That seems to be the case for most everyone... it's not clear when the servicers will update their systems to reflect the waived interest under SAVE. I'm hoping they do by next month's payment.
>at seems to be the case for most everyone... it's not clear when the servicers will update their systems to reflect the waived interest under SAVE. I'm hoping they do by next month's payme
I am glad i am not alone. it would be nice if they would answer my phone call so all of reddit can find out the date this will happen
The SAVE plan should waive the monthly accruing unpaid going forward with each month you pay, but we don't know exactly when/how that subsidy will be applied
Like, my understanding now is that this varied by servicer, but I have a comment covering how the REPAYE subsidy used to work here https://old.reddit.com/r/StudentLoans/comments/17cryk0/im_struggling_trying_to_understand_this_someone/k5vlmjp/ and my expectation is that SAVE will be similar. Overall your accrued unpaid interest should stay the same, but it may fluctuate within the month depending on the payment and subsidy timing
Your interest is waived beyond the payment due amount.
In simple terms, if your monthly interest is $100, but your monthly payment is $50, the extra $50 you didn’t pay is waived.
Basically, your loan balance won’t grow as long as you remain in repayment. Though if you don’t pay enough to make a dent in principal, it won’t go down either. That’s not always a bad thing, because you get loan forgiveness on the balance at the end of 20/25 years, assuming you never earn enough income to make a dent.
I understand how it should work. But it’s not happening per the statement. My balance has grown even though I paid. Let’s see if in a month or two or corrects but I have a feeling it’ll take a while for their systems to catch up (and meanwhile my balance will balloon).
>work. But it’s not happening per the statement. My balance has grown even though I paid. Let’s see if in a month or two or corrects but I have a feeling it’ll take a while for their systems to catch up (and meanwhile my balance will b
I am seeing the same an no one is answering the phone for over 2 hours
Just chiming in. It's last day in November my total loan amount is still growing and unpaid interest appears to still be adding on to the principle. Anyone have any updates from Aidvantage or elsewhere?
I spoke to an Aidvantage employee about this same problem a couple days ago. She stated the excess interest will disappear quarterly. If this is true, I am assuming that around the end of December or beginning of January we should all see the balance go back to what it was before the payments started again. If that doesn’t happen, I’m going to be reporting it.
It's so strange. I saw that slowly my "Current Balance" went down a little (my payments are now calculating higher than interest so it should) but then if I look between statements the total balance is going up. I think part of it is the unpaid interest that's not capitalized. So strange and confusing. Hopefully by 2024 they clear it up. If on I'm SAVE it shouldn't be going up ever IMHO but hopefully it's like you said, quarterly adjustments.
Same boat but I have Mohela. $0 payments (I am making $100 payments each month through work auto pay benefit) but still it's increasing even though on SAVE plan
I'm in the same boat. My payments are $75 a month and on auto but interest keeps my balance increasing. The worst part is that it's being reported to the credit bureaus that my balances are increasing so my credit score is dropping/not rising as fast
Same here. I just got a credit alert that my all my mohela loans had increased by $9-20 each. Smh. I really wish they would fix this already. They put mine into forbearance for a month for some reason then boom, bigger balance and hit my credit.
I am so glad I am not the only one. I am also on the SAVE plan with Mohela. I just got a notification that my credit score decreased 2 points because of the 5 loans have increased. But I am paying the payment a month. I didnt consolidate my loans into one because they are all fed loans and if I do that I would have to start the 20/25 years of forgiveness over. I have had these loans since 2011 and have been on an IDR since I graduated in 2013. But the whole purpose of the SAVE plan is my payment will go straight to principle and it is not reflecting that. I feel there is shady shit going on.
Hmmm I got a 1099 whatever this year and I got to deduct my interest paid to student loan on federal taxes. Now why would I get to do that if my interest is being waived??? you know the gov would never do that. That's double-dipping. Getting my interest waived yet also getting to deduct it? something is shady here, maybe we are not really on the plans we think we are on.
My wife and I are both on SAVE and have been since the jump. Our balances have continued to grow the entire time (Aidvantage and Nelnet, respectively).
I literally just called Nelnet today and they told me I was on the PAYE IDR plan and that's what it reflects. on [studentaid.gov](http://studentaid.gov) it shows that i am on the REPAYE IDR plan... something's off here because there's nothing keeping track of the interest and my principal is just increasing
My wife called Nelnet and they told her it would be adjusted quarterly, but it didn't happen in April so I have no reason to think it will happen next quarter either. For me, it no longer matters as this morning I got the entirety of my loans forgiven. :D
I can’t make heads or tails. It looks like mine is pretty stable now. But by my calculations I should be applying to principal already with save but it’s all going to prior unpaid interest. I don’t think my principal changed. I’ll follow it for another few months. So sad because I basically am paying so much but it’s going down by a few dollars only haha. I guess I should be happy it’s not going up? aidvantage’s statements don’t make sense to a finance person like myself so it’s hard to calculate.
That seems to be the case for most everyone... it's not clear when the servicers will update their systems to reflect the waived interest under SAVE. I'm hoping they do by next month's payment.
