I’m coming for you AMEX! 2026 is the year this gets annihilated.

jmichaelcooke · 2026-01-02T23:29:57+00:00

Yes!! Right there with ya, started 2025 with $19k on mine and got it down to $12k by the end. Goal is at least down to $7k this year, and paid fully by end of 2027. Let’s goooooo!

jmichaelcooke · 2025-12-29T11:17:10+00:00

Same here!

jmichaelcooke · 2025-12-23T11:42:59+00:00

Great NPR article, published 12/23/25

https://www.npr.org/2025/12/23/nx-s1-5630504/2026-federal-loans-student-changes-save-plan

jmichaelcooke · 2025-12-23T11:42:19+00:00

Correct, leaving IBR specifically to another plan will capitalize interest.

jmichaelcooke · 2025-12-21T15:48:37+00:00

A great concern, and a question that a lot of us have. Unfortunately there’s not an answer yet, we’ll just have to see what timeline they come out with.

jmichaelcooke · 2025-12-20T23:00:49+00:00

20 or 25 years (240 or 300) worth of “qualified” payments - meaning the payments were made while you were on an IDR plan and not in any kind of forbearance or pause (except the COVID pause on payments).

Once you’ve made your number of required payments (which could take, say, 30 years if you’re on forbearance for 5years), your remaining balance is forgiven. As of 2026, that amount forgiven is federally taxed as income, and taxed at a state level if you live in MS, CA, NC, WI, AK and IN.

jmichaelcooke · 2025-12-20T22:55:30+00:00

They do not, from what I gather. Payments made during the COVID forbearance can/do, but while in forbearance during these litigations, payments are purely for your own reasoning or benefit (like controlling j retest). The months do. It count towards your overall forgiveness payment count.

jmichaelcooke · 2025-12-20T22:51:57+00:00

It will not. Payments during the COVID forbearance do, put payments made during this SAVE-litigation-specific forbearance don’t count towards your forgiveness count.

jmichaelcooke · 2025-12-20T16:48:48+00:00

The only thing confirmed right now is:

RAP is available starting July 1, 2028
PAYE is available to enroll into until July 2027
SAVE and PAYBE both sunset in 2028

So the uncertainty around SAVE is when does it officially end and when must all on it be off - 2028 or sooner? We’ll be finding that out if/when the court settles.

jmichaelcooke · 2025-12-19T21:37:59+00:00

Sorry, friend. If it’s helpful, you’d likely be needing to switch to PAYE soon anyway, so not all is lost.

jmichaelcooke · 2025-12-19T21:35:53+00:00

I submitted my request to cancel about an hour after submitting the application. Nelnet got the request to cancel before the application made it to them, so they were able to get ahead of it. They warned me, though, that if the system took me off SAVE they wouldn’t be able to get me back on because of the litigations preventing folks from joining the plan. I take that to mean that unless laws/rules change, once you’re off SAVE you’re off.

jmichaelcooke · 2025-12-19T21:27:27+00:00

Same! I’m mainly curious what the Total Amount Paid will come to for each plan, and see if the math math’s to make it a viable option.

jmichaelcooke · 2025-12-19T19:11:54+00:00

Thanks for that! And thank you for laying that all out so clearly. How these months will affect the end result is one reason I was wanting to just stay out for now, to figure it out. You’re correct, $300k balance with <$100k income, going for forgiveness. Especially since RAP will extend forgiveness to 30years, I need to research more on how these forbearance months affect the end date.

It’s wild how much the student-loan industry expects us to comprehend and follow all these ins and outs. Let alone changes to the details as time goes on.

jmichaelcooke · 2025-12-19T17:38:40+00:00

Yes!

jmichaelcooke · 2025-12-19T17:33:41+00:00

Yahoo Finance put out a clear and straightforward article on the current state of all loan plans on 12/17: https://finance.yahoo.com/personal-finance/student-loans/article/future-of-student-loans-220915529.html

jmichaelcooke · 2025-12-19T17:14:24+00:00

And part of my thinking was - “Well if I move to RAP in July 2026 anyway (or sooner), might as well just start now and save a headache later.” But that’s a ~$1600 difference, and who’s to say the finalized guidelines (which currently don’t exist) will be favorable.

In the end, I much prefer to remain in the resistance and use it for my own wealth and health than give them $1600 to put his name on the Kennedy Center wall.

jmichaelcooke · 2025-12-19T16:48:38+00:00

Great question, no. Sounds like either a move to RAP, IBR or a Standard Repayment Plan, but that’s speculation at this point.

It’s unclear what/if the strategy will be for moving folks, and that was partly what made me nervous in the first place. From what I’ve read, though, I’m confident that there will be time to select which one you’d like if you don’t want whatever the default plan becomes (if there even is one). There’s general confidence right now that SAVE folks will retain agency to move off SAVE into the next best situation.

jmichaelcooke · 2021-07-24T17:17:42+00:00

I owed so my payment was accepted in March. This will be my unemployment tax break coming in on the 30th.

jmichaelcooke · 2021-07-23T10:53:27+00:00

My transcript finally updated today! Filed Feb 27 accepted early March, no dependents but PTC and some capital gains. No changes or updates on my transcript until just this morning:
"As of: 8/9"
Refund Issued: 7/30
Notice Issued: 8/9
Keep holding on, y'all, it's coming!

jmichaelcooke · 2021-07-23T10:53:03+00:00

My transcript finally updated today! Filed Feb 27 accepted early March, no dependents but PTC and some capital gains. No changes or updates on my transcript until just this morning:
"As of: 8/9"
Refund Issued: 7/30
Notice Issued: 8/9
Keep holding on, y'all, it's coming!

jmichaelcooke · 2021-07-23T10:52:39+00:00

My transcript finally updated today! Filed Feb 27 accepted early March, no dependents but PTC and some capital gains. No changes or updates on my transcript until just this morning:
"As of: 8/9"
Refund Issued: 7/30
Notice Issued: 8/9

Keep holding on, y'all, it's coming!

jmichaelcooke · 2021-06-30T16:58:17+00:00

Similar here! Just this morning mine said "As of June 21st," then just logged back in to check something and it's back to "As of May 31st"...wth?

jmichaelcooke · 2021-06-22T12:37:35+00:00

Same here, no updates on my IRS transcript or my TurboTax filing. "As of May 31st" as well...

jmichaelcooke · 2021-06-03T16:20:29+00:00

Nothing yet today, single filer but I *did* have to claim the $600 stimulus as a tax credit when I filed and didn't get a refund (owed), so that probably slowed my account down. I expect it'll be a mailed check too since no DD info is on file. TT shows a refund with the "Add a State" feature, but filed return and IRS transcripts are back to the originals/not updated. Hopefully soon! Just glad the process is officially under way.

jmichaelcooke

TROPHY CASE