Home |Student Loan | When I filled out this year's application, it clearly stated I can only apply for IBR. Now, I have read that for starting balances of less than 12k with 120 payments; the balance of loan will be forgiven. To accomplish forgiveness, I will have to consolidate and apply for repaye/save before 12/31/23? Loans are FFEL at the moment and I have been on an IBR for years

When I filled out this year's application, it clearly stated I can only apply for IBR. Now, I have read that for starting balances of less than 12k with 120 payments; the balance of loan will be forgiven. To accomplish forgiveness, I will have to consolidate and apply for repaye/save before 12/31/23? Loans are FFEL at the moment and I have been on an IBR for years

Abbey Johnson, Helping with Student Loan Documentation
Answered on September 25,2023

FFEL loans don't qualify for SAVE, the only income-driven repayment plan they can go on is IBR

If they are FFEL loans then you can consolidate into the Direct loan program via studentaid.gov, which would make the loans eligible for the IDR Account Adjustment (if done by the end of the year) as well as nicer IDR plans like SAVE (if you're on old IBR)

Not sure if PSLF is relevant, but even if they're ED-held FFEL you have to consolidate them into a Direct loan to make them eligible for PSLF. They can never qualify otherwise

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..
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