What if I lose my job or my pay decreases while in SAVE Plan of Student loan?
Share
Abbey Johnson, Helping with Student Loan DocumentationAnswered on October 02,2023
You can let your servicer or studentaid.gov know of such a decrease and your payment will be recalculated.
4 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
-
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
6
-
Abbey Johnson
Helping with Student Loan Documentation .How to contact Federal Student Aid (FSA) regarding administrative forbearance of Mohela student loan?
On your Federal Student Aid account, go to the bottom of the home page and click "contact us." On the ...
1
0
25
-
Abbey Johnson
Helping with Student Loan Documentation .How to contact Federal Student Aid (FSA) regarding administrative forbearance of Nelnet student loan?
On your Federal Student Aid account, go to the bottom of the home page and click "contact us." On the ...
1
0
2
-
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 .Will paying off my student loan in full stop the accrual of interest on it, or will interest still be added during the processing?
If you are paying off a loan (not making a payment but paying it off) you need a payoff ...
1
0
2
-
Abbey Johnson
Helping with Student Loan Documentation .How to file bankruptcy for Student loan?
It's difficult to get federal student loans discharged in bankruptcy. You have to meet the standard of "undue hardship", which ...
1
0
2
-
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
7
-
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
17