I have 120k in debt, all federal, consolidated. I have not been paying I am on income-based repayment my account has been in "administrative forbearance" It says until 2028. The interest is steadily climbing and it gives me such anxiety it takes me days to work up the courage just to look at my account. I don't know how the qualifying payments really work toward forgiveness if I have been in forbearance for so long. I have never been in default. Do I pay toward interest? How much a month? I really don't know what to do here but if I do nothing, it will grow even more unmanageable and sometimes the thought makes me so hopeless for a future. I am willing to make monthly payments, but will it even matter if it doesn't even cover interest? Any help would be appreciated!
i need HELP! i can't make sense of what to do with my SL debt
byu/Soft_Cry inStudentLoans
Posted by Soft_Cry
2 Comments
You can wait it out until you are forced off the forbearance or you can switch to another IDR plan and start making payments
2028 was always a placeholder date.
SAVE forbearance doesn’t count towards making a qualified payment for the purpose of IDR based forgiveness.
Are you going for forgiveness or are you planning on paying off the loan?
It’s a good idea to make sure your future budget can accommodate a post SAVE world.