Great Lakes missed payment.

[Anonymous]

I’m in forbearance and will on an irc I. Two months time. Just wanted to update you all. Thanks for the advice and letting me freak out here, lol

[Anonymous]

I agree with Calyx, you seem like a good candidate for the income-driven repayment plan. The best part is that your payment can either be in your lowest paycheck within the last 90 days or the period when you were unemployed (don't use the IRS account link) which should bring your payments to as low as $0/ month. This gets locked in for 1 year. On REPAYE, it will cover 100% if the interest not paid by your monthly payments for your loans.
If you don't want to stay on the plan, you can always go back to another one or don't resubmit your income and it will revert to the standard repayment plan.
In contrast, deferment will allow the interest to accrue and the account will not show up as a good payment on your credit report (it's blank).
Hope this helps.

[Mookey67]

I’m glad it worked out for you. 😊Also here is a great website that explains some of repayment options you may be able to apply for. https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven/questions. It may be a good read for you which explains interest capitalization and the government only paying interest for only so long and a certain amount on some repayment plans. I find that it is best to read for oneself because I do tend to see some information being left out and that goes for all servicers across the board unless you get rep that is very well versed. It may sound great initially but then you end up with a surprise later. Such as the you will receive a tax bill on the forgiven amount. Hope this helps