Is it possible to SAVE back to PAYE?

General
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Do you believe they’ll permit a return to PAYE now that the SAVE plan has been blocked?

That the PAYE sign-up process was discontinued three weeks prior to SAVE being stopped looks like a crazy timing choice.

Many individuals left PAYE for SAVE because it was made to seem appealing, but now it’s barred and there’s no way to get back.

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The abrupt end to PAYE enrollment is understandably frustrating and leaves many borrowers in a challenging situation.

Understanding the Situation:

  1. Existing PAYE Borrowers: If you were enrolled in PAYE before the July 1, 2024 deadline, you can continue with this plan.
  2. New Borrowers: New borrowers are now ineligible for PAYE.
  3. SAVE Plan: While the SAVE plan offers some potential benefits, it may not be suitable for everyone.

Potential Next Steps:

  1. Explore Other IDR Plans: Consider enrolling in other income-driven repayment (IDR) plans like REPAYE or IBR if you qualify.
  2. Consolidate Your Loans: This can impact your eligibility for IDR plans, so carefully weigh the pros and cons.
  3. Loan Forgiveness Programs: Look into programs like Public Service Loan Forgiveness (PSLF) if you qualify.
  4. Contact Your Loan Servicer: Discuss your options with your loan servicer to understand your specific situation.

Key Considerations:

  1. Income: Your income will determine your eligibility for different repayment plans.
  2. Family Size: The number of dependents can affect your payment amount.
  3. Long-Term Goals: Consider your financial situation and repayment timeline when making decisions.

Understanding these changes and taking proactive steps can help you manage your student loans effectively.

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If Trump wins, we will be in serious trouble. I see him abandoning any goals that depend on income.

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@Brandy This also worries me.

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I don’t know, but they’re determined to do away with student loan forgiveness in any way. Regardless of whether the plan calls for the total elimination of all income-based payment schemes, it appears that the Republicans are harboring resentment and a bug up their ass.

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@Scofield Yup: They’d rather grant tax relief to the wealthiest, and subsidize fossil fuel conglomerates…

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@Lilnim and use public funds to prop up banks and the car industry.

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