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"The deadline to recertify your IDR plan has been extended for at least 12 months. This means, for example, if you were scheduled to recertify on Dec. 1, 2020, you are not required to recertify until Dec. 1, 2021. Your loan servicer will remind you to recertify 60–90 days before your recertification date."
Yet, in the same email, it says:
"Your loan(s) have been set at a 0% interest rate, and payments have been suspended, until Dec. 31, 2020. During this time, you are not required to make monthly payments, and interest will not accrue. Payments are scheduled to resume in January 2021."
So, which isi it? It's confusing & opposing info to me. TIA.
Not sure where you confusion is, they are two different issues.
Your recertify for you income-driven repayment plan application has been extended until December 2021, (assuming you have a IDR in place already) but you will have to begin making payments again in January 2021 on your loan. Your payments will be at your existing payment plan amount.
The 0% interest thing has been great for my girlfriend, she's put in all the overtime she could get and will pay off her loan before December 31st, 2020. She had a 32k balance in March 2020 at 8.9% before, prior to that she at times wasn't making enough of a payment to cover the interest on the loan, which caused a original 9k loan to balloon to over 30k.
I also have a co-worker that saved up enough to put a down payment on a house (by not making payments on her loan).
Thanks a lot! I had the feeling that's how it was. I haven't had to pay anything yet on this loan so far. So anyone in my position better still reapply for the IDR plan if that's the route they want to go. I did get an email after the one I talked about above stating:
"This year has been financially tough on many people. We want to make sure your student loan payment is affordable so you can stay on top of your loans once payments resume. Explore your repayment options and consider applying for an income-driven repayment (IDR) plan. Borrowers with high federal student loan balances can see significantly lower payments on an IDR plan compared to other repayment plans. Enrolling in a plan based on your income could even lower your payment to $0.
Your payments are scheduled to resume as early as January 2021. If you don't make other arrangements, you can expect to receive a billing statement from your loan servicer in December 2020.
Applying for IDR today can help ensure your IDR plan is set up before payments resume."
"Our records indicate that you are not due to recertify your income until 03/08/2021 .
If this date has not hit yet, and you select this option (IDR), your servicer will not re-calculate your payment based on your updated information until 06/11/2021 . If you want your payment to be immediately recalculated, select the third option to have your payment recalculated immediately for the income-driven plan you are currently enrolled in."
Yet, it says Upcoming payment due 1/30/21.
I guess I still need to re-apply ASAP for IDR since I can't afford to pay anything now? I'm unemployed due to COVID. I better ask the Navient people.
Last edited by Forever Blue; 11-30-2020 at 11:43 PM..
"Our records indicate that you are not due to recertify your income until 03/08/2021 .
If this date has not hit yet, and you select this option (IDR), your servicer will not re-calculate your payment based on your updated information until 06/11/2021 . If you want your payment to be immediately recalculated, select the third option to have your payment recalculated immediately for the income-driven plan you are currently enrolled in."
Yet, it says Upcoming payment due 1/30/21.
I guess I still need to re-apply ASAP for IDR since I can't afford to pay anything now? I'm unemployed due to COVID. I better ask the Navient people.
Yes, talk to them on the phone but ask for information in writing so they can't change the rules on you and play nasty games (unless you live in a one-party-consent state for recording phone conversations - note that some states don't criminalize recording with single-party-consent, but still don't allow it to be used as evidence in court. You have to arm yourself legally, any time you are dealing with insurance, loans, moving companies, or healthcare. It sucks but this is modern life for ya...)
Something was tricky so it's a good thing I called this morning!
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