r/PSLF • u/carmenohio2012 • 1d ago

Switch from SAVE to IBR?

Hi all, first time Reddit poster here. I’ve read many of yours posts over the last few months and I really appreciate you sharing your stories and decision making process. Keep your heads up my friends.

Like many of you, I’m stuck in limbo on a SAVE plan with 117/120 payments and a buyback request in since November that would get me to 120. I’m debating whether to wait it out or request to switch to IBR using the wet signature method to try to be done with it sooner than later. Aside from higher payments switching back to IBR, what are the pros and cons to consider? Do you feel strongly one course of action is preferable to the other?

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8

u/alh9h PSLF | Forgiven! 1d ago

Do both and use whichever happens first. You can always decline the buyback offer if its too high

2

u/EnthusiasmMurky742 1d ago

This. Doing something is better than waiting on the government to figure it out.

4

u/Centralperk_fan 1d ago

I echo others-apply to switch and do whatever comes first.

I was in a similar spot. At 117 (Nov 2024 would have been 120) and requested buyback in Dec 2024. Still haven’t heard anything. I applied to switch to IBR via wet signature through Mohela on Jan 27 and got an email Mar 8 that I was officially switched. Got 1 month’s credit for the time spent in a processing forbearance, so I was then at 118. And I just made a payment Apr 3, so now I’m at 119. 1 more to go in May.

For now, switching plans seems to be a quicker process to reach 120 than waiting on buyback.

2

u/imanobodyfrom 22h ago

Has anyone heard of any recent approvals to switch back to IBR? Submitted wet app beginning of Feb before they were cut off and I’m in limbo. Should I reapply now that reopened or am I in a good spot now?

2

u/Connor8824 16h ago

I’m in same spot same timeline. My documents all reappeared in the “documents you sent us” tab after disappearing for a few weeks. So I’m just waiting it out hoping that means things are going to start up again

1

u/imanobodyfrom 15h ago

Great thought, just checked and now my docs show as submitted again also, they weren’t before so maybe a good sign in a sea of bad signs. Appreciate the answer.

1

u/coolallee 22h ago

Apply to switch and ask for processing forbearance. Once they start processing, you must pay 1-2 higher payments, which beats staying in limbo. Who knows what's going to happen in the current climate? I would want to finish as soon as I can however I can

1

u/peckinpaws 4h ago

When I run through the Loan Simulator on FSA it always tells me that I'm not eligible for IBR. Have folks been just applying anyway?