I am still waiting for my application to be processed so I don't know if there's time. I made the mistake of not looking on here before I switched payment plans. I got an email from the DOE about the SAVE plan ending so went to apply to a different payment plan through my loan service provider. Now I'm reading all these things and I feel so dumb for not waiting. Is there anything that would help at this point? I saw there's potentially another court date coming up, but I feel so confused about what is going on here.
I'm pissed more because I was making small payments throughout the month to try to minimize some interest gain versus doing a monthly payment, and loans were stated to be in deferment until Nov 2028, and now when I did this application it went to a full payment being due next month but is stating they're processing my application still.
Did I make a mistake switching repayment plans?
byu/No-Possible4460 inStudentLoans
Posted by No-Possible4460
4 Comments
I still don’t get why anyone would willingly switch and trust what this government is telling you.
Odds are heavily in favor of all of us having to move plans at some point, but I’m not moving until I’m forced to/ given a true timeline by my servicer. We’ve heard many times “you must change plans” before. I’m prepared to switch when I’m forced to, but I’m not gonna make it easy on them.
The accruing interest also frightened people into jumping the gun. It really depends on your individual circumstance of what’s best. Sorry you feel you’ve made the wrong decision. I don’t think there’s anything you can do. I hope things work out for you
No. You would’ve had to switch within a few months and started repaying again anyway.
You are fine, it sucks but ultimately you are getting closer to forgiveness than those waiting. All the time you hold out in SAVE is time that will not count towards repayment. Yes if you can’t afford repayment it’s difficult but genuinely, not switching is just giving you like 3 months before you would have been forced switched.