SAVE Plan Paused: What It Means for Your Student Loans

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#1 Student Loan Lawyer | Tate Law

Күн бұрын

Пікірлер: 108

@youtubeuniversity3638 3 ай бұрын

It is criminal that this is complex enough that a channel like this is meaningfully useful to people.

@JT-tx2ns 3 ай бұрын

Exactly. They do it by design to keep people in debt and then blame you for being in debt.

@redpill-finance 3 ай бұрын

Welcome to the greatest ponzi scheme in history! That next inflation spike going to be ruthless

@petrusprimus 2 ай бұрын

These loans are a scam and another way to crush the middle class. Trades are more useful since AI is taking over most other jobs anyway.

@youtubeuniversity3638 2 ай бұрын

@@petrusprimus Unfortunately stagnating wages screw you over college or no...

@MichaelDiSalvoSATandACTTutor 2 ай бұрын

@@youtubeuniversity3638 maybe but make no mistake, it's a predatory system. There's a big difference between medieval guilds and the slave system of federal reserve notes when banks create wars , buy politicians, and suck the very life from the world.

@dk6419 3 ай бұрын

I'm on the save plan with 0 payments I've put it out of my head cause plain and simple I cannot afford payments. I know this stupid pause with not counting towards my psfl and extending it, but I can't stress on it. I have to keep my family fed and warm, especially with this winter.

@dm-jf5uu 2 ай бұрын

Same I got a useless degree from a for profit university it didn't help me get a better paying job

@GGar0777 27 күн бұрын

I was in the SAVE program and after it was paused I was put on forbearance but my interest are capitalizing so my loan is increasing! I thought that on SAVE forbearance Interest weren't suppose to capitalize??????

@Ben-ru9ju 3 ай бұрын

Thank you for choosing to be a student loan expert.

@vowxhing 3 ай бұрын

0:15 this! THIS! So overwhelmed, I’ve stopped reading the letters 😱

@hillaryandreita1012 3 ай бұрын

I am on the SAVE plan, which went to a Forbearance, but it says the Forbearance expires in 24 days. What does this mean?

@OrigibleStories 3 ай бұрын

Same here, not sure what that means either

@kld1068 3 ай бұрын

Mine as well. I think it’s processing forbearance

@Robier1447 3 ай бұрын

Same here. It’s very confusing.

@youtubeuniversity3638 3 ай бұрын

Am Sad.

@kaebae_books 3 ай бұрын

Same, mines said it will end at the end of the month. I called Mohela customer service today to asked about recertification of my plan so my bill don’t increase and the lady was as clueless as I am. She said that while the SAVE plan is still tied up in court that they won’t be processing any recertification. So I hope this means and they will also not be processing or excepting payment because I can’t afford the standard plan.

@rebeccacollins1218 2 ай бұрын

Thank you for this. It is awful that the US has no care for those of us with no income and tons of student loan debt.

@kimallnaturelle 3 ай бұрын

On SAVE & working towards PSLF at the moment. I'm not stressed. I'll use the extra money I have to pay down my car. Once that's paid down, I'll save up to buy back all the paused months. 3 more years until PSLF. Sigh, I'm using the extra cash flow to take care of other financial goals. I'll roll back into an IBR after litigation resolves.

@katemarsi2410 3 ай бұрын

This is exactly where I am as well. 2.5 years out from PSLF, putting what would be my student loan payments into high interest savings. Planning to buy back the months when I get to 120.

@13ikea 3 ай бұрын

Same. I’m focused on saving for traveling and house down payment.

@Alexander-o1y6e 2 ай бұрын

My concern is that PSLF can be slashed.

