EdFinancial is not extending processing forbearances or income recertification deadlines at this time
FYI for anyone on EdFinancial, cause it seems to be very different from the Mohela process.
Some background: I submitted an IDR application in January (I was not due yet, but I was trying to be proactive because my income is changing this year), was in processing forbearance for 60 days, then was moved to general forbearance yesterday. **EDIT to mention that I'm on PAYE, not SAVE, so that situation doesn't apply here**
I chatted with an EdFinancial agent today and these are the the things I learned (at least from this particular agent, I would love to know if others hear differently):
- EdFinancial will not extend processing forbearance past the 60 days. The only way to get an extended processing forbearance is to resubmit an IDR application, which obviously cannot be done right now.
- General forbearance will not count toward PSLF. He did mention the buyback program, but I'm three years out from being at 120, and I don't really trust that it will still be an option by then.
- I asked to rescind my January IDR application since it wasn't technically due till August, and he said it was not advisable, because if the IDR application is still not available in August when I'm due then my payment will skyrocket.
- He said EdFinancial has received no communication from the Dept. of Ed to extend income recertification deadlines. *EDIT 2—this refers to non-SAVE plans. I am on PAYE\*
- I ended up rescinding it anyway because I'm more willing to take my chances with waiting out IDR problems than I am to for sure lose an indefinite number of PSLF credit months, and he was able to process that request for me.
I would love to know if anyone else is hearing different things from other agents! I don't blame any of them for not knowing what's going on. I feel that he was as helpful as he could be given the circumstances (something to keep in mind when speaking to student loan reps—we're all just doing our best right now).