Ed financial dramatically underestimating payments if I don't recertify
I'm in PAYE and due to recertify by the end of June 2026. I got a letter from Ed Financial saying that if I do not recertify, my monthly payment will increase to $201. I owe about 200k in loans and my income is about 88k. I've been lucky with $0 payments because I last recertified years ago when my income was very low.
I don't know where EdFinancial got the $201 figure but it's clearly wrong - I assume that my payments would be closer to 2k based on the standard 10 year repayment plan.
Has anyone else been in this situation? $201 would be amazing to pay and a huge discount from what I would actually pay but I worry that it would ultimately cause me issues (or they would change my payments to the correct amount and I would be wrecked).
Edited to add: The original loan was about 200k so a payment of 201 as the standard 10 year repayment doesn't make sense