Student Loan Update

PAYE and ICR for non-Parent Plus borrowers was supposed to be phased out under the SAVE regulations as of July 1. But those regulations are now blocked following the 8th Circuit’s order. So PAYE (and ICR) are available for borrowers to enroll, at least for now. But, the online IDR app is down for the foreseeable future; borrowers can apply on paper, but no IDR apps are being processed right now and borrowers should expect very long processing delays. Details here: https://www.ed.gov/save.

So if you’re having problems getting your IDR approved, this is why.  In the meantime, your loans will be placed into forbearance (which doesn’t count for IDR or PSLF).

The IDR audit or recount is still underway – but will likely be pushed back again until sometime this fall.  My guess is that the Biden administration would want that done before the elections if at all possible.

If you’d like a review of your particular loans and advice as to what is best to do, please reach out to us for a strategy session.  It’s overly complicated right now, and probably will be for the next few months at least.