Home |Student Loan |
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?
Share
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.
30 views
Guide
Click here to get a detailed guide
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
Related Questions
-
Abhijith Vijay
Health Insurance Expert (Seniors & Special Cases) .I was on an IDR when covid started, haven't consolidated, and my payment has suddenly changed to a standard plan. What to do?
The ED is aware of this phenomenon and is working on it. If your income hasn't increased you could ...
1
0
5
-
Abbey Johnson
Helping with Student Loan Documentation .Do the 3 years of the COVID student loan pause count towards the loan forgiveness for the standard loan payments plan?
There are 2 kinds of repayment plans—the kind that are designed to pay your loans off after x number ...
1
0
7
-
Abbey Johnson
Helping with Student Loan Documentation .Should I consider consolidating my federal student loans, which have varying interest rates ranging from 2.5% to 5.05%, now that the grace period is ending and interest rates are starting up again? I've also heard about different repayment plans on FAFSA, like the SAVE plan, but I'm not sure how they work. What would be the best approach for paying off my total student loan debt of $60,000, with $30,000 each from Federal and Private, considering my private loan interest rate is 5.64%?
FAFSA is the Free Application for Federal Student Aid and it is the thing you fill out to get ...
1
0
1
-
Abbey Johnson
Helping with Student Loan Documentation .If my initial loan balance was above $27,000 and now it’s $12,000, will my forgiveness period be 10 years now for SAVE Plan of Student loan?
No, your repayment period is only based on your initial balance.
1
0
1
-
Abbey Johnson
Helping with Student Loan Documentation .How can I make sure my student loan repayment years count towards forgiveness with an undergrad FFELP consolidation loan and multiple grad school loans? I'm close to the 25-year requirement, but my income may be too high for IDR plans. Should I consider the SAVE plan for higher payments?
Take the federal poverty level for your family size and multiply it by 2.25. Take whatever number you get ...
1
0
7
-
Robert James
20+ years of experience in IRS matters .Getting married and concerned about tax implications due to my back taxes and student loans.Should we file jointly or separately? How can I find an itemized account of past IRS tax refunds? Is student loan forgiveness a possibility?Will my wife's return be withheld if I owe back taxes?
It's really hard to say what would be the best scenario without knowing what state they are in and ...
1
0
3
-
Abbey Johnson
Helping with Student Loan Documentation .Should I consider speaking with a supervisor or exploring other options to lower the monthly payments for my $25k NELNET loan and my own loan to make them more manageable?
Different loans qualify for different repayment plans. So first—the loan is not yours. Doesn’t matter how you see it, ...
1
0
0
-
Abbey Johnson
Helping with Student Loan Documentation .Why does the loan consolidation for my $98,000 in graduate loans under SAVE result in a total payment of $198,000 over 25 years, doubling the loan amount, despite my understanding that interest would be waived? Is there something I'm overlooking compared to PAYE and IBR plans, which calculate a total payment of $167,000?
98000 at an example 6% interest, accrues approximately $490 a month in interest. If you pay $436, they waive ...
1
0
5
-
Abbey Johnson
Helping with Student Loan Documentation .Did anyone experience a similar issue with Mohela where they cashed a loan payoff check but failed to credit the account, even after escalating and filing a complaint with Student Aid? Any advice for further steps?
File a complaint at the CFPB complaint portal. You should also make sure that you’ve sent your complaint to the ...
1
0
9
-
Abbey Johnson
Helping with Student Loan Documentation .How to calculate SAVE Plan payment for Student Loan?
For anyone having trouble calculating their estimated SAVE plan payment. Monthly SAVE plan payment equals: (AGI - (2.25*PL)) X (0.1/12) If you ...
1
0
9
-
Abbey Johnson
Helping with Student Loan Documentation .If my student loan repayment is $0 a month on the SAVE plan, am I still gonna get charged interest even if I’m following the “rules” of my plan and not paying anything?
Interest resumed effective Sept. 1, 2023. Under the SAVE Plan, if you qualify for a $0 payment, interest is ...
1
0
20
-
Abbey Johnson
Helping with Student Loan Documentation .Which Student loan plan is better SAVE Plan, PAYE Plan or IBR?
SAVE is generally the best because your interest does not accumulate if you pay the minimum payment. In most ...
1
0
2
-
Abbey Johnson
Helping with Student Loan Documentation .I’m confused how the SAVE plan of Student loan works. I thought there was no interest that accrues. Can anyone share their knowledge?
Interest still accrues on the SAVE plan, but if the amount of interest that accrues is greater than your ...
1
0
3