@dryanaz80 wrote:My federal loans are with Fedloan Servicing and they have posting confirming that payments will be in forbearance with payments not due until 1/2021, as well as interest rates remaining at zero.
It does not appear that the missed payments will count toward PSLF or overall forgiveness if on IDR.
Other biggest concern is making sure that this doesn't reset my number of payments or that any interest will capitalize....my due date still reflects 9/30, but $0.00.
From what I've read elsewhere, Navient has sent out warnings saying that auto-payments will resume in October so I'm sure there's still no clear direction from the Department of Education on what to do. I'm hopeful that we'll get an extension of the CARES provisions, but expecting it'll be more limited with nothing for "everyone" by default and no counting for PSLF. Ya know, prepare for the worst, hope for the best.
As far as resetting number of payments, everything I've seen for PSLF is 120 on time payments. Nothing resets that timer, just sets you further back on the schedule.
as of 2/22/26
Seems like they are starting to have "initial guidance" (my own phrasing) that things will be the same as the current relief. The Student Aid website references it, Navient and Great Lakes have already suggested it will be the same thru 12/31, FAFSA on twitter put out that "administrative forbearance and 0% interest rate have been extended [until Dec 31, 2020".
I've got my fingers crossed! I'll be using the money I've saved from not paying the fed loans to bump my payments on the private ones to $1k and accelerate that end date.
I've got my fingers crossed! I'll be using the money I've saved from not paying the fed loans to bump my payments on the private ones to $1k and accelerate that end date.
So, I've paid $7200 toward my fed student loans (Fed Loan Servicing) during forbearance, and am debating asking them to refund that money so that I can stockpile a paymnet for Jan 1. Has anyone else done this with Fed Loan Servicing yet? And regardless, what are everyone's thoughts on this?
@calyx wrote:I don't have FedLoan, but I can't imagine they have any reason to refund the money. It's money you paid for a debt, so it's legally theirs.
If you do it, I'd definitely like to hear more about it!
This is incorrect. Legally, they are in fact required to refund payments made in forbearance.
From https://studentaid.gov/announcements-events/coronavirus/
@jasonbourne84 wrote:So, I've paid $7200 toward my fed student loans (Fed Loan Servicing) during forbearance, and am debating asking them to refund that money so that I can stockpile a paymnet for Jan 1. Has anyone else done this with Fed Loan Servicing yet? And regardless, what are everyone's thoughts on this?
If you're not going to do anything with the money between now and then anyway, I'd just let them keep it. If you have a plan to help that money grow some, go ahead and request it back. If some of it was applied to interest instead of principal, I would also see if you could have it reallocated so everything went to principal instead as that would have the greatest benefit to you long term.
@jasonbourne84 wrote:
@calyx wrote:I don't have FedLoan, but I can't imagine they have any reason to refund the money. It's money you paid for a debt, so it's legally theirs.
If you do it, I'd definitely like to hear more about it!This is incorrect. Legally, they are in fact required to refund payments made in forbearance.
From https://studentaid.gov/announcements-events/coronavirus/
Dang. Well then, go for it.
Thanks for the correction!
@ccquest wrote:
Good news!!
https://www.ed.gov/news/press-releases/secretary-devos-fully-implements-president-trumps-presidentia...
https://finance.yahoo.com/news/student-loan-pause-trump-executive-memo-215849366.html
I hope files update soon!
My studentaid.gov account still shows the resumption in October, as does my servicer's site.
I wouldn't normally mind, but I've had medical bills and I prefer as much breathing space as possible 