r/StudentLoans

Hi, so my parents took out a parent plus loan when I was in college to help me out. I said I would help pay it off once it was time to pay. That started last November with the loan provider CRI, I've seen only one statement in the beginning (I live far from them now, about 4 hours away) and I have asked to see them every month cause the payment changes every month. Some months its around 45$ the next few it's 80$??? Their excuse for not showing me is that it won't look right because my parent plus loan is grouped with my little sister's loan cause she also had to take one out for school. I've started demanding to see the statements and I keep getting deflected or guilt tripped for not draining my savings to pay it off immediately. (Which I can't do! I don't make that much and thats all my savings!) Is CRI crazy with their payment amounts? Now my parents want me to get another loan to take this one off their credit. Please, some advice is so needed here.

Hello,

I am sure lots of others got the same email. The first email was 90 days to choose a repayment now the email from today is 30 days to choose a new repayment plan. I am curious, if I don't take action on this will my payment be due in 60 days or will it take them a lot longer to figure it out? I have about 14 payments left with PSLF, but was hoping to start payments around January not right away. Would appreciate any insight others may have.

Email said:

SAVE Plan Update - ACTION NEEDED: You will be Placed into a New Repayment Plan in 30 Days

A recent legal settlement ended the Saving on a Valuable Education (SAVE) Plan, and it is no longer available to borrowers. As a result of the settlement, MOHELA was directed by the U.S. Department of Education (ED) to move all borrowers out of the SAVE Plan. We previously notified you that you had 90 days to select a new repayment plan; otherwise, you would be placed into another plan. You did not take action within that 90-day period. This is your FINAL NOTICE. If you do not take immediate action to select a repayment plan, we will place you into a repayment plan in 30 days. If you're currently enrolled in the SAVE Plan but do not submit a new application for a different repayment plan within 30 days, you will be placed on the Standard Repayment Plan. If you have a new loan that entered repayment on or after July 1, 2026, we will place you on the Tiered Standard Plan.

Serviced by Nelnet.

I saw a new banner notice when I logged into Nelnet, telling me of my deadline to switch out of SAVE. I then shortly received a written notice in thr mail woth the same date.

But sometime in the last month, that deadline was extended by a month. (Original deadline in November, now December). I have not yet received anything in the mail about it.

Anything similar for anyone else? Any news or updates about this getting pushed back? I know the interest reduction for autopay enrollment got extended, and there was news and articles about it. Haven't seen anything about switching plans deadlines moving.

I figured this would happen though and to slow walk switching because there's just no way they are competently processing this amount of stuff.

to preface i am a 26 year old who just graduated pharmacy school in may. my forbearance ends next month. my total debt including interest is sitting at approx $350k with my highest interest loan sitting at 9.08%. im lucky enough that i only had to take federal loans other than one 10k private which i can handle paying off. so far i have put $2000 towards my loans but know i should be putting more towards them.

my initial plan was an IDR but i spoke with another pharmacist who made a great point saying there is no guarantee that my balance with actually be forgiven in 20 years. even with the IDR i was just looking at my payment schedule and it seems there is a time period where i will be paying more than $3.7k for 120 payments. all this being said i am trying to make the best financial decision in whether i should just start putting large amounts of money towards my loans.

its scary knowing that i could be putting half my monthly income towards my loans, but want the peace of mind knowing that i dont have them. im currently saving approximately $3.2k a month in between savings accounts and investment accounts outside of my 401k. it just seems like an impossible amount to tackle when i look at the numbers.

where would you start?

I am a long time reader, first time poster, I've gotten so much value out of all of your posts. I followed these boards when I applied for SAVE because I was hesitant in doing so. My undergrad loans were taken out in 1994, graduate loans in 1998 and 2001. My trajectory was college, law school, a year of uncertainty and then back to grad school for an MBA/MSAcc.

I was paying $800ish prior to SAVE and then my payment of $524 after save seemed like a dream come true, but just 2 years and 9 months of payments left. I felt like I had been given a gift, a huge weight had been lifted off my shoulders and that the universe was finally supporting me for having paid so much interest and loan payments over all of these years. And then this administration changed it all...

