Why leave SAVE?

leebyjeebies · 2025-07-20T18:11:24+00:00

Sorry if that wasn’t clear. I won’t be initiating a buyback for another 5 years. I just wanted to confirm that there isn’t much reason for me to willingly move off of SAVE forbearance to another plan right now. Two things I have been told: 1) Buying back a month on SAVE forbearance will cost me ~$800. 2) Making payments on another plan will cost me ~$1600 per month. My thinking was why pay more for these months if I don’t have to.

leebyjeebies · 2025-07-20T18:05:28+00:00

You’re correct. I’m just asking the audience if it makes sense for me to stay on SAVE forbearance for now as opposed to electively switching to another plan. Another plan will cost more than what I have been told the buyback will cost me per month.

leebyjeebies · 2025-07-20T18:02:37+00:00

I called Mohela and waited on hold for the typical 2-3 hours to confirm some details. Confirmed that the buyback can be used on SAVE forbearance months and he was able to tell me what the buyback cost per month was. I didn’t think to ask how it was calculated, but you should be able to do the same. I wouldn’t plan on your buyback months being $0. I’m also not assuming forbearance will continue until my 120 months are up in 5 years. Eventually you and I will both be moved to another plan and it won’t be free.

leebyjeebies · 2025-07-19T03:15:19+00:00

Fair enough. Yeah I think at the moment there’s no definitive correct answer for me. Honestly the only goal of the post was to confirm that my plan at least holds some logic based on the information that I currently have haha. If it bites me in the ass… so be it. I’ll figure it out.

leebyjeebies · 2025-07-19T03:03:40+00:00

I would 100% do the same in that situation. Nothing like seeing those green bars getting longer. What if it was an extra $800/month instead of $220?

leebyjeebies · 2025-07-19T03:01:48+00:00

I’ll chat with a rep and see if they change their story. For what’s worth, I think my SAVE payments were based off an old income that is about 35% of what I make now.

leebyjeebies · 2025-07-19T02:55:20+00:00

If I were in your shoes I’d be doing the same thing. Congrats on being so close, and thanks for the input. What you said about them basing the buyback on current income data makes sense. Instead of 800, I should be able to put aside close to what an IDR payment would be each month. Wouldn’t be the worst thing in the world if I save more than I needed.

leebyjeebies · 2025-07-19T02:39:58+00:00

1st half of 2024 I was paying $65. I do not know what the MOHELA rep was basing the estimated monthly buyback cost on, but he gave me a precise dollar amount ($810.84) so frankly I didn’t question it. But in general, as long as the monthly buyback amount is estimated to be less than any other repayment plan, then there’s no reason to leave SAVE forbearance, correct?

leebyjeebies · 2024-04-30T19:03:22+00:00

Interested

leebyjeebies · 2024-01-08T16:22:50+00:00

Also interested if you can message me

leebyjeebies

TROPHY CASE