Just looked at my new repayment options for PSLF now that the SAVE plan no longer exists and I want to weep. My payment is going from $27 to at least $600. I feel so hopeless that the floor keeps getting pulled out from under me with changes to the loan programs.
Filed taxes separately from my husband to keep payments low, sacrificing years of higher tax returns. My loan servicer and a bunch of Republican led states gets pissy because they're not getting interest under the new plans, sue the federal government and my loans are put in a forbearance I didn't ask for and the months don't count towards PSLF - I was set to qualify for forgiveness Dec 2025.
No worries, I won't make payments and once I get to 120 months of employment I will apply for the PSLF reconsideration and make the lump payment. It won't be so bad, because it'll be based on my $27/month payment.
WHOOPS JUST KIDDING now they're going to calculate that payment based on the NEW repayment plans because Biden bad, SAVE plan bad.
Now I have to make payments again - but here's the kicker, I FINALLY filed taxes along with my husband because I was under the assumption I wouldn't have to keep paying loans and would be doing the lump payout. It's been 6 months since I applied for reconsideration and i've heard nothing about my application.
Started the IBR plan application today. My payments under the new administration's "Repayment Assistance Plan" would be $1,064. The Standard 10 year plan is $602. I work in a public school and have an infant in daycare. We do okay financially but $602 a month is going to be a LOT for us. Even if I somehow do eventually get the reconsideration for my forbearance months, we do not have $9,600 laying around to make a lump payment.
I have followed every rule. I made every payment on time. I have dutifully recertified, submitted my paperwork, gotten every document signed, have worked over 120 months in the public sector, and am still in this position of suddenly having my payments increase by 22x.
I just want to curl up in a ball and weep. This is so goddamn unfair to all of us who entered this field under the assumption we'd be taken care of under PSLF. The ever changing goal posts of student loans are so deeply unfair.
Originally posted by u/ahhbears on Reddit.
Top comment by u/agree_2_disagree
My loan servicer deferred my payments until 2028...it's like they knew I couldn't make the payments and they're waiting for the new administration