January 24, 2022

College

Its all about the school

What to do with your federal student loans in the time of coronavirus

12 min read

Let’s start with this: President Trump’s decision to waive interest on federal student loans is cool, but it don’t really help much. Not when people are still being garnished for their federal student loans. And not when monthly payments are still due.

About that last part.

If you call your federal loan servicer (FedLoan, Nelnet, Great Lakes, Navient, etc.) they may try and convince you to take a forbearance.

Don’t do that shit — at least don’t do it if you’re on a repayment plan based on your income.

Income-driven repayment plans (REPAYE, IBR, etc.) have a provision that let’s you get a lower monthly payment when your income changes. And that’s true even if it’s not time for you to recertify.

You can request a change to your payment when your income is less than you earned when you recertified.

So if your hours have been cut due to social distancing efforts, look into recalculating your payment early based on a change in your income.

If you’re wondering how to do this, it’s hella easy. Download the paper application: https://static.studentloans.gov/images/idrPreview.pdf

Check the right box. Sign it. Upload it to your account with your loan servicer. That’s it.

Source: #1 Student Loan Lawyer | Tate Law

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