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