Comments on: Automatic Income Certification for IDR Plans Like SAVE

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Tue, 31 Oct 2023 14:42:58 +0000

In reply to Karen Hansen. You are correct! The Future Act made automated income-certifciation possible. Hopefully it makes life on IDR easier for borrowers.

By: Karen Hansen

Karen Hansen — Tue, 31 Oct 2023 14:17:08 +0000

Oh okay! Just went to the link of the manual IDR app Section 5 A and saw exactly what you are talking about! This was the Futures Act, right? This is a big deal! Oh thank you so kindly.

By: Karen Hansen

Karen Hansen — Tue, 31 Oct 2023 14:13:32 +0000

In reply to Michael P. Lux, Esq.. Actually let people know this. Finally got a loan department servicer on the chat, so I have a transcript. Here are the steps for when they begin allowing in July 2024, which she verified was the start date. Paige was her name. Go to StudentAid.gov > log in> settings left side of panel> financial information lower left> toggle button can be set to consent. In fact mine says consent for my current IDR, so why is Aidvantage asking for more taxes. Also they asked to renew by January 18 when FSA confirmed my anniversary is March 23 2024. This dodging and creation of new recertification dates nist have thrown many candidates off their IDR plans. Very important we figure this out! Thank you.

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Tue, 31 Oct 2023 14:07:34 +0000

In reply to Karen Hansen. The July 2024 date that you are seeing is likely the first time that auto-renewals will happen. Remember, step one of the process is to certify your income for the upcoming year, as part of that certificaiton, you can set up auto-renewal. Servicing has been a mess of late, so I'm disappointed but not surprised to hear that it has been a challenge for you to get it set up how you want. You can always manually submit a paper version of the IDR application rather than using the wizard online. If you look at the section 5A of the paper application, you can see the full details on the auto renewal and authorize it going forward.

By: Karen Hansen

Karen Hansen — Mon, 30 Oct 2023 17:21:49 +0000

Sounds great, but have you tried to actually engage this auto renew feature. Spent hours over the phone with customer service reps at both my servicer and studentaid.gov. they kept telling me it was there though going step by step with them it was not. We even tried changing some of the parameters you insert into the wizard. Final help was that it is in step 4 and you have to mark the box that your income has changed significantly but it is not true. A servicer called Nelnet or something like that says this feature will not be available until July 2024.