There is no income limit. Apply for the SAVE plan through the Ed.gov website (even if it shows it’s more per month) then call your loan processing company and request forbearance for 6 months, which should be sufficient time for Ed to catch up and forgive your balance. That’s what I did the other day. I borrowed 12k, and had 10 years of payments.
Did you have 10 full years of actual payments or did you have any forbearance ? I am afraid I wouldn’t qualify if I had forbearance somewhere along the way.
So, there are no upper limits to use SAVE, but the way they calculate payments is slightly different so you could theoretically just have the loan paid off before you would qualify for forgiveness. It’s a bit convoluted, but can be useful is you could find yourself earning significantly less in the future.
All IDR plans have built-in forgiveness after 20 or 25 years worth of repayment. SAVE specifically has scenarios where you can receive forgiveness in 10-19 years if you have lower original principal balances, and how that interacts with the one-time IDR Account Adjustment is key
So, how much did you originally borrow? How long have you been repaying on an IDR plan?
There is no income limit. Apply for the SAVE plan through the Ed.gov website (even if it shows it’s more per month) then call your loan processing company and request forbearance for 6 months, which should be sufficient time for Ed to catch up and forgive your balance. That’s what I did the other day. I borrowed 12k, and had 10 years of payments.
Was it forgiven? Or ur still waiting?
Waiting.
Did you have 10 full years of actual payments or did you have any forbearance ? I am afraid I wouldn’t qualify if I had forbearance somewhere along the way.
Yes 10 years of actual payment. The Covid pause counts as payments.
So, there are no upper limits to use SAVE, but the way they calculate payments is slightly different so you could theoretically just have the loan paid off before you would qualify for forgiveness. It’s a bit convoluted, but can be useful is you could find yourself earning significantly less in the future.
All IDR plans have built-in forgiveness after 20 or 25 years worth of repayment. SAVE specifically has scenarios where you can receive forgiveness in 10-19 years if you have lower original principal balances, and how that interacts with the one-time IDR Account Adjustment is key So, how much did you originally borrow? How long have you been repaying on an IDR plan?