I applied for the SAVE program a few weeks ago since I’m currently not working and had to self-report my income because it’s significantly lower than my 2022 tax return. I haven’t received any communication about my approval yet.
When I checked my Edfinancial account, it shows my loan status as “Awaiting Form Administrative Forbearance.” My payment due is listed as $0, but it seems this is because I’m paid far ahead rather than due to the SAVE program and my income. At one point, my due date was January 2029, but now it says September 21, 2023.
Forbearance ended, and while the SAVE program would make my payments $0, this doesn’t seem to be the case with forbearance, so I’m confused about the current state of my loan.
Here are my main concerns:
Interest Accrual: Interest has accrued on my loan, but there’s no indication it will be waived.
Loan Status: Does “Awaiting Form Administrative Forbearance” mean I’ve been approved for SAVE, or does it indicate that Edfinancial needs another form from me? (When I self-certified, I had to upload a document stating my income for the year.)
What’s the best way to contact Edfinancial to get clarity on this?
I’m not sure if this is what happened to your account, but I know that type of forbearance has been imposed on numerous accounts with payments due in September. It should expire in October, at which point your account will be automatically repaid the following month.
This appears to have been done on a large scale by the department of education to prevent anyone from having to make a September payment if they do not want to or cannot. Instead, your first payment is due in October.
You can call your servicer and request that your account be put back into repayment right away, especially if your payment is currently zero.
I went through the SAVE program application too, and it can be confusing. That $0 payment and forbearance are likely because of your SAVE application, not your advanced payment.
“Awaiting Form” might not mean approval yet, but it does mean they’re working on it. Interest can accrue during processing, but there’s talk of it being wiped out later. Check the Department of Education website for updates. Contact Edfinancial directly for the most clarity. They can tell you exactly where your application stands and answer any questions about the interest.
In managing my student loans and navigating programs like SAVE, I’ve encountered similar complexities with loan status and payments. When dealing with Edfinancial or any loan servicer, clarity is crucial. “Awaiting Form Administrative Forbearance” typically means they’re processing your request or need additional documentation.
It’s important to verify whether SAVE approval affects your forbearance status and interest accrual. Contacting Edfinancial directly through their customer service or online portal, and providing specific details about your SAVE application and loan status, is the best approach. Requesting confirmation of SAVE program approval and how it impacts your loan terms will help clarify the current state of your loan and ensure you’re informed about any adjustments to payments and interest accrual.