I just did my IDR, I have Nelnet, and my payment is set to be $1700 starting at the end of October. That's more than 3x what it was on SAVE and it's crazy. I just submitted proof of my income and that is much less than last years tax return. I have a base salary and then potential bonus, and RSUs which if I sell, show up as income on my W2. Last year my company stock was doing great, I sold some. This year my company stock is doing horrible, down from high at $700s to $270s, I am not selling anything.

I don’t expect anyone to feel sorry for me. I’m grateful for my career, my salary, and the life I’m making for myself. But I’m still enraged. I had a payment I could manage and an end in sight. Now I’m trying to figure out where an extra $1,176 a month comes from after living the good life of no loan payments for a while (that doesn't help).

And I’m angry that so many other people are going through this too, many with much less room in their budgets than I have.

How is this supposed to help the economy? That money has to come from somewhere. For me, it means cutting travel, putting off buying a car, and cutting out many of the extras for my family and myself. Those are purchases at businesses that depend on people having money left after paying their bills. I’m sure plenty of you are making the same decisions.

Does this administration see what’s happening here? You can’t take hundreds or thousands more out of people’s monthly budgets and expect it to have no effect beyond their student loans.

I really thought I was almost done. Now I’m angry, exhausted, and having to rethink the next few years... If you read this far, thanks for taking in my venting. What's your story, are you in the same boat? Will Nelnet reconsider my income with the proof of my most current pay statement?

I just became a dual citizen and I’m moving to Canada next year and will be working for a Canadian employer. I was just told by someone that as long as I make under $100k(ish), that means I have $0 taxable US income and if I’m on the income based student loan repayment, I’ll have the lowest payment.

I googled around and it seems true, but also seems TOO good to be true… Has anyone been in this boat?

Hello,

Serviced by Edfinancial. I got notices back in July about SAVE plan ending. September 30th was the deadline to move for me, and not a word has been spoken since July.

I checked my portal. Administration Forbearance till 2028 and I’m on SAVE plan till 2030.

Should I do anything? I feel like the move is to wait until EdFinancial says something. But, I also would like to not get in trouble.

Thankfully, I don’t care about interest. My loans are small, and I got consumer debt to worry about paying off.

What are yalls recommendations?

I requested to move from SAVE to a different IDR plan. For those who have already done this- how long did it take before your new plan was approved and went into effect?

hi guys! i am currently taking out loans for my undergrad, and does anyone else feel guilty for treating themselves with anything? any time i think about buying something for myself, i think how that money would be better if it went towards my student loans. i know this should be a good mindset for paying them off but it also feels like it’s controlling my life, and that my student debt is looming over me any time i try to have fun 😿 im working three jobs to afford schooling and struggle to enjoy myself sometimes due to the stress of the loans. just wanted to rant and feel free to share if you feel the same or have any advice!

My wife and I were stressed out last week because she had to switch out of SAVE. We chose IBR but now I’m wondering, PAYE was available to choose (though it was super expensive) and I think it was PSLF eligible (and cheaper), but it only will be valid until 2028, then you have to choose another plan again.

We picked IBR not because we really wanted to, but just didn’t want to have to pick again in 2 years.

BUT, I’m thinking that we should’ve chosen PAYE just to have lower payments for a bit, as she’s only 47 payments away from 120 and though it seems like her choice has already gone through according to the emails from Mohela, but I’m wondering if it’s too late to change to PAYE.

Can anyone help? Does PAYE, while it lasts, count towards PSLF and does anyone know if she can change her choice?

We’re willing a call to Mohela, maybe a long wait on hold might be worth it.

After clicking on "Loan Details" I receive the following:

Loan Status

Administrative Forbearance-Ends 10/31/2028

Repayment Plan

Saving on a Valuable Education - Ends 01/17/2030

This appears to be informing me that my loans (same dates for both consolidated loans) will not resume repayment until November, 2028 and that SAVE remains in place until early 2030?

Can someone more informed on these points kindly advise if these dates are accurate?

Looking for advice. I have about $60,000 of Sallie Mae Student loans. I’ve already paid over $14,000, but my balance is about $1,000 less than what it was when I graduated. I’m trying to find a way to get out of that. My monthly payments are too high, and I’m not making a dent. My interest rates vary per loan. One is 14%. Refinancing places haven’t pre-approved me because my annual income is much less than I owe. I have been making my payments every month, and I have a good credit score that I don’t want to get worse. Does anyone have advice on what to do?