Dec 5, 2023
Time is running out for the IDR Account Adjustment. The so-called “IDR Waiver” is the biggest backdoor student loan forgiveness program in history, and it’s ending in less than 30 days. Learn exactly what the IDR Waiver is, the steps you need to take to take advantage of it, and how it could give you immediate forgiveness even if you didn’t know you were eligible for it. I’ll clarify some common misconceptions about the Waiver and shed some light on potential regrets for those who miss the deadline. Then, we’ll explore how student loan repayment will change after the IDR Waiver ends, what borrowers are getting wrong about the SAVE plan, and why getting expert guidance is even more critical in a post-IDR Waiver world.
In today’s episode, you'll find out:
The IDR waiver's historic significance in student loan
forgiveness
How to get credit for forbearance and repayment plans before the
deadline slips away
Eligibility criteria to maximize benefits of forgiveness
How the IDR Waiver transforms older loans into forgiveness
superheroes
Forgiveness eligibility of the IDR Waiver vs. the PSLF Waiver
When the forgiveness date tracker will be available from the
Department of Education
Potential discrepancies in forgiveness payment count accuracy from
the Department of Education
How long you’ll have to wait for a payment count adjustment after
the IDR Waiver
What to do if you’re on the SAVE and PAYE income-driven repayment
plan
Misconceptions about the SAVE plan’s interest payments
The best strategies for post-IDR Waiver student loan
repayment
Common borrower challenges, including filing taxes separately,
navigating PAYE repayment plans and consolidation issues for Parent
PLUS loans
Links mentioned:
Payment Count Adjustments
SAVE Repayment Plan
Biden-Harris Administration IDR
Announcement
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