Ask for Administrative Forbearance – It May Not Happen Automatically

Folks are reporting that they are being asked to make a large student loan payment – but they in in a long queue waiting for their Income Driven Plan (IDR) application to be processed.   This is happening because if a payment isn’t being made, the loan defaults to the Standard payment plan (which is usually very high).

You need to request administrative forbearance while the IDR application is pending.  It’s supposed to happen automatically, but often doesn’t.  Don’t wait until your credit score is hit to do this please!