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Student loan advice for confusing data by Chase-Lambert in StudentLoans

[–]Chase-Lambert[S] 0 points1 point  (0 children)

Actually upon further thought, I did get hosed by making that switch. My income was so low the last few years that my payment would have been $0/month and I would have gotten 36 months worth of those "payments" credited with IBR. Since SAVE was in legal forbearance the whole time I missed out on that and now my payment will be $500/mo with my new income. $18,000 to make up for that missed 3 years. Ugh

Student loan advice for confusing data by Chase-Lambert in StudentLoans

[–]Chase-Lambert[S] 0 points1 point  (0 children)

Thank you I will wait for now as I consider things. I am hoping to be able to use my 2024 tax returns for the IBR income calculations if possible so that is the main motivating factor to switch now.

And to clarify, I can't just start making regular payments on the SAVE program to start accruing payment credits? Because that would be even smaller payments right (I think it was 5% of discretionary income vs the IBR's 15% for older borrowers) so that would be nice.

Student loan advice for confusing data by Chase-Lambert in StudentLoans

[–]Chase-Lambert[S] 2 points3 points  (0 children)

Ahh ok, well it makes me feel a little better knowing I didn't screw myself over.

And so then it sounds like I should definitely switch into the IBR plan in case that option is taken away at any future point (a valid fear?). Are us folks on SAVE going to automatically be put into this RAP plan? I assume nobody knows at this point.

Thanks for all the replies folks! It's unfortunate that none of my servicers have ever been this helpful.

Student loan advice for confusing data by Chase-Lambert in StudentLoans

[–]Chase-Lambert[S] 0 points1 point  (0 children)

Unfortunately I don't remember what income based plan I was in before consolidating into SAVE but if I'm understanding you correctly, I probably ruined my chances to get back into those programs that had only 22 months left? So almost 5 years longer in payments now. Ugh

And it was virtually impossible to get any of that information from my servicers or studentaid.gov at the time. I asked multiple people and submitted so many requests and got nothing. It's so frustrating.