Comments on: The Department of Education Needs to Bring Back REPAYE ASAP https://studentloansherpa.com/the-department-of-education-needs-to-bring-back-repaye-asap/ Expert Guidance From Personal Experience Wed, 31 Jul 2024 19:37:50 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Michael P. Lux, Esq. https://studentloansherpa.com/the-department-of-education-needs-to-bring-back-repaye-asap/comment-page-1/#comment-14959 Wed, 31 Jul 2024 19:37:50 +0000 https://studentloansherpa.com/?p=18889#comment-14959 In reply to Amy.

My opinion is that Plan B is on firmer legal ground.

It is still a politically charged issue, so that makes predicting how a judge will rule extra challenging, but I think the chances of success are much greater than the first attempt.

]]> By: Amy https://studentloansherpa.com/the-department-of-education-needs-to-bring-back-repaye-asap/comment-page-1/#comment-14957 Wed, 31 Jul 2024 12:29:20 +0000 https://studentloansherpa.com/?p=18889#comment-14957 This is exactly where it’s at. This fits our scenario to a T. We have 5 payments left to receive 25 Year IDR Forgiveness on a $127,000 loan. We have no convenient path to accomplish these payments. ICR would be $1900/month with a long forbearance while they process via paper…..that’s our only option as we don’t qualify for any other plan.(no fin. Hardship for IBR) We are stuck, essentially. I’ve shared on your comments before….we are still using 2019 income so I would hate to lose the $327 payments right now with so much being unstable. Trying to wait it out. Biden’s Plan B was announced today. We qualify for 2 of the bullet points-the 25 year (11-1-99 grad loans) and overage of interest. Sadly, I’m trying not to get my hopes up as I’m sure the Republicans will sue asap. What is your opinion on the Plan B being on firmer legal ground?

]]> By: Michael P. Lux, Esq. https://studentloansherpa.com/the-department-of-education-needs-to-bring-back-repaye-asap/comment-page-1/#comment-14950 Sun, 28 Jul 2024 19:29:00 +0000 https://studentloansherpa.com/?p=18889#comment-14950 In reply to Bradley.

Those are good questions.

In terms of needing a new recertification to put people on REPAYE, I don’t think it would be necessary. The Department of Education had income information for the SAVE enrollment, so they could use those same numbers, if needed.

As for when recertification will be needed again, it is really hard to say. It wouldn’t surpise me to see it get pushed back again. Given how overwhelmed servicers and the Department of Education are at this time, I can see them pushing it back so they can get caught up.

]]> By: Bradley https://studentloansherpa.com/the-department-of-education-needs-to-bring-back-repaye-asap/comment-page-1/#comment-14947 Sat, 27 Jul 2024 19:36:30 +0000 https://studentloansherpa.com/?p=18889#comment-14947 Thanks for making this post. I agree 100%

I’m currently on SAVE and in PSLF.

What are your thoughts on if they bringing back REPAYE in terms of recertifying income? Switching to REPAYE from SAVE would presumably cause you to recertify income.

Most people have not recertified income in a long time and are now at higher income levels and would results in larger payments.

Also, I wonder how this would affect the recertification extension?

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