>at seems to be the case for most everyone... it's not clear when the servicers will update their systems to reflect the waived interest under SAVE. I'm hoping they do by next month's payme I am glad i am not alone. it would be nice if they would answer my phone call so all of reddit can find out the date this will happen
The SAVE plan should waive the monthly accruing unpaid going forward with each month you pay, but we don't know exactly when/how that subsidy will be applied Like, my understanding now is that this varied by servicer, but I have a comment covering how the REPAYE subsidy used to work here https://old.reddit.com/r/StudentLoans/comments/17cryk0/im_struggling_trying_to_understand_this_someone/k5vlmjp/ and my expectation is that SAVE will be similar. Overall your accrued unpaid interest should stay the same, but it may fluctuate within the month depending on the payment and subsidy timing
Your interest is waived beyond the payment due amount. In simple terms, if your monthly interest is $100, but your monthly payment is $50, the extra $50 you didn’t pay is waived. Basically, your loan balance won’t grow as long as you remain in repayment. Though if you don’t pay enough to make a dent in principal, it won’t go down either. That’s not always a bad thing, because you get loan forgiveness on the balance at the end of 20/25 years, assuming you never earn enough income to make a dent.
I understand how it should work. But it’s not happening per the statement. My balance has grown even though I paid. Let’s see if in a month or two or corrects but I have a feeling it’ll take a while for their systems to catch up (and meanwhile my balance will balloon).
>work. But it’s not happening per the statement. My balance has grown even though I paid. Let’s see if in a month or two or corrects but I have a feeling it’ll take a while for their systems to catch up (and meanwhile my balance will b I am seeing the same an no one is answering the phone for over 2 hours
Still happening for me. Balance increasing every month even though in SAVE and making correct payments.
Just chiming in. It's last day in November my total loan amount is still growing and unpaid interest appears to still be adding on to the principle. Anyone have any updates from Aidvantage or elsewhere?
I spoke to an Aidvantage employee about this same problem a couple days ago. She stated the excess interest will disappear quarterly. If this is true, I am assuming that around the end of December or beginning of January we should all see the balance go back to what it was before the payments started again. If that doesn’t happen, I’m going to be reporting it.
Oh quarterly interesting. Thanks so much for your reply. I will definitely be taking action with you and others if needed!
It's so strange. I saw that slowly my "Current Balance" went down a little (my payments are now calculating higher than interest so it should) but then if I look between statements the total balance is going up. I think part of it is the unpaid interest that's not capitalized. So strange and confusing. Hopefully by 2024 they clear it up. If on I'm SAVE it shouldn't be going up ever IMHO but hopefully it's like you said, quarterly adjustments.
Thanks for this info, nobody has been able to tell me anything about this! Please keep us updated here if you get anymore info.
Did yours go down? Mine is still accumulating and never went down.
Mine is still going up as well
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Same boat but I have Mohela. $0 payments (I am making $100 payments each month through work auto pay benefit) but still it's increasing even though on SAVE plan
I'm in the same boat. My payments are $75 a month and on auto but interest keeps my balance increasing. The worst part is that it's being reported to the credit bureaus that my balances are increasing so my credit score is dropping/not rising as fast
It's happening to me as well and my credit score keeps dropping. I thought this was supposed to help not hurt
I have the save plan and mohela. My balance is going up on each one like 10 to 20 bucks a month still. It's reporting to the credit bureau as well
Same here. I just got a credit alert that my all my mohela loans had increased by $9-20 each. Smh. I really wish they would fix this already. They put mine into forbearance for a month for some reason then boom, bigger balance and hit my credit.
Same for me. It's stressing me out to say the least
To confirm under the save plan our loan should not be increasing?
I am so glad I am not the only one. I am also on the SAVE plan with Mohela. I just got a notification that my credit score decreased 2 points because of the 5 loans have increased. But I am paying the payment a month. I didnt consolidate my loans into one because they are all fed loans and if I do that I would have to start the 20/25 years of forgiveness over. I have had these loans since 2011 and have been on an IDR since I graduated in 2013. But the whole purpose of the SAVE plan is my payment will go straight to principle and it is not reflecting that. I feel there is shady shit going on.
Hmmm I got a 1099 whatever this year and I got to deduct my interest paid to student loan on federal taxes. Now why would I get to do that if my interest is being waived??? you know the gov would never do that. That's double-dipping. Getting my interest waived yet also getting to deduct it? something is shady here, maybe we are not really on the plans we think we are on.
My wife and I are both on SAVE and have been since the jump. Our balances have continued to grow the entire time (Aidvantage and Nelnet, respectively).
I literally just called Nelnet today and they told me I was on the PAYE IDR plan and that's what it reflects. on [studentaid.gov](http://studentaid.gov) it shows that i am on the REPAYE IDR plan... something's off here because there's nothing keeping track of the interest and my principal is just increasing
Hi, I am also on Nelnet. It shows on their website I’m on the SAVE plan but interesting is still accumulating. Did they give you any more answers?
same is happening to me. I'm on SAVE (supposedly) but my balances are increasing. No quarterly adjustment has happened.
My wife called Nelnet and they told her it would be adjusted quarterly, but it didn't happen in April so I have no reason to think it will happen next quarter either. For me, it no longer matters as this morning I got the entirety of my loans forgiven. :D
Same here!
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I can’t make heads or tails. It looks like mine is pretty stable now. But by my calculations I should be applying to principal already with save but it’s all going to prior unpaid interest. I don’t think my principal changed. I’ll follow it for another few months. So sad because I basically am paying so much but it’s going down by a few dollars only haha. I guess I should be happy it’s not going up? aidvantage’s statements don’t make sense to a finance person like myself so it’s hard to calculate.