How can I get on the SAVE plan when I’m in the grace period after graduation?
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Abbey Johnson, Helping with Student Loan DocumentationAnswered on October 02,2023
You can consolidate your student loans to be able to enter repayment faster. This cannot be reversed so you should look into the downsides of this.
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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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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?
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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?
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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?
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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?
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Helping with Student Loan Documentation .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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Helping with Student Loan Documentation .I make ~96K pre tax (‘23), based on my ‘22 taxes my ibr/idr payments are about $151/mo (made about 60k in ‘22). I get a standard ~5% raise every year and currently plan on utilizing PSLF. Should I switch to SAVE or stick with my current PAYE (IBR/IDR) plan?
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Helping with Student Loan Documentation .Should I continue with the $0 monthly payments under the SAVE plan until my next recertification in September 2024, even though my income has increased significantly since the pandemic, or should I switch to the standard repayment plan before recertification to avoid potentially higher payments?
Generally if you have $0 payments they also tell you what you will be paying in September 2024 if ...
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Abbey Johnson
Helping with Student Loan Documentation .Was automatically moved from REPAYE to SAVE.Should I recertify for the SAVE plan before June 2024, even though my current monthly payments are $0 due to unemployment, but my employment situation will change in the next month?
No. The pause was a pause so you resume paying what you were paying before until you need to ...
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Helping with Student Loan Documentation .Will my accrued interest capitalize and be added to my principal if I switch from the IBR plan to the SAVE plan? Is it advisable to stay on the IBR plan to avoid this potential capitalization of interest?
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Helping with Student Loan Documentation .Do I currently have $0 payments on my PAYE plan until my IDR Plan Renewal Date on July 24, based on the information provided on the Mohela website? Should I proceed with applying for the SAVE plan, or is it better to wait until after that date?
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Abbey Johnson
Helping with Student Loan Documentation .Do I qualify for the SAVE plan if I earn over 60k a year, and there's only information available for incomes up to 60k on the FAQs section of the SAVE plan website? Also, I have 23k left on loans.
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