone yet, so the numbers being used are from pre-Covid, if you don’t enter them yourself. Once you get your 90-day notice, you can decide which plan you want to switch to, and what day you want to switch. Remember some are being phased out as well. Me, I’m holding out to like day 88, 89. No need in moving early….