Loan Question

[asian pharm]

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Hi all,

I am currently working part-time for health reasons, and making around 70K. My tax status is single with no kids or dependents. I m paying my loans via IBR (i.e 15% of my disc. income). I had heard earlier in 2014, that by Dec 2015, those who students who borrowed their 1st loans before Oct 2007, would also qualify for PAYE, and would be eligible to make a payment of 10% of their disc. income. However, today when I called to the Education Department, they said that they have not hear any update on that since 2014.

Does anyone here have any information about this? I mean, is this going to be in effect anytime soon, or was it more like one of those bills that never get passed, and mostly stay on the paper?

 

[confettiflyer]

Hi all,

I am currently working part-time for health reasons, and making around 70K. My tax status is single with no kids or dependents. I m paying my loans via IBR (i.e 15% of my disc. income). I had heard earlier in 2014, that by Dec 2015, those who students who borrowed their 1st loans before Oct 2007, would also qualify for PAYE, and would be eligible to make a payment of 10% of their disc. income. However, today when I called to the Education Department, they said that they have not hear any update on that since 2014.

Does anyone here have any information about this? I mean, is this going to be in effect anytime soon, or was it more like one of those bills that never get passed, and mostly stay on the paper?

Funny because the Ed Department is the one with all the information about it. The front line person you talked to probably has no idea what negotiated rule making is.

It's still being implemented and more info should be pushed out in about a week or two.

Who's your serviced? FedLoan?

 

[MindGeek]

Finally a fellow pre-2007 borrower as excited about REPAYE as me!

Enrollment for REPAYE can start on 12/16/15, but according to Student Loan Sherpa some servicers are waiting until after 1/1/16 to start.

Full text of the final rule published in the Federal Register...
http://www.gpo.gov/fdsys/pkg/FR-2015-10-30/pdf/2015-27143.pdf

Pre-2007 or not, FFELP loans may need to be consolidated to use REPAYE instead of IBR. Hopefully you're Direct Loan heavy like myself.

If anyone gets or finds a REPAYE enrollment form from Navient please post the link or pdf here.

 

[asian pharm]

Funny because the Ed Department is the one with all the information about it. The front line person you talked to probably has no idea what negotiated rule making is.

It's still being implemented and more info should be pushed out in about a week or two.

Who's your serviced? FedLoan?

Thanks for your reply. Much appreciated. My loan service provider is Great Lakes.
You are right, the person that I talked to had no idea what was going on. She kept on repeating that "so far we have heard nothing about". I wasn't satisfied with that answer so I went ahead and called the 1-800 number for studentloans.gov. There I was able to talk to a very nice person, and he mentioned that it is going to be in effect in about two weeks, but might take upto 01/01/2016 to get fully implemented!!! Also, MindGeek above has said the same thing🙂

 

[asian pharm]

Thanks for your reply. Much appreciated. My loan service provider is Great Lakes.
You are right, the person that I talked to had no idea what was going on. She kept on repeating that "so far we have heard nothing about". I wasn't satisfied with that answer so I went ahead and called the 1-800 number for studentloans.gov. There I was able to talk to a very nice person, and he mentioned that it is going to be in effect in about two weeks, but might take upto 01/01/2016 to get fully implemented!!! Also, MindGeek above has said the same thing🙂

Forgot to mention, I have all Federal Direct Loans.

 

[asian pharm]

Finally a fellow pre-2007 borrower as excited about REPAYE as me!

Enrollment for REPAYE can start on 12/16/15, but according to Student Loan Sherpa some servicers are waiting until after 1/1/16 to start.

Full text of the final rule published in the Federal Register...
http://www.gpo.gov/fdsys/pkg/FR-2015-10-30/pdf/2015-27143.pdf

Pre-2007 or not, FFELP loans may need to be consolidated to use REPAYE instead of IBR. Hopefully you're Direct Loan heavy like myself.

If anyone gets or finds a REPAYE enrollment form from Navient please post the link or pdf here.

Hi MindGeek,

Yes, I am a pre-2007 borrower and I am as happy about this as you. Thanks for the info. Yes, I m heavy on Direct Loans as well. I think I do not have a single FFELP loan. I called my loan service provider to inform them this, as they were not aware, and have also asked them to send me a REPAYE enrollment form. I will send it to you if I get it. But my service provider is Great Lakes, not Navient or FedLoan.

 

[confettiflyer]

The REPAYE program is available to apply into on studentloans.gov, if you're already on IBR, there's a spot to request a temporary 1 month $5 reduced payment because you cannot jump from IBR -> REPAYE directly.