Student Loan Update: Here’s What SAVE Borrowers Should Do by August 1

CNET

“For borrowers pursuing PSLF this won’t mean very much,” said Betsy Mayotte, president and founder of the Institute of Student Loan Advisors. “They can still either ride out the forbearance and plan on using what’s called buy-back to get the months to count for PSLF purposes or switch plans now to another qualifying plan.”

“For those pursuing income-driven plan forgiveness they should strongly consider switching to another income-driven plan,” said Mayotte. She noted that there’s no buy-back option for IDR forgiveness, and the months that your loans are sitting in forgiveness won’t count toward your total number of payments. Waiting would drag out your forgiveness timeline.