New IDR Program for Student Loans

[@user-xt2rb3no5b]

Thank you for the clear explanation. There are far too many people on KZbin rambling on with nonsense so it was a relief to finally come across someone that knows what they're talking about. This video was very helpful.

[@ArkovichLaw]

Glad it was helpful!

[@lilyfucsia25]

Hey, there. Can you solve this question for me please? Is a subsidized loan a direct loan? 🤔

[@ArkovichLaw]

It can be. Subsidized loans are definitely federal loans and not private. But before July 2010, about 80% were FFEL loans and not Direct. You can find out whether FFEL or Direct by looking at loan details or your NSLDS report on studentaid.gov. I'd strongly recommend you talk with us if you have FFEL loans -- things need to be done, preferable in April. We can suggest what you do and how to do it during a consult. Email us at [e-mail]

[@openmind6239]

Under the new waiver …when does the idr repayment start counting is it from the “Loan Date:11/08/2016 Loan Repayment Begin Date: 11/08/2016 Loan Period Begin Date: blank Loan Period End Date: blank “ This is how it is listed on the summary of federal loans on the federal loan website I am trying to calculate how many years I have left

[@ArkovichLaw]

Earliest loan repayment date. Usually six months after graduation from the first school, assuming you still have a loan from that school.

[@LSUMIKE1990]

Wonderful as always!

[@ArkovichLaw]

Thanks! Would you mind leaving us a google review at tinyurl.com/christiearkovich? It really helps us get the word out and to help student loan borrowers!

[@LSUMIKE1990]

@@ArkovichLaw done

[@Romenet310]

Hi, thank you for the video. Do any of these imorved plans help Parent Plus borrowers?

[@ArkovichLaw]

Please watch our double consolidation video -- or set a consult with us by calling 813-258-2808 or email [e-mail]

[@kathleenclark3518]

If going to an idr plan does the forgiveness count on enrollment or will count from the time the loan began?

[@ArkovichLaw]

Normally, IDR only counts the time in the IDR. But the IDR Waiver program will give you credit toward any extended forbearances. So someone with a loan from the 90s may qualify for forgiveness immediately if they've been paying something or in forbearance for 20 years/undergrad loans or 25 years/grad loans. If this has been helpful to you, please post a google review for us - I'd really appreciate it! tinyurl.com/christiearkovich

[@Spongebob007]

Yes you describe me to the T & I PRAY these go through. I just applied to consolidate my ballooned loans to direct. What chance do you think these changes will actually go through? Who has to sign off on them?

[@ArkovichLaw]

My only concern is that by amending the Repaye program in this manner, we are opening the door for a future administration to take away some of these advantages. I do seeing Repaye being amended in this fashion, the final rules will be up by mid Spring it appears. Neither the President, nor Congress has to sign off on these by the way, just the Department after the 30 day comment period ends. And since these are Direct loans, private servicers don't have much in the way of standing to raise any objections. Someone could always consolidate away from a privately held FFEL loan to a gov't owned Direct loan, there is now just much more incentive to do that. One question, make sure you didn't ask for your consolidation to be delayed. I just saw someone who did that and recommended that they cancel and do it again asking for no delay. The consolidation must be done by May 1. If our videos have been helpful please subscribe and leave us a google review if you don't mind! Here's an easy link for that: tinyurl.com/christiearkovich

[@Brandon-st7yr]

In regards to the 100% interest subsidy, if you were to voluntarily switch repayment plans after 2 years lets say, will the interest that was subsidized and paid for by the government be added back on top of your loan? For example, if the interest subsidy amount was $500 a month, will the $12,000 that the government paid over those two years be added back on top of the rest of your loans since you switched plans?

[@katie9141]

Thank you for the video! How would the 5% v. 10% averaging work out if you consolidated your loans under the waiver?

[@ArkovichLaw]

Good question! It's weighted to what you had, i.e. for 75% undergrad loans, 75% of the balance would have a payment that is 5% where the other 25% would be calculated at 10%.

[@katie9141]

@@ArkovichLaw Thank you so much! That's great news :)!

[@kathyr.6825]

How do I reach you about consultation please?

[@ArkovichLaw]

Email us at [e-mail] or call [phone]. Looking forward to talking!

[@sammisworkshops3762]

I am a little confused you went thru the FFEL section rather quickly, I have 4 loans (with Navient-of course) I am not in public service., nevr have been, would my ffel loans still need to be converted to direct and qualify fir the IDR waiver and RePaye? around 7900.00 so not a tiny amount, still its a chunk. I do have other student loans too, and thats another discussion. Thanks for your videos and all the fab info. student loans can be very hard to navigate, you shed some clear light on them and it is much appreciated!

[@ArkovichLaw]

Glad you watched and learned a bit about these loans! You still need to consolidate your FFEL loans to Direct before May 1 to qualify for the IDR Waiver and also Repaye. If this has been helpful to you, please post a google review for us - I'd really appreciate it! tinyurl.com/christiearkovich

[@fbravosbravo3462]

I missed the date line to consolidate to a federal loan

[@ArkovichLaw]

You haven't. Even for PSLF where the deadline was 10/31, you can use a back door now for the IDR Waiver/one time account adjustment. I'd recommend everyone consider doing here in April. Talk with us about specifics if you'd like - [e-mail]

[@brandelynharris3086]

If I consolidate now as long as it's before May 1st, I'll qualify for the IDR waiver? I have direct and FFEL loans with Navient. I know consolidation can sometimes take 60-90 days to process but as long as it's initiated, I should be okay? Thank you!

[@ArkovichLaw]

You should be ok yes. Do it as soon as you can. Don't ask for the consolidation to be delayed until the forbearance ends, have it done now. The IDR Waiver and new Repaye may be appealed in mid May is our guess and this all may no longer be available. Consider keeping Parent Plus loans separate, see us if questions. [e-mail]

[@voncilledemesa2075]

So what if I’ve been paying standard type plan for 20 years already? Will I get the credit for those years of payments?

[@ArkovichLaw]

Direct loans will receive credit toward IDR forgiveness - undergrad loans with 20 years of payments will be forgiven; grad loans will require 25 yrs. This is called the IDR Waiver. More info on that on our blog: www.tampabankruptcylawyerblog.com/idr-waiver-one-time-account-adjustment-this-is-a-really-big-deal-and-the-deadline-is-fast-approaching/

[@indo3052]

I have a question. I have a judgement on me for a personal loan here in the state of texas. My wife n i have seperate accounts. I created this debt while we are married. Texas is a common property state. I have read online that they can freeze our joint bank account but they cannot freeze her personal account. I have read online contrary to that, that they can infact freeze her personal account also. Can a judgement on me put my wife’s personal bank account in jeopardy of garnish/freeze even if my name is not involved on it? ‘M thx allllot

[@ArkovichLaw]

Sorry, but we're licensed in Florida. For specific questions like this, I'd recommend you seek a Texas attorney for specifics.

[@chandlerh.8207]

Are there options for private loans?

[@ArkovichLaw]

Settlement. None of this federal stuff applies. But if you settle and pay before 12/31/25 it's at least tax free forgiveness. In 2026, you're taxed on the forgiveness again. We can help settle - please call for a consult if you'd like [phone].

[@tiffanysteen1845]

So do you have to apply I’m in an income based Pslf wavier plan currently been painfully paying since 2012

[@ArkovichLaw]

You have to apply yes, it's not automatic. 2012 - until now is 120 payments or ten years. I'd recommend a consult - you'll need Direct loans, redating any loans to the first repayment date, and the covid pause time counts if you've been working public service. Please email for a consult to make sure this is all done correctly, it can be confusing. [e-mail]