And if FedLoan has confirmed that you missed your monthly payments and you weren't in a deferment or $0 loan repayment plan, then that information is accurate. In my intern year, like many people, my prior year income was $0, and thus my IBR payment was $0. These payments were made to Great Lakes before my loans were transferred to FedLoan in early 2014. You pay $300. $0 Payments This scenario is still a problem. Deferments and forbearances are normally limited. Is a $0 Payment the same as a Forbearance or Deferment? No. Since that $100 is greater than $0, this payment would still count towards PSLF. Forbearances or deferments do not usually last a year. And plus, automatic payments ensure your payments are made on time. Anytime you have federal loans, you’re somewhat at the whim of the Department of Education and pending legislation that affects it. With a $0 payment, there is no limit to how long it will last. Would FedLoan be willing to change/correct this information by re-reporting to the credit bureaus if I were to write them an email saying I was eligible for an income-based repayment plan (in which the payment would have been $0) and that it just took me a while to complete the application process (I sent the application in Oct 2016). FedLoan now has a section where they break down payments that were made that DON'T count towards the total (eg late payments etc.). This is a common complaint and one that makes a little bit of sense, direct debit isn't instantaneous but FedLoan doesn't seem to make it … If it … I have been battling Fedloan for 6 years now to get accurate payment history. FedLoan Making Payments. 3. FedLoan offers some options to help you save money and pay loans faster. Anyway, I'm in a 7 yr residency followed by a 2 yr fellowship so PSLF and IBR-type payments are all I can afford until I'm an attending anyway. Borrowers with $0 payments do not have to set up bank withdrawals or submit checks each month in the amount of $0. If your pay ahead status caused your following month payment to be $0, that payment doesn't count for PSLF. Individuals with no income will qualify for a $0 payment. Uncle Sam might make it harder to qualify for a $0 payment. With a no-payment approach, your strategy could fall apart if the government suddenly goes in a … No. There are careful considerations borrowers should keep in mind before choosing an income-driven repayment plan. 0.25% auto-debit deduction: When you set up auto-debit, FedLoan offers a 0.25% break on your interest rate. Year after year a borrower may qualify for $0 payments. Is a $0 payment the same as a forbearance or deferment? FedLoans tells me that any "payments" (even $0) made after consolidation will count, even if they dont get the loans transferred over until months later. For example, your installment payment is $150. There are no fees or penalties for paying your loans off early. Total forgiven: $87,xxx (roughly $65,xxx principal + $22,xxx accrued interest) Total amount paid: $8,xxx over 123 months. (This was yesterday, but Reddit was down so I couldn't post then.) For those two billing cycles, you need to manually make payments and stay on top of the payments to Fedloan to avoid any type of credit issues. My biggest problem has been getting the year of $0 payments found and counting towards PSLF. Total # of $0 payments: 45 (including 5 from the CARES Act). If you’re interested in PSLF, contact FedLoan, the PSLF servicer, as soon as possible at 1-855-265-4038. I was under the impression that these months of $0 payment … There are also limits on deferments and forbearances, but there are no time limits for borrowers making zero dollar payments on an income-driven repayment plan. I just logged into my FedLoan account to see a balance owed of $0. 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