r/StudentLoans • u/Any_War7741 • 1d ago

Questions regarding extended repayment plan....

1.) To be eligible for the extended repayment plan, all i need to have is more than 30K worth of Direct-type loans, correc? (I'm amusing it doesn't matter if it's a single loan that's >30K, or multiple Direct loans that are >30K?)

2.) What happens if I were to pay off a couple loans over time while on that plan (ex. 15 years), and then the balance falls below 30K before the 25 years is up... do they automatically move me into a standard repayment plan since I'm no longer eligible??

3.) Lastly, am I able to switch from an IBR plan to the extended plan at any time? (I'm currently on the SAVE administrative forbearance, but thinking about switching later this year when payments resume if SAVE gets axed)

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u/alh9h 1d ago

  1. Correct

  2. That's fine; you just need $30k+ to get on the plan. You would remain on the extended plan.

  3. Yes

1

u/Any_War7741 1d ago

Appreciate it 👌

1

u/Philthy91 19h ago

What you laid out is exactly what I'm having my wife do. We put a little towards her highest interest loan and the rest we save on HYSA while in forberence.

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u/girl_of_squirrels human suit full of squirrels 58m ago

Speaking from personal experience you need +$30k to sign up from the plan and you stay on it even when you pay your loans below that threshold. They never kicked me off it. I did get to the point where I'd paid down my loans enough that the $50/month minimum clause kicked in though