@amyf9091 2 ай бұрын

Just want to say your videos are excellent. They validate my game plan re this messy messy situation, and relieve some of the immense stress related to loan repayments

@catherinekuntz8306 3 ай бұрын

I am on the save plan and they put mine on hold until 0225

@patriciadersam3653 3 ай бұрын

I was searching my Smart TV and got to KZbin - and there you were - great job - keep up the information for us! Patricia Dersam

@sherry693 3 ай бұрын

Thanks for the update! So, I'm paused in save and don't qualify for PSLF, cannot afford to take on the payments right now. Should I just stay stuck there? My loan has met the criteria for forgiveness (it's an undergrad loan, taken out in 1999 originally. Started out at 4,000, was in forbearance a few times, payments got screwed up and lost during being passed thru several lenders, big dispute over that. Interest has racked up and greatly increased my balance. Now, I owe a loan of nothing but interest. I filed for an Ombudsman and a complaint on the Student Aid website. It has been PENDING since November 2023! So, here I am stuck in Save with nothing happening.

@phillippia Күн бұрын

I need a video on your camera and lighting setup. It looks great. I would like to see where your lighting is in relation to you.

@MissJaiAre 3 ай бұрын

My servicer keeps saying payments are due. I haven’t seen anything from them about a freeze. They seem as though the freeze ended in July.

@tray99847 3 ай бұрын

What about those who submitted a complaint that were skipped over for the 20 year loan forgiveness under SAVE?

@benjiebarker Ай бұрын

is the IBR income based plan the on,y one i can get now?

@xliminalityaurax 3 ай бұрын

Is there any update on the Art Institute investigation?

@stanleytate 2 ай бұрын

Not yet, I hope it comes soon.

@dm-jf5uu 2 ай бұрын

I hope strayer will be on their list for profit schools should all close down

@keithpalmer4547 3 ай бұрын

My loan consolidation was "processed" Oct 7th I had applied in April.

@cherylynsnyder6488 3 ай бұрын

Thank you for the continued information on this crazy process. Sometimes I get so annoyed reading the same information in news articles...it's almost like clickbait, but your channel helps us that are aiming for some kind of government loan forgiveness. Thank you and many blessings to you!!

@keithpalmer4547 3 ай бұрын

Vote Nov 5th AGAINST tRump and his maga allies. They are the reason we cannot get student loan help.

@stanleytate 2 ай бұрын

My team and I really appreciate the positive feedback. Thank you so much.

@catherinekuntz8306 3 ай бұрын

Mine is put on hold until feb. 25

@brandoncassels3670 2 ай бұрын

I consolidated most of my loans (I'm finishing up a PhD) when Carmona sent that urgent sounding email out about getting on the SAVE plan. It was approved and then the courts blocked it a week later. Subsequently, I had to put the consolidation loan into forbearance. I remember when you used to be able to defer consolidation loans if you were still in school; not the case anymore to my surprise. That email I responded to actually caused me more headaches than the help it was supposed to provide. Hopefully, they can get the SAVE plan back on track...

@youtubeuniversity3638 3 ай бұрын

10:20 ...wait you can set email filters?

@christinakcover 2 ай бұрын

Thank you for this informative video!

@stanleytate 2 ай бұрын

You are so welcome!

@landmark22 2 ай бұрын

Wait, Why are they sending bill due ?

@HeyThereLongHair 3 ай бұрын

This video was informative, anxiety-inducing and comforting all at once. 😅

@stanleytate 2 ай бұрын

LOL

@Alexander-o1y6e 2 ай бұрын

The thing that bothers me is that I was fine under the Repayee. I didn't like the interest growth, but at least it counted toward my PSLF. Then SAVE got created and I was immediately moved to that, only to have it be contested and possibly taken away soon, throwing me back into chaos. I wish Biden had just implemented a no-interest Repayee. When he started promising forgiveness left and right, that's when things went south fast.

@desireeevelyn2793 3 ай бұрын

I qualified for a home loan previous to this forbearance. I didn't think about the change since I wasn't given a choice. Now I might miss out on the house of my dreams. If I switch now to an IBR, can I go back to an IDR later (if they still exist)?

