Income Based Repayment Application Pause - Any interns/residents Struggling?

[Smiley_Cat]

Hello Everyone,

This is probably more directed to the new graduating DVMs - especially those in internships.

Is anybody else in the situation where you are in an internship/residency and were planning on Income Based Repayment and literally cannot apply/have applications be processed for any sort of IBR due to the court injunction?

I consolidated my loans to maximize my PSLF payment timeline - but this event happened at exactly the wrong time where IBR applications shut down. So now I have a loan with payments due but cannot get reduced payments since they aren't processing applications anymore. Per my servicer I have no other options besides paying normal payments of my direct loan on my trainee salary...

Is anyone else struggling with the lack of income based repayment processing? i feel alone in this since it's around 3 months too early for the peeps who just waited for their post-grad deferment to end...

I mainly just want to commiserate.

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[supershorty]

Hello Everyone,

This is probably more directed to the new graduating DVMs - especially those in internships.

Is anybody else in the situation where you are in an internship/residency and were planning on Income Based Repayment and literally cannot apply/have applications be processed for any sort of IBR due to the court injunction?

I consolidated my loans to maximize my PSLF payment timeline - but this event happened at exactly the wrong time where IBR applications shut down. So now I have a loan with payments due but cannot get reduced payments since they aren't processing applications anymore. Per my servicer I have no other options besides paying normal payments of my direct loan on my trainee salary...

Is anyone else struggling with the lack of income based repayment processing? i feel alone in this since it's around 3 months too early for the peeps who just waited for their post-grad deferment to end...

I mainly just want to commiserate.

There is a lot of discussion about this in my friend group from my graduating class. You are definitely not alone. It's a really scary/sucky situation.

 

[KCgophervet]

You are not alone, the situation is crazy. I think I've heard that you can request an administrative forbearance to put payments on hold until this gets sorted out?

This Facebook group has had a lot of discussions on the topic: Log into Facebook

Relevant post:
There are 2 big news stories on student loans today. Here's the second - Ed.gov/save has been updated to say that borrowers who have an IDR application in progress can be placed on a processing forbearance for up to 60 days, during which they can continue to receive PSLF/IDR credit for 60 days. If you were already enrolled in SAVE, this does not apply to you.
"Servicers may place borrowers into a different forbearance category, known as processing forbearance, if the servicers need additional time to process those borrowers’ IDR applications. In contrast to the general forbearance for borrowers enrolled in SAVE (previously known as REPAYE), interest will accrue while a borrower is in processing forbearance. Additionally, time spent in processing forbearance (up to 60 days) is eligible for PSLF and IDR credit. Processing forbearance will last no longer than 60 days, at which point a borrower may be placed into general forbearance under the terms described for that status."
More updates here: https://www.forbes.com/.../new-updates-issued-on-student.../