In my intern year, like many people, my prior year income was $0, and thus my IBR payment was $0. If it … 0.25% auto-debit deduction: When you set up auto-debit, FedLoan offers a 0.25% break on your interest rate. I was under the impression that these months of $0 payment … With a no-payment approach, your strategy could fall apart if the government suddenly goes in a … There are no fees or penalties for paying your loans off early. With a $0 payment, there is no limit to how long it will last. No. 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. FedLoan now has a section where they break down payments that were made that DON'T count towards the total (eg late payments etc.). 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. I just logged into my FedLoan account to see a balance owed of $0. Individuals with no income will qualify for a $0 payment. Total forgiven: $87,xxx (roughly $65,xxx principal + $22,xxx accrued interest) Total amount paid: $8,xxx over 123 months. If you’re interested in PSLF, contact FedLoan, the PSLF servicer, as soon as possible at 1-855-265-4038. I have been battling Fedloan for 6 years now to get accurate payment history. Is a $0 payment the same as a forbearance or deferment? You pay $300. Since that $100 is greater than $0, this payment would still count towards PSLF. $0 Payments This scenario is still a problem. Anytime you have federal loans, you’re somewhat at the whim of the Department of Education and pending legislation that affects it. 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. Uncle Sam might make it harder to qualify for a $0 payment. These payments were made to Great Lakes before my loans were transferred to FedLoan in early 2014. 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. (This was yesterday, but Reddit was down so I couldn't post then.) Deferments and forbearances are normally limited. 3. Is a $0 Payment the same as a Forbearance or Deferment? And plus, automatic payments ensure your payments are made on time. No. For example, your installment payment is $150. Borrowers with $0 payments do not have to set up bank withdrawals or submit checks each month in the amount of $0. FedLoan Making Payments. My biggest problem has been getting the year of $0 payments found and counting towards PSLF. Year after year a borrower may qualify for $0 payments. Forbearances or deferments do not usually last a year. 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 offers some options to help you save money and pay loans faster. 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 … Total # of $0 payments: 45 (including 5 from the CARES Act). 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. There are careful considerations borrowers should keep in mind before choosing an income-driven repayment plan. If your pay ahead status caused your following month payment to be $0, that payment doesn't count for PSLF. 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