As a result of Covid-19 many things regarding student debt repayment has changed, and it continued to change in mid-2024. When there is a student loan debt on your credit report AND your other outstanding debt is high compared to your income, we may require additional documentation regarding the status of your student loan debt.
- If your loan is currently in repayment with a monthly payment greater than zero, and you agree with this number, no action is needed.
- If your loan is currently in repayment with a monthly payment greater than zero and you either disagree or are in the process of either an income based modification or a PSLF program, we will require documentation from your student loan showing that you applied and your new expected monthly payment.
- If your loan is current on forbearance, we will need a letter showing your forbearance expiration date and what your new monthly payments will be.
- If your loan is currently has a monthly payment of zero dollars, we will need documentation explaining why that is your current payment amount, when it is expected to change and to what monthly payment amount.