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I applied for SAVE and MOHELA put me in something called IBR-PFH. Anyone have any idea about this plan and what it means for the payment count adjustment coming in the next year or so?
I applied for SAVE and MOHELA put me in something called IBR-PFH. Anyone have any idea about this plan and what it means for the payment count adjustment coming in the next year or so?
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Abbey Johnson, Helping with Student Loan DocumentationAnswered on September 25,2023
There are 4 IDR (income driven repayment) plans. ICR, PAYE, SAVE, and IBR.
IBR and PAYE require a partial financial hardship (PFH) to get on to them while ICR and SAVE do not. They all forgive your remaining balance after 240 or 300 qualifying monthly payments.
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Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness
Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..Click here to get a detailed guide
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