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Screenshot Your IDR Progress At the moment


In January, we shared that the Division of Schooling had added necessary new data to studentaid.gov exhibiting debtors their progress towards being debt-free by Earnings-Pushed Reimbursement (IDR) plans. As we reported, debtors might log into their accounts on studentaid.gov and see an IDR progress tracker exhibiting what number of months of qualifying funds that they had made in IDR. They may additionally see what number of extra years and months of funds they would want to make till they might be eligible to have any remaining mortgage stability cancelled.

Nonetheless, not too long ago we now have seen the federal authorities take away numerous data from authorities web sites, and this IDR progress tracker may very well be eliminated at any time. Debtors ought to subsequently save this data whereas they’ll, in case it’s faraway from their accounts. Do it at the moment!

Why save the IDR progress tracker? If the IDR progress tracker is faraway from debtors’ accounts, it will likely be a lot more durable for debtors to make knowledgeable selections about the right way to handle their loans. For instance, proper now, if you happen to consolidate your loans your consolidation mortgage will begin with no months credited in the direction of IDR forgiveness, no matter how lengthy you had been in an IDR plan beforehand. With out the tracker, it will likely be tough for debtors to understand how a lot time towards cancellation they stand to lose.

The tracker additionally helps debtors see how a lot time stays till their loans are eligible for cancellation in an IDR plan. Eradicating the tracker would make it more durable for debtors to verify they really get their loans cancelled when they’re eligible for cancellation, and to dispute any errors the federal government or their servicers could make by failing to credit score debtors for qualifying time in compensation.   

We’re encouraging debtors to screenshot their IDR progress tracker on studentaid.gov and to reserve it as quickly as doable. Right here’s the right way to do it:

  1. Log into your federal pupil support account on studentaid.gov.
  2. It’s best to now see your “pupil support dashboard.” On the correct hand aspect of the display screen, there’s a new part exhibiting you the way a lot time is left till the IDR Finish of Cost Time period. That is what number of extra years and months of qualifying funds you will have to make earlier than you qualify to have any remaining stability in your pupil loans canceled. Under is an instance of what you’re in search of in your dashboard:
  1. Take a screenshot of your dashboard that features this IDR Finish of Cost Time period data and reserve it to your recordsdata. (Or print the web page to PDF and save to your recordsdata.)

If that’s all you might have time or vitality to do, cease there. However if you wish to have information of your whole qualifying months of funds, and particularly if you happen to attended college throughout completely different time durations and have a number of loans which have completely different cost counts, proceed with the next steps to save lots of extra of your data. This extra data will put you in the most effective place to guard the progress you’ve already earned towards any makes an attempt to take it away or any servicer errors.

  1. Click on on “View IDR Progress,” which is able to take you to a web page the place you’ll be able to see your qualifying cost depend for every of your federal pupil loans. Beneath “Qualifying Cost(s)” you will notice, for every of your loans, what number of qualifying funds you might have already made towards qualifying to have the remaining stability of your mortgage cancelled by way of IDR. Once more, contemplate saving screenshots, or printing to PDF and saving to your information. An instance is under:
  1. Subsequent, click on “Cost Historical past.”  This web page will present you, for each month because you began repaying every of your loans, whether or not the Division recorded that month as a “qualifying” cost month towards your IDR cost time period, vs “ineligible.” An instance is under.  Screenshot (or save as PDF) the total cost historical past for every of your loans in your information. Solely ten entries could present up at a time, so be sure you take an image of every web page of funds. 

We hope that the Division is not going to take this essential data away from debtors, however it’s best to be ready in case it does.

Are you enrolled in IDR and dealing in the direction of being debt free? Share your story.

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