I noticed that after my recent PAYE recertification that the "10 Year Standard" payment cap increased for my loans. It seems like they are now factoring in all the accrued interest on the loans when calculating the capped payment amount. Has anyone else noticed this? I thought the cap was supposed to be based on the original balance when you first entered IDR and would stay the same.
Posted by VMovieGuy
2 Comments
That’s weird, mine jumped up too after recertification last month and I was confused as hell about it 😂 I thought the cap was supposed to stay locked at whatever your original 10-year payment would have been when you first enrolled, not keep climbing with interest. Makes the whole “cap” thing pretty useless if they just keep raising it every year
Hmmm, it’s as if the conservatives in Congress don’t want to stay in office.
Student borrowing transparency has had a steep decline ever since SAVE was turned down in the courts.