FAFSA SAVE Plan changes threatening my financial future - anyone else panicking?

Take a deep breath first - it's not a done deal yet. The SAVE Plan changes are still being debated, and there are several legal challenges already filed. While it's definitely concerning, remember that any changes would need to go through a regulatory process that takes time. In the meantime, have you looked into income recertification? If your income has changed since your last certification, you might qualify for lower payments even under the current rules. Also, check if you qualify for Public Service Loan Forgiveness or other forgiveness programs based on your profession.

ur not alone, i'm freaking out too!! my loans are over $78k and i make like $42k a year. the save plan was the ONLY reason i wasn't defaulting on my loans. what are we supposed to do now?? it's like they want us to fail

As someone who's been navigating the student loan system for over a decade, I can tell you that panicking, while understandable, won't help you make the best decisions. Here's what you can do right now: 1. If you're having immediate financial hardship, request an economic hardship deferment or unemployment deferment if applicable 2. Contact your loan servicer IMMEDIATELY to discuss your specific situation - don't wait until you miss payments 3. Look into income-driven repayment plan switching - some plans may work better than others depending on your loan types 4. Consider loan consolidation if you have multiple loan types The SAVE Plan changes are concerning, but there will be some transition period, and you need a plan regardless of what happens with it.

I work with student loan borrowers every day, and the situation you're describing is unfortunately common. Many borrowers are feeling extremely vulnerable with the potential SAVE Plan changes. Here's what I can tell you about what's currently happening: 1. The legal challenges to the SAVE Plan changes have a solid foundation, as the Department of Education followed specific regulatory processes to implement it 2. Even if changes occur, there will likely be a transition period 3. The Income-Driven Repayment waiver is still being processed, which might help some borrowers 4. The Biden administration has been exploring alternative paths for relief Have you looked into whether you might qualify for any discharge programs based on your specific circumstances? School closure, borrower defense, permanent disability, or others?

I was in the same boat a few months ago - constant anxiety, couldn't sleep, panic attacks about my loans. What helped me was finally getting through to someone at Federal Student Aid who could actually explain my options. I spent DAYS trying to reach them by phone before I discovered Claimyr (claimyr.com). It got me through to an actual human at FSA in about 20 minutes instead of waiting on hold for hours or getting disconnected. The agent walked me through some options I didn't even know existed. They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ. It was seriously worth it to get actual answers about my specific situation.

The entire student loan system is PREDATORY and we should all just stop paying collectively. They can't garnish all of our wages! What are they gonna do if millions of us just refuse to pay these ridiculous amounts? I graduated in 2016 with $65K in debt and now I owe $82K despite making payments for YEARS. It's a scam and we need to stand together against it.

I've been tracking the SAVE Plan since it was first announced, and it's important to note that any changes would likely be phased in rather than happening overnight. The current legal challenges may also delay implementation of any rollbacks. In the meantime, you should document all your current loan details, payment amounts, and program enrollment status. This documentation can be crucial if you need to dispute changes or demonstrate that you were following program requirements. Also worth noting - the SAVE Plan's more generous provisions for undergraduate loans (5% of discretionary income rather than 10%) weren't scheduled to take effect until July 2024 anyway, so some of what you're worried about losing may not have even been implemented yet.

Thanks everyone for the advice and commiseration. I'm still anxious but at least I feel less alone in this. I'm going to try reaching out directly to my loan servicer tomorrow and see if I can get some clarity on my specific situation before making any decisions. And I'll definitely be documenting everything going forward - that advice makes a lot of sense. I just wish the whole system wasn't so complicated and that they wouldn't keep changing the rules on us when we've built our entire financial lives around certain expectations.