Student Loans are changing again - the SAVE Program is changing

My favorite topic. The thing I keep saying I don't want to talk about anymore. It's time to talk about them again. Student loans. Things are changing with federal student loans and they're finally doing away with the stupid save program and therefore the end of all of the payment forbearance hoopla. And they finally decided to send us an email about it the other day. And also Catherine had commented just basically letting me know that interest is ending, the save program is ending, and I should think about getting on to an income-based repayment plan, which I have been talking about doing for months. And at the time I just commented like, oh yeah I should probably do that. And that's because I thought I had been putting it off. I've been thinking about it for a long time. But I logged into my federal student aid account and I had not been putting it off. I actually submitted back in December an application to get back onto an income-based repayment plan and get off of the save program. Now seven months later is still sitting in an in-review status. So that kind of sucks. As of August 1st, or you know last day of July, the save program will be no more. So they suggested getting on an income-based repayment plan. And so seeing that I had already applied for this back in December and it's still in review makes me a bit nervous. But honestly I'm kind of expecting that because I have Mojila, they are the servicer for all of my federal student loans. And anytime I've talked with them, any of them on the phone over the last few years, I just basically was either told or got the feeling that they are just woefully understaffed and are just trying their best to keep up with all of the administrative changes and all of the hoopla with student loans. But basically I just think they've been really overwhelmed. And of course it's on me that I haven't like that I forgot that I submitted that application and hadn't stayed up on it and called them and been checking in with what's going on. So what I decided to do is just follow the link from the email and start a new income-based repayment plan application with all of my current income information. And will it be processed before August 1st? I don't have a lot of hope. At the very least, this time I got a confirmation email that I had submitted that. I scrolled back through my emails in December and I did not get that confirmation email back then. So again, I should have followed up harder. But also it's interesting in the email that they're saying interest will start accruing again in August. There has been so much back and forth with interest accrual happening and not happening. I think it's been ping-ponging back and forth a bit over the last three years. It didn't happen for the longest time through the COVID forbearance. But then with this administrative forbearance because of the SAVE program litigations, I've heard mixed things like it's not gaining interest. Some that they were gaining interest and then not gaining interest again. So I don't know. My loan balance has grown a little bit over the last year. Not a lot. Not its normal like shitty compounding month after month kind of exponential gain that it did for all those first years out of school. But there's a little bit more interest in there than when we went into the COVID forbearance back in 2020. So I think it's just all been a cluster. Let's just call it that. I guess I'll just have to be on Mojila's butt about it. I don't know. Maybe some of you all know. I know some of you all have federal student loans and have probably gotten the same emails. What is happening? Do you have hope that Mojila will get through these applications before August 1st? All of this back and forth with student loans has been almost as annoying as this horse fly. Just give me back my monthly payment. My income-based monthly payment. Get me back on my 25-year. Look at this fly. Get me back on my 25-year term and let's let's get on with it. In other news, this path is so gorgeous. Mid-July and I feel like we're right in the heart of summertime in New England and it's so so lovely. And even now that the garden isn't in crazy build mode or like plant everything mode, even though it is time to start thinking about planting the fall garden, we're in the lull. At least I am because my garden went in late. But yeah, it just feels so nice to finally take some time and get away from the house every day. Not every day but some days. Get back out into walking and thinking clearly and coming up with thoughts that I want to talk with you guys about and therefore filming them. Man, I've really been hunkered down the last few months and I do apologize for that. I just it was go time. Build the dream. Build the garden. It was go time and now I can finally take a deep breath and relax and this is so stinking lovely. It's so beautiful here. So even though we got to talk about student loans again, it's not bringing me down because this is so lovely and the heat wave has passed. It's finally an actually delightful temperature out here today. I would say it's 70 degrees Fahrenheit and just perfect. Sorry, the sun and the shade in and out but we're in the trees. And then other financial news. I know I said in my July budget video I was going to try to do some Instacart this month around here and just to like pick up the slack a little bit from not having as much W-2 income and I just haven't done that yet. It's already the third week of July and I just haven't have not done it. So I don't know. I guess I just don't feel a giant urge yet and so it's more important to me to just enjoy the summertime at the moment. I can hear everyone cringing saying what is wrong with you not prioritizing making more money. Yeah, just in a phase of not caring I guess. I don't know. Hopefully it's just a phase. It's probably just scared the ---- out of a squirrel. It scared the ---- out of me. It's probably a phase. And that being said, I missed June so like the six month check-in with how I'm doing for my financial goals for the year which I mean most of them you guys know. The monetary ones you guys know because I would tell you about. And so you know I'm not hitting the monetary ones but there are other things that I am doing with my money that I am happy about and proud of and am making a point to prioritize this year. So I'll probably still do a mid-ish year check-in for my financial goals fairly soon. I'm having a tooth extracted tomorrow and as I've mentioned in my budget video I did not sign up for health insurance in time so I don't have any dental insurance. So it's all out of pocket which stinks but I know how much it's cost and this is why we have a medical thinking fund and an HSA. I know it's in the ballpark of $720 but I'll let you guys know what the final cost is once I'm done. Let me know what you guys are thinking about the student loan situation, where you're at with your loans. Have you been able to get an income-based repayment plan processed with Mochila? Just curious. I'll see you guys again very soon.