Student Loan Payments Paused July 1-31 | Income Driven Repayment Plans

Why millions of borrowers won’t have to make a payment in July. Are your student loan payments paused?
0:00 Introduction
0:10 No student loan payments: Who qualifies
0:29 Why is this happening
1:31 Student loan lawsuits
2:00 Good student loan news
2:15 SAVE Plan in peril
2:50 Administrative forbearance
📩 Get the brand new IDR calculator that minimizes your student loan payments so you can use the money on better stuff:
www.studentloanplanner.com/yo...
#StudentLoans #SAVEplan #IncomeDrivenRepayment #StudentLoanPlanner

[@StudentLoanPlanner]

On a separate note…160,000 Borrowers Just Got Their Loans Forgiven: Could You Be Next? www.studentloanplanner.com/student-loan-forgiveness-idr-save-pslf-idr-adjustment/

[@SmecaWash]

Not surprised and honestly they may extend this pause until September due to the IDR count that needs to happen as well… They should have never extended the deadline and like you said with so many new consolidated loans you have to recalculate it minus all the interest that accrued before the consolidation

[@redhotmoon1656]

I just got notified that my feorbearance is ending in 20 days, and I'm on the SAVE plan. It's been saying that my forbearance was ending in 2039. It's so confusing/frustrating

[@sunday20]

I wished my loan was never transferred to Mohela. I was with edFinancial and never had problems with them. Mohela is the WORST. I don't know if I'm with SAVE, IDR, PSLF, deferment, forbearance etc...

[@NL-hb8rz]

Same. Mohela and have no clue which plan is for me for repayment. The Hold time is relentless when you call. After being automated many times. Still end up being disconnected. They are the WORSE.

[@JessicaOC78]

I haven't been with Mohela for very long, but I haven't had any issues and have experienced great customer service. I liked the transparency of their PSLF tracker and hope it comes back to the new site. The repayment type usually shows near your upcoming payment information. Trust me, I will take them a thousand times over Nelnet. I had non stop issues and errors with them. I even had a rep tell me to "get the man of the house on the phone so I can explain this to him since it may be too complicated for you" when I called to get information about something on MY loan! He was definitely barking up the wrong tree because I'm the one who deals with all the finances and student loan things in the house. 🙃

[@albeedat1]

Agreed, they are THE WORST

[@albeedat1]

Smh, this mess is confusing and ridiculous. Thanks for this video by the way. I had applied for IDR last year and was approved but Mohela now doesn't take online documents. Unknown to me, so l resubmitted my documents and now this. I visited the Mohela website today and it basically read if you previously applied for IDR/SAVE that you don't need to do anything else and continue to pay your approved IDR amount

[@ireneolsen9037]

I am on autopay, should I stop that or they will just take care of it on their end and skip July? I am in SAVE.

[@JessicaOC78]

I had so much trouble with getting the IDR payments correct when my husband and I were under Nelnet, it was beyond frustrating. With the Mohela transition and SAVE, we finally got that squared away and were making payments each month. Now we have been split between two different loan servicers, and I'm afraid our combined income and student loan debt are not going to be considered anymore and we will run into issues with our total payments again. Are those IDR payment going to be calculated through the DOE still or with the servicers individuallly?

[@shannonshaffer7197]

Will ibr applications still be processed during this time?

[@TA-lb9ew]

What success rate do people filing an Adversary Proceeding in BK court are apptoved?

[@kckanu8457]

Please as far as you know does the double consolation process work? If so, do you have any person to suggest I work with? Thanks KC

[@TA-lb9ew]

Will Save Plan be extended to September?

[@anitabrown3286]

The injunction was struck down so now what?

[@Minecraftgamers567]

How can I find information about the new regulations for the SAVE plan that you said will be implemented in July? Also what resources would you recommend to stay up to date with the legal information and court hearings regarding this topic? Thank you! Best

[@sagapoetic8990]

There should be regulations being followed -- what is shocking is the lenders/processors are defying the government and calling the shots. This is just wrong and this administration needs to buck up and take a stand, not cave. We have to vote and call our officials and demand they and these private contractors, which is what Nelnet, Mohela etc are, follow the government guidelines. The voter, not the banks, are supposed to call the shots.

[@tiffanysteen1845]

Can I make a payment anyway loans are scam thru make it digitally in secs I spend a life time paying it off due to fractional reserve banking. I’d saved is block I need apply diff IDR plan. I hate this I wish I had paid off in full at 0% in COVID we paid 44k off already during COVID I wish I applied 24k I had saved last July but we had that for 6 month emergency fund lived off it when I retired

[@melk.175]

I thought 8 states were shot down when they fought it?

[@SmecaWash]

These are new lawsuits separate from the previous Supreme Court ruling

[@chugroot]

But let's not worry about the billions going oversees or to illegals