I was logging to chat with the representative on my options. I have 14 loans, 4 of them are in SAVE, and the rest in IBR. But everything is on pause, but interest has started to accrue.
She said I can either change my plan to start making 'auto' payments. Or make manual payments to stay where I am at.
I asked her about SAVE being cancelled. She replied back with 'we have not been informed that it has been cancelled'
Can someone explain what's happening?????? The only reason I was going to start making payments is that I don't want my credit score to start dropping.
AidVantage Chat – Wild
byu/Diligent_Strike_2847 inStudentLoans
Posted by Diligent_Strike_2847
2 Comments
SAVE is held up in the courts. It’s likely dead but nothing concrete has been announced yet. The agent can only say what they know (and they are usually not trained in all the details). SAVE forbearance will continue as the court case continues.
There are a couple of clarifications to make here. First, you can’t be on two different repayment plans. You’re either on one or the other, so you should check what your Aidvantage account says and what it says on studentaid.gov to confirm. Second, you can’t make automatic payments while on SAVE forbearance. The definition of a forbearance is that payments are not due, and thus the system doesn’t recognize payments as being due and nothing will trigger automatic payments. You can only make manual payments. The rep is correct that you would have to switch plans to something other than SAVE if you want to set up autopay. Lastly, SAVE has not officially been “canceled.” It’s part of ongoing legal challenges that are not yet resolved.