SAVE Plan Paused: What It Means for Your Student Loans

The SAVE Plan for student loans has hit a roadblock, leaving borrowers in limbo. In this video, we break down the latest on Income-Driven Repayment options and how this impacts your path to loan forgiveness. Learn about your current choices, including IBR and ICR plans, and get expert advice on protecting your financial future. We've got you covered with actionable steps to navigate this uncertain time.

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📺 *Chapters*
00:00 - Intro
00:51 - What's happening with the SAVE Plan
01:36 - How does this affect your loans?
06:40 - Should you switch out of the SAVE Plan today?
09:53 - Steps you can take to protect your financial future

🎥 Credits
• Hosted by Stanley Tate
• Editing by Helena Santín

[youtubeuniversity]

It is criminal that this is complex enough that a channel like this is meaningfully useful to people.

[dk]

I'm on the save plan with 0 payments I've put it out of my head cause plain and simple I cannot afford payments. I know this stupid pause with not counting towards my psfl and extending it, but I can't stress on it. I have to keep my family fed and warm, especially with this winter.

[GGar]

I was in the SAVE program and after it was paused I was put on forbearance but my interest are capitalizing so my loan is increasing! I thought that on SAVE forbearance Interest weren't suppose to

[Ben-ruju]

Thank you for choosing to be a student loan expert.

[patriciadersam]

I was searching my Smart TV and got to YouTube - and there you were - great job - keep up the information for us! Patricia Dersam

[amyf]

Just want to say your videos are excellent. They validate my game plan re this messy messy situation, and relieve some of the immense stress related to loan repayments

[kimallnaturelle]

On SAVE & working towards PSLF at the moment. I'm not stressed. I'll use the extra money I have to pay down my car. Once that's paid down, I'll save up to buy back all the paused months. 3 more years until PSLF. Sigh, I'm using the extra cash flow to take care of other financial goals. I'll roll back into an IBR after litigation resolves.

[rebeccacollins]

Thank you for this. It is awful that the US has no care for those of us with no income and tons of student loan debt.

[vowxhing]

0:15 this! THIS! So overwhelmed, I’ve stopped reading the letters 😱

[catherinekuntz]

I am on the save plan and they put mine on hold until 0225

[AmyTyner-jy]

Thank you very much so much for this video. It was very instructive.

[hillaryandreita]

I am on the SAVE plan, which went to a Forbearance, but it says the Forbearance expires in 24 days. What does this mean?

[sherry]

Thanks for the update! So, I'm paused in save and don't qualify for PSLF, cannot afford to take on the payments right now. Should I just stay stuck there? My loan has met the criteria for forgiveness (it's an undergrad loan, taken out in 1999 originally. Started out at 4, 000, was in forbearance a few times, payments got screwed up and lost during being passed thru several lenders, big dispute over that. Interest has racked up and greatly increased my balance. Now, I owe a loan of nothing but interest. I filed for an Ombudsman and a complaint on the Student Aid website. It has been PENDING since November 2023! So, here I am stuck in Save with nothing happening.

[cherylynsnyder]

Thank you for the continued information on this crazy process. Sometimes I get so annoyed reading the same information in news articles...it's almost like clickbait, but your channel helps us that are aiming for some kind of government loan forgiveness. Thank you and many blessings to you!!

[brandoncassels]

I consolidated most of my loans (I'm finishing up a PhD) when Carmona sent that urgent sounding email out about getting on the SAVE plan. It was approved and then the courts blocked it a week later. Subsequently, I had to put the consolidation loan into forbearance. I remember when you used to be able to defer consolidation loans if you were still in school; not the case anymore to my surprise. That email I responded to actually caused me more headaches than the help it was supposed to provide. Hopefully, they can get the SAVE plan back on track...

[MissJaiAre]

My servicer keeps saying payments are due. I haven’t seen anything from them about a freeze. They seem as though the freeze ended in July.

[Alexander-oye]

The thing that bothers me is that I was fine under the Repayee. I didn't like the interest growth, but at least it counted toward my PSLF. Then SAVE got created and I was immediately moved to that, only to have it be contested and possibly taken away soon, throwing me back into chaos. I wish Biden had just implemented a no-interest Repayee. When he started promising forgiveness left and right, that's when things went south fast.

[phillippia]

I need a video on your camera and lighting setup. It looks great. I would like to see where your lighting is in relation to you.

[tray]

What about those who submitted a complaint that were skipped over for the 20 year loan forgiveness under SAVE?

[amyf]

Waiting for a new video discussing the updates from the 8th circuit decision earlier this week!