SAVE Program 0% Interest Ending

It's mid-July, you all. Today's video, I'm going to talk about if you're in safe, 0% interest ends August 1. And what is it that you should be doing? I made some Instagram posts, got some comments, and thought I would make a video as well as make email content. This is specifically for our borrowers who are on our email newsletter list, whether you're a customer or prospective customer. If you're in safe, this is a personal invite to you to consider your options for getting out of safe. So this video is going to break down what are those options, depending on your circumstances. Well, if you're a public servant, if you're not a public servant, what are the plan opportunities? And this is in light of the one big beautiful bill passing and what are future opportunities. But the big news is that safe forbearance of 0% interest, the 0% interest specifically will be ending August 1st. Okay, that's literally in 15 days from now. So let's break down what should you be doing. So first and foremost, we like to tell people, especially if you're a public servant and you are working for a qualified nonprofit and or government organization and or likely will be public service qualified based on now we have an expanded definition, like if you work for a contractor that's contracted by a nonprofit or government, you can also be PSLF qualified, okay? So if you're on safe, the 0% ends. So here are a few options. One, if you can afford to pay off your debt because you don't have much left, go ahead and do that. For those who know they're not going to get loan forgiveness and that their interest rate will hike up because they're higher earners, there are refinance opportunities. We have a great refinance partner. We will link them below. That's another option. Those are the two options that I know are not representative of the majority of borrowers. I mentioned them first to get them out of the way. One, pay off your loans. Two, consider refinancing. And then the last, what are your options if you have a lot of debt, you're working towards public service loan forgiveness, you work for a public servant now, what should you be doing if you're not going to take those first two options, okay? So let's break that down. And then I'm going to talk about the scenario right after if you're not a public servant. First and foremost, we recommend, especially public servants, enroll into a couple other plan options. And I'm going to go over what those couple of plan options are right now. So if you borrowed your first loan after July 1st of 2024, you can enroll into Pay As You Earn. Pay As You Earn will eventually end, but it has the best treatment in terms of payment until we're going to be forced in the middle of 2026 to enroll into income-based repayment or the repayment assistance program. So right away, if you borrowed your first loan after July 1st of 2014, I would immediately enroll into Pay As You Earn as well as update your public service loan forgiveness qualification paperwork, okay? If you borrowed your first loan between October 1st of 2007 until July 1st of 2014, you're not Pay As You Earn eligible, but you are new IVR eligible. So I would enroll into income-based repayment. You could enroll into Pay As You Earn, but it will enroll you eventually, again, July 1st of 2026 into income-based repayment. So just be aware of that. So if you do decide to enroll in Pay As You Earn by 2026, they'll put you into the new income-based repayment anyways, okay? If you borrowed your first loan between 2000, wait one second, in short, if you're an older borrower, like before 2007, and you enroll into, you can enroll into income-based repayment, but there's gonna be under this new bill, two plans. They're gonna let people enroll into old and new income-based repayment. And the difference between those two is the percentage of the discretionary income, 10 or 15, that will now qualify for your monthly payment. That's the biggest difference. And then of course, there's repayment assistance, which as legislation and all that comes out, we will be updating our software as well as information on the repayment assistance program. So I wanna break that down first and foremost. Public servant, if you're Pay As You Earn qualified, enroll into Pay As You Earn, you will be eventually enrolled into income-based repayment in July of 2026, but you can enroll in Pay As You Earn right now. If you're not Pay As You Earn qualified because you're considered an older borrower, then you can enroll into income-based repayment. And again, recertify those employer forms so that you can get those payments counted. There's a lot of news about the government coming out and saying, we're gonna auto-enroll people. That's nowhere near set up. So don't take the government's word that they're gonna auto-enroll you in anything right now because that's just not set up right now. So go ahead and move yourself out of save into Pay As You Earn or income-based repayment. Make sure to recertify your employers. Loan Sense can help you do that. We can do all of that for you. Do not hesitate to reach out to us. We can answer questions. If you have further questions, of course, comment, like, subscribe and ask your questions here. We do try to answer all the questions in our channel as quickly as we can. Of course, email, phone, or text will likely get you quicker answers. We will link below our texting line, our phone number line, and our email, hello at myloansense.com. Please share this with other public servants who may be confused about what the options are when 0% ends. Again, let me reiterate, if you're a public servant, you have too little balance to bother, pay it off. Consider refinance if you're not going towards forgiveness. If that's an option, I'll link that below. If you're a public servant going towards forgiveness, you have Pay As You Earn, income-based repayment, refile your paperwork. Okay, now let me talk to those who are not public servants. If you are not a public servant and refinance is not an option, you can't pay off your loans, and you've been paying for five, 10 years, let's say, I would enroll into Pay As You Earn, or income-based. Eventually, you're gonna be rolled into income-based repayment. That is the best option because repayment assistance expands a 20 or 25-year income-based plan into 30 years, and who wants to pay their loans for five or 10 years more, right? So I'd enroll into Pay As You Earn, or income-based repayment, just like we recommended for public servants. You don't have the set of public service loan forgiveness paperwork to worry about, but you can consider the plans you can enroll in. Let us know if you have questions as well. We're happy to be of assistance. If it's possible that you work for a private contractor that contracts mostly for non-profit hospital system, federally qualified healthcare system for the government, even though you work for a private entity, you may now become public service qualified. So if we can help you get more information on that, we would love to do that as well. You can ask your questions, reach out to us, and we are happy to answer them. Again, I wanna invite all SAVE program borrowers to take action before August 1st, and interest payments get hit, and you do not want the government to auto, to make a decision on what plan and program you're gonna enroll in, so we recommend people take action on their own loans, as well as make sure you're set up for auto pay so you don't get those credit hits from non-payment, which we've seen lots of borrowers receive. Let us know if we can help. We're on standby. We will link below, again, we will link below our phone number, our email. What else did I say we'd link below? We will also link below further information and I feel like I'm forgetting something. I said I would link below. We have our phone number, text, email line, ask questions. Whatever I forgot, I will put in the description. Thank you all.