Get Student Loan Forgiveness Faster with the IDR Waiver

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Get Student Loan Forgiveness Faster with the IDR Waiver

Рет қаралды 1,921

Күн бұрын

If you're a student loan borrower paying back your federal student loans using an income-driven repayment (IDR) plan, the Biden Administration's IDR waiver, also known as the IDR Account Adjustment, is a big deal. Any time you've spent in repayment and many periods of forbearance or deferment can now be counted toward the 10-year Public Service Loan Forgiveness and 20- or 25-year IDR forgiveness programs.
Millions of borrowers could see their balances wiped away completely. Read more: www.studentloa...
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Legal: Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on our site. Student Loan Planner is not a debt settlement or debt relief company. We do not provide tax or legal advice.
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Пікірлер: 11

@bsrlrj 13 сағат бұрын

Question for you I had Mohela at one point but had many loan servicing businesses. I was forced to take a private loan to repay my student loan from the gov because their interest rate was over 7% & my loan was ballooning. Biden has dismissed millions of loans & I was told that if I had left mine it would have been dismissed. What can do at this point? Legal counsel?

@JayWhoDat368 2 ай бұрын

What if you consolidate and have 24 of the 25 years... Get credit for 24 years... 1 year short of forgiveness. Can a new President cancel this anticipated forgiveness which would happen in May of 2025?

@JayWhoDat368 2 ай бұрын

I think I may have found the answer. IDR forgiveness has existed since the 1990''s. The unique thing they are doing now are these payment count adjustments, which allow your true payment history to be reflected instead of starting at zero payments when consolidating, which would be standard... so, I think, once we get the adjustments, forgiveness should happen at 25 years, regardless of any future politics. Someone feel free to correct me if I'm wrong.

@brandonolejnik289 3 ай бұрын

I don't trust the servicers to not mess this up

@Grizz218 3 ай бұрын

I had FFEL loans that were consolidated into a direct loan in 2015 and consolidated again to Mohela for PSLF. I worked for an eligible employer for the whole time period 2009 - present) but I wasn’t paying in a IDR plan or even a standard plan. How would the IDR waiver benefit me? I have over 120 total payments over that period just not consecutively.

@yvettef4184 3 ай бұрын

when you consolidate do they review income ?

@JayWhoDat368 2 ай бұрын

No. Can consolidate regardless of income. However, the IDR forgiveness, if you are short of that required for forgiveness, requires you to choose an IDR repayment plan (4 types)... Income does play a role here in determining your monthly payment required.

@katedawg97 3 ай бұрын

For forbearance/deferment, how firm is the consecutive criteria? What if I have around 36 months of both sprinkled throughout my loan history, will everything count?

@KMarieLaVigna 2 ай бұрын

do they do this automatically for us? or do we have to submit a form to request this?

@simious 3 ай бұрын

My consolidation loan summary sheet has no mention of IDR adjustment. It's stating that I will have 240 payments to go. How can I address that the earliest loan is 2004?