Automatic forbearance might be unwelcome if you’re pursuing PSLF.
If you’re close to receiving debt relief, this hold could stretch out your forgiveness timeline even more.
If your student loans are on any payment plan other than SAVE, nothing has changed for you.
If your loans are on the SAVE plan, you’ve got some options to consider.
Which route you choose depends mostly on how far into repayment you are.
If you have several years of repayment left
Experts recommend you hang tight.
Stick with the SAVE plan, and keep an eye out for updates from your servicer.
In this case, switching to another income-driven repayment plan could be beneficial.
There’s a caveat to keep in mind before switching.
Although the Department of Education has reopened the online applications to move to another IDR, expect significant delays.
Your loans will likely remain in forbearance until your request can be finalized.
This might be worth it if you’re a few months away from receiving debt relief.
It won’t cost you more money – just time.
Regardless of how many payments you’ve made, leaving an eligible job stops your progress toward forgiveness.
In this case, you could remain in the SAVE plan unless you’re very close to forgiveness.
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