August 7, 2020

Now is the Perfect Time to Enroll in an Income-Driven Repayment Plan

Repayment
Administrative forbearance for federal student loans to end on October 1st, 2021.

Since March 27, 2020, monthly federal student loan payment obligations were automatically suspended, as part of the $2 Trillion Stimulus Package known as The Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The suspension was set to expire at the end of September, however, President Trump signed an executive order on August 8th extending the forbearance until December 31st, 2020, and then extending the forbearance another month until January 31st, 2021. President Biden has now extended the pause on payments and interest until October 1st, 2021.

All of the extensions have included the waiver of all interest on student loans held by the Department of Education and halted the collection of federal student loan debt. Non-payments (for those already enrolled in income-driven repayment plans) have also “counted” toward the 120 required payments for the Public Service Loan Forgiveness program, totaling 10 months.

Lock in lower payments (even down to $0) before COVID relief expires

If your income has been impacted by COVID-19, or if you’d like to lower your monthly payments to make them more manageable, we can help! Our free Explore tool helps you determine if you qualify for federal income-driven repayment (IDR) plans. In 3 easy steps, you can reduce or eliminate your payments for the next 12 months.

With millions of borrowers resuming repayment at the same time, there may be delays in processing requests. Be sure to get started today to have your IDR request processed in time before payments and interest resume.

What are income-driven repayment plans?

Income-driven repayment plans can lower monthly payments potentially down to $0 because they cap required monthly payments in proportion to your discretionary income. Meaning if you are unemployed or don’t make enough income relevant to your debt, you may not have a monthly student loan bill. IDR plans are easy to enroll in and are a much better option than requested deferment, forbearance, or default!

How to enroll in an IDR plan

There are five IDR plans to choose from. Monthly payments cap at 10%, 15%, or 20% of your discretionary income depending on the plan you choose. Read more about each of the plans as well as the pros and cons on our blog, How To Qualify For Income-Based Repayment Plans. But don’t worry, we can help you determine which plan is best for you.

Once you choose a plan, enrolling is easy. Our app will walk you through the necessary questions and documents needed to submit your application. Once your application is submitted, it can take 30-60 days for approval, so now is the perfect time to enroll because once administrative forbearance ends, you’ll already be enrolled in a plan that is comfortable for you.

Chipper Concierge

With all the madness going on, the last thing anyone should be worried about is their student loans. You also shouldn’t have to rely on massive call centers to get the expert student loan advice you need. Besides, none of the servicers are going to take the time with you to discover which income-driven repayment plan (or forgiveness program) is right for you. It shouldn’t matter where you work or what your credit score is. We believe every borrower should have access to student loan experts that have their best interests at heart! This is why we created Chipper Concierge.

We’re real people, who work alongside the Chipper app to provide guidance via chat or Zoom. We’ll work with you 1-on-1 to determine the best repayment strategy for your situation, and help you complete and submit all applications and documents for income-driven repayment and forgiveness programs right from the app.

Throughout the year, we’ll notify you when to recertify required forms, help you determine how life events may impact your repayment options, and make any changes to your plan.

Read more about Chipper Concierge here. We’re excited to help you toward your student loan goals!

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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