@TheSilentsiren4B 3 ай бұрын

I was about to apply for the SAVE plan because I went through fresh start to get my loans out of default. I was automatically put on a standard plan with $860 monthly payments. The courts had blocked the save plan 3 days before I tried to apply. I realized Friday that the options to apply were available again and immediately submitted an application. Will my application be processed now or will it be on hold again? This is so confusing!! 😢

@TheSilentsiren4B 3 ай бұрын

BTW I'm in georgia and my loans are with nelnet

@LoveLife-oo9cz 3 ай бұрын

Omg $860 per month? How much did you borrow from them and the interest rate. With this monthly payment must be in medical or something.

@TheSilentsiren4B 3 ай бұрын

@@LoveLife-oo9cz I'm in tech, database management was my degree. I owe over $73000 ad my % rate is 4-7% depending on the loan. I even had the Pell grant and a scholarship that covered half my tuition for my bachelor's degree because I transferred with a 3.95 gpa from one school to another. Two days after I submitted my application to Nelnet, they put me on a 0% interest processing forbearance until they get this mess figured out so that's good. I can still make payments but I don't have any due until at least February. I also have a borrower's defense application in because one of my schools is being sued for predatory enrollment practices so I might have some of it forgiven eventually.

@Luis-Soares 3 ай бұрын

Does this hold affect consolidated recalculations or is it just blocking the new programs? I consolidated my loans back in March of 2024 to take advantage of the recalculation. I have 25 years worth of qualified payment periods. Are they still working on forgiving this type of loan, or is that also on hold?

@LoveLife-oo9cz 3 ай бұрын

It's on hold. The court blocked it unfortunately. We don't know when they are going to resume unless lawsuits occur.

@abmgangkaedan5008 2 ай бұрын

Questions. I'm currently in public service. I consolidated a parent plus loan that i'd been paying since 2013 to an Icr in my name in 2020 and have not missed a payment since. I didn't know about the payment pause. Will I get credit for those payments? I'd like to retire spring 2025 from public service and only have 6 more payments

@abmgangkaedan5008 2 ай бұрын

Wish I'd stumbled upon your videos soon. Excellent info.

@johnprince337 2 ай бұрын

During and after Covid, while payments & interest were on pause, I was funding a high yield savings account. The account is now at a point where I can make a one time lump sum payment and clear the debt. I don’t know if I should clear it, or wait for the courts to forgive a chunk of the debt and then pay… Any advice is welcome!

@stanleytate 2 ай бұрын

I'm really not sure if there's any kind of instantaneous relief that's being blocked by the courts right now that may impact you. It's a complicated question that comes down to the type of loans you had, how long you've had them for, what repayment plan you're in, and so on. Sounds like you may want to just hold on, assuming the situation is not changing anytime soon, especially if your loan isn't accruing interest. If it is accruing interest, the cost of waiting is really just whatever that daily interest is - that's the penalty that you pay to keep that option open of hopefully getting rid of some of the debt through government action.

@KatrinaMcFarland-on2gk 3 ай бұрын

I am at 119 on the PSLF PLAN , but in June they would not allow me to make a payment. After the ED processed my count I landed at 119. My question is can I buy it back.?

@KatrinaMcFarland-on2gk 3 ай бұрын

I forgot I am still working for the VA MY employment has reached 120

@stanleytate 2 ай бұрын

You can apply for PSLF buyback just go on studentaid.gov and it will walk you through the process there.

@nicoletuck9283 3 ай бұрын

I'm so n the save plan and ever since this summer, it won't let me apply extra payments individual loans. Has anyone else noticed this issue?

@tlee3285 3 ай бұрын

What should I do if I'm in the SAVE program and have 120 qualified payments, but not working a public service job?

@Robier1447 2 ай бұрын

My forbearance ends in 7 days yet people are saying this I on hold for six months. Why is mine stopping?

@stanleytate 2 ай бұрын

It might not be stopping it, it might just be where they need to go in and renew it. Without looking at your account, I don't know. But it's very common right now for some people to have forbearances that are ending that need to be renewed and you may need to call in and get that done. It should be a simple phone call to your loan servicer.

