New Trump Executive Order —> Further Student Loan Deferrnent

[Lordosis]

the companies would lose their mind trying to keep track of who paid if you still had to pay for plsf

Really? Don't they track payments and apply them to the right accounts everyday?

Also I would imagine that there would not be very many people who would be making payments if they did not have too. Probably less then 1% if I had to guess.

[East coast]

Really? Don't they track payments and apply them to the right accounts everyday?

Also I would imagine that there would not be very many people who would be making payments if they did not have too. Probably less then 1% if I had to guess.

Yea, that comment made no sense considering that's what they do all day everyday (albeit, with issues!). But I think you'd (@Lordosis) be surprised how many people are taking advantage of the opportunity to pay down either principal or interest with the 0% - reading other forums, there seems to be a ton of that - i'm not sure what the split of PSLF to non-PSLF is on student loans, but I have to imagine that the majority of student loans taken out are by people not going for PSLF. The Loan Servicers are servicing those loans too and i'd 100% take a bet against you that the number is far higher than 1% paying at the moment.

[East coast]

BTW in new news - it was mentioned a few weeks back that FedLoans (and other servicers) had expiring contracts coming up this year and we would all be potentially moving to new servicers. That is no longer happening as the contracts were extended until the end of next year, so rest soundly that if there are issues in that transfer it won't happen until next year!

[Lordosis]

Yea, that comment made no sense considering that's what they do all day everyday (albeit, with issues!). But I think you'd (@Lordosis) be surprised how many people are taking advantage of the opportunity to pay down either principal or interest with the 0% - reading other forums, there seems to be a ton of that - i'm not sure what the split of PSLF to non-PSLF is on student loans, but I have to imagine that the majority of student loans taken out are by people not going for PSLF. The Loan Servicers are servicing those loans too and i'd 100% take a bet against you that the number is far higher than 1% paying at the moment.

I would love for the sake of mankind for you to win that bet!

In my experience when someone is given the option to delay payment they take it and it is only us oddballs who accelerate mortgages and buy cars in cash.

[pslfhopeful]

FedLoan just sent an email, interpreting Trump's EO from earlier in August as an "extension" of the previous CARES Act with respect to federal student loans. That means, that through December 31st, no one is required to make a payment, interest remains at 0% and, importantly, WILL COUNT TOWARD PSLF.

That's 3 additional months of no payments, but continued PSLF counting at my maxed out payments.

[BCBiker]

Had no idea refinance rates were so low wow. Don't pay it off I agree assuming you're putting that $ into taxable. The home down-payment decision will of course depend on mortgage rates etc

I had done non government loans that I refinanced 2% pre-pandemic on variable rate. Now they are at 0.74%. When this government 0% rate expires will see if I can get down to 0.4% range on 3-5 year pay back. I’m touch with first republic but their program is down right expensive at 2% in current environment. If you think about 6.8% government rate that is making killing.

[SwitchPool]

FedLoan just sent an email, interpreting Trump's EO from earlier in August as an "extension" of the previous CARES Act with respect to federal student loans. That means, that through December 31st, no one is required to make a payment, interest remains at 0% and, importantly, WILL COUNT TOWARD PSLF.

That's 3 additional months of no payments, but continued PSLF counting at my maxed out payments.

Ah I did not get that email and they are my servicer!! Could you copy the email here if you don’t mind?? Would be great news for me. Thanks

[East coast]

Ah I did not get that email and they are my servicer!! Could you copy the email here if you don’t mind?? Would be great news for me. Thanks

I don't recall an email, but here's the press release direct from the source...
https://www.ed.gov/news/press-releas...rough-end-year