Directly from the federal register:
”Through June 30, 2028, a borrower may repay under the PAYE plan only if the borrower […] Was repaying a loan under the PAYE plan on July 1, 2024. A borrower who was repaying under the PAYE plan on or after July 1, 2024, and changes to a different repayment plan in accordance with § 685.210(b) may not re-enroll in the PAYE plan.”
this would mean that anyone that was on PAYE, then switched to something like SAVE when it came out, and has since been in the forbearance, cannot switch back into PAYE
edit: actually, anyone who wasn’t already on PAYE when the SAVE forbearance started, and didn’t remain in PAYE after SAVE forbearance started, wouldn’t be able to go onto PAYE according to this regulation..
surely there has been someone that has done this? and these regulations are just completely wrong? Very big deal that blatantly false regulations would be posted in the register…
REQUESTING TESTIMONY: Has anyone switched into PAYE after being in SAVE forbearance?
byu/fakeshoesornah inStudentLoans
Posted by fakeshoesornah
3 Comments
I did. I was on PAYE, got put on SAVE, put myself back on PAYE in March with minimal hassle. I think this is just intentionally poorly written to scare people tbh.
I have. I just did it last month with no issues. I think it’s a scare tactic since PAYE is shutting down in 2028 to not bother switching to it.
This has been addressed a ton in the last few days. These are leftover regs from the save package. I’m 99.99999999% sure they don’t apply