@mikedoyle1972 3 ай бұрын

I have completed my 120 total payments towards PSLF. Mohela told me that they are not forgiving any debt during this injunction. If this lasts a long time and the administration changes, am I at risk of not having my loans forgiven if they scrap the program or make some other catastrophic ruling? I have fulfilled my obligation to the program and FSA has given my letter of forgiveness eligibility.

@pretendgallery6760 Ай бұрын

Any updates?

@meggrotte4760 12 күн бұрын

Do you know what's interesting I only signed up for the income-driven repayment program because I knew I couldn't pay large payments every month But I would never want anyone to pay back my loans. I don't even want loan forgiveness I just want to be able to pay them at an affordable monthly payment. I've been paying for my loans for the last 20 years three more years and I'm done

@Neo137.0 3 ай бұрын

Should I vote hopping that this plans ever work or should I vote for a better economy and finally being able to repay my loans?

@MrBigangry 2 ай бұрын

Evan after appeal its still probably going to get struck down by supreme court again.

@SB-hy9iq 2 ай бұрын

And all I want to know is if I will get my REPAYE plan back or if my loan amount will triple if I have to go into an IBR if REPAYE is shot down with SAVE.

@patrickmillehan6075 3 ай бұрын

I’m not on a plan but am trying to get on SAVE, so MOHELA put me in a processing forbearance. Is my time counting towards PSLF?

@pretendgallery6760 Ай бұрын

Any updates? I applied to SAVE a few weeks ago. Went straight to forbearance

@patrickmillehan6075 Ай бұрын

@ they put me into the save forbearance finally in November. I have decided to just got for IBR since the new admin can’t really change it, and I would pay the same amount as the PAYE plan. I also can display the financial burden for IBR too so it seems like my best route for PSLF.

@emilychittenden3614 2 ай бұрын

Question: Is there harm in switching to IBR in order to have payments count toward PSLF, and then, if and when everything is resolved with SAVE, switch back? I mean, I understand, especially with Republicans controlling everything now, that SAVE and even PSLF are uncertain. But if SAVE or something similar came back, would I be able to switch to it in the future if I switch to IBR now. I really want my payments to count toward PSLF!

@tamaracrismore4031 3 ай бұрын

still interest on parent plus and no help

@houstontexas1112 2 ай бұрын

Hi, I HAVE BEEN PAYING ON MY LOANS SINCE 2000 WITH NELNET. I CONSOLIDATED THEM IN 2019 WITH MOHELA. SHOULDN’T I RECEIVE CREDIT FOR THOSE 19yrs PLUS NOW IT IS 2024. SHOULDN’T I BE CLOSE TO GETTING MY LOANS FORGIVEN. AT THE MOST I’M CLOSE TO 25yrs. THANK YOU SO VERY MUCH AND MAY GOD BLESS YOU!🙏🏾👏🏾😇🙌🏾☝🏾

@stanleytate 2 ай бұрын

Wow, 24 years of payments? At this rate, you could have paid for a small island! Here’s hoping your loans get forgiven before you retire and start a new career as a professional beachgoer!

@landmark22 2 ай бұрын

I owe 27k at my current pay rate I pay $48,000 sheesh

@RandomPeasant123 2 ай бұрын

It's a pretty good tool to keep us all down. If those of us who don't have student loan debt try to negotiate for better terms or a raise at work, or decide to try to form a union Etc, they can just replace us with someone who is being crushed by the student loan debt crisis. Indentured servants are more obedient workers

@SB-hy9iq 2 ай бұрын

I can understand the debate about loan forgiveness on both sides regardless of whether I agree with one side or the other but I do not and cannot understand why repayment plans are contested. When we buy a house or a car we know what our payments will be roughly each month. Now think about paying your mortgage and then all of a sudden someone doesn’t like you paying your lender your current amount and they decide to take it to court. This is exactly what is happening now and is a complete screwing of millions of Americans. Yes we took loans and yes we are obligated to pay them back but don’t go and change the rules when people were already doing what they should!