Borrowers seem to be confused about:
— the deadline, reading it to be in 2021, only 3 weeks away (the deadline is actually October 2022)
— the effect of consolidation, believing they’ll lose a favorable interest rate, and that the interest rate will even matter (when on an income drive plan, payments are determined on income, and payments will not go up due to interest changes)
— whether they have to show 120 payments by 10/31/22 (which we agree they do not, but action needs to be taken by October 2022 to ensure that credit will be given when ten years are up)
— whether their FFEL loans are even federal loans, believing they left the federal system when they consolidated into FFELs back in the 2000s (there are different kind of federal loans – this rule change will allow those with the wrong federal loans to qualify for public service forgiveness).