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Call Sallie Mae and ask if they show the loan as reinstated, and if so when it will disburse. If the school really did reinstate your loan, SLMA would have record of that.
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Mar 8, 2010 13:40
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Wiggy Marie posted:Apollodorus, good luck! One thing I wanted to mention is that as a graduate student, should you need additional money for school that you can't make through working you are eligible to apply for the GradPLUS loan. It's another federal loan that's credit-based (instead of a private loan) that you can use to cover additional costs. So another thing I'm a little stuck on. Do I have to wait for the school to get back to me about loans, or what? If I qualify for a Stafford loan, which I think I do, do I go through a private loan company or the school, or what? Also I will be applying for the GradPLUS if I need it, though I am trying to keep my loan interest rates as low as possible for now.
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Mar 8, 2010 16:57
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The school should send you a financial aid awards package to let you know what you qualify for. They should also give you a list of private lenders (or Direct) to use in order to actually get those loans.
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Mar 9, 2010 00:57
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so i have an in-school deferment in place right now. do i get a six month grace period after every deferment? because i might take fall semester off in hopes of getting into school in winter. i am dissatisfied with my options currently and don't want to start school in fall.
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Mar 9, 2010 06:59
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My parents can't support me at the time. I'm 21 and I have to work to help them pay some bills and I don't know how I'll be able to cough up money for next semesters tuition. On top of that, I'm doing architecture which is extremely time comsuming so I won't be able to work much. I'm thinking that by moving out of my parents house it would make me independent and I would be eligible to receive support from the state for school. Is that a good idea?
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Mar 9, 2010 20:11
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district 12, you only get one in-school deferment per loan. So if you've ever gone through your grace period in the past, you won't get it again. The best way to check on your grace period is to call the servicing agency and ask them if you still have one. If not, you can use some other kind of deferment/forbearance as needed. Kakashi, per federal regs moving out does not make you an independent. To spare you the pain of looking through that giant OP, here's the info on independent status: When can I file my FAFSA as an independent (not have to include parent's income info), and therefore become eligible for more money? You are an independent student if: FAFSA answers this question here: http://www.fafsa.ed.gov/help/fftoc03k.htm To summarize! - you're 24 years old by the end of the school (aka award) year - you have legal dependents - you are an orphan or ward of the court - you are a veteran of the US armed forces - you are a graduate or professional student New qualifying criteria which you might not know about : - you are an emancipated minor - you have been or are in danger of homelessness as determined by your high school or shelter - you were in legal guardianship of someone What if my parents refuse to give me their tax info or aren't going to help me? The FAFSA now allows you to opt out of entering your parent's information. This will default the application to filing for unsubsidized loans only, instead of sub and unsub. Everything else is still determined the same.
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Mar 10, 2010 01:27
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Could you fill me in a little bit about summer school loans? As an independent, my school's policy is if I have borrowed the maximum amount of subsidized and unsubsidized loans then I can't borrow any for the summer session. So are there any other ways to get summer school funded without having to pay out of pocket? Do schools offer some sort of grant for those who need it during the summer or am I gonna be stuck paying for it? Thanks!
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Mar 10, 2010 03:47
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Unfortunately there's not a federal "summer loan" to cover the interim. If you need funds, you're stuck in PLUS/gradPLUS/private loan land  As for grants and scholarships, you can always apply for those. I'm not aware of any that are summer session-specific, but that doesn't mean they aren't out there.
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Mar 10, 2010 13:24
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This might be a really stupid question, but I'd like to start paying off some of my student loans while I'm in school. I currently owe $41k total in subsidized and unsubsidized loans and $1400 in interest on the unsubsidized loans. Does it matter in what order I pay these off? For example, right now I have $1500 that I would like to put toward loans. Should I just pay the interest I owe in full or should I pay off one unsubsidized loan in full?
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Mar 13, 2010 19:51
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Any payment you make onto your account must satisfy interest first, so you're going to have to hit that interest. It'll save you in the long run anyway!
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Mar 14, 2010 00:12
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amethystbliss, if they both have the same interest rate, you should pay off your unsubsidized loan first because the unsubsidized loan creates interest, so the more you pay that off, the less interest you'll be paying while you're in school.
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Mar 15, 2010 08:43
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I don't think I worded my question correctly. The AES website gives me the option of doing a 'loan payoff' whereby I choose one loan and pay it off or it gives me the option of just making a regular payment, which like Wiggy says, will go straight to the interest. I'm not sure if it makes more sense to pay off one of my unsubsidized loans entirely or put all of the money toward the interest. Hope that was clearer!
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Mar 15, 2010 14:08
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I am on a loan deferment that ends in May (for economic hardship). Can I get another deferment or did I use all my deferment time (it was a one year deferment). I'm starting grad school in the fall and don't want to/cannot afford the few months payments required before grad school starts. Direct Loans, BTW.
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Mar 15, 2010 23:05
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amethystbliss, regardless of how you divide the payments they have to satisfy interest first. After the interest is gone you should totally hit the unsub loan as much as possible. Please feel free to call AES to verify the interest payment, but everything we know tells us that federal law states all interest must be satisfied first - no matter what. This is how payments are processed in our system for this reason. I would be happy to be wrong on that for AES's part! Alec Eiffel, you actually have 3 years of each deferment/forbearance on your account (except for in-school deferment which lasts as long as schooling does). You should give your servicer a call to ask about getting a new deferment/forbearance on there. Beware: as of July 1st last year there were some drastic changes to deferment qualifications, so you might end up using forbearance time instead.
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Mar 16, 2010 00:59
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Wiggy Marie posted:amethystbliss, regardless of how you divide the payments they have to satisfy interest first. After the interest is gone you should totally hit the unsub loan as much as possible. Please feel free to call AES to verify the interest payment, but everything we know tells us that federal law states all interest must be satisfied first - no matter what. This is how payments are processed in our system for this reason. I would be happy to be wrong on that for AES's part! Just for the heck of it I tried paying off one of my smallest unsub loans in full ($285 with $21 interest) on the aes website and it worked. It allowed me to pay off both the principal + the interest even though I still owe quite a bit in total interest, so maybe something has changed? Anyhow, thanks for the advice!
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Mar 16, 2010 15:57
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Sweet! I'm glad you got it to work. That's definitely good news for all students. And congrats on getting on paid off!
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Mar 16, 2010 22:07
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I have a question about Public Service Loan Forgiveness. I work in a public service field, and from what I've read, if I consolidate my loans with Direct Loans, and make payments for ten years, the remainder of what I owe will be forgiven. I'm currently in the last semester of a graduate program, and have 70K in loans (all federal, with different organizations). I've consolidated with Direct before (to the tune of approx. 6K from my first graduate degree). I've read that it can be difficult to consolidate for a second time, so I'm a bit worried. So, I guess my question is: can I get another consolidation from Direct? What should I do to make sure I can use this loan forgiveness program? I know it'll be awhile before I can actually apply for it (I think 2017 is when people will first start being eligible) but I'd like to get all my ducks in a row now, if possible.
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Mar 16, 2010 23:17
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It is not difficult at all! Just call up Direct and tell them you would like to reconsolidate to include new loans. The only catch is that they can't consolidate loans that are in "in school" status, so you'll have to wait until after you've graduated and hit your grace period if you have any loans that haven't run out of grace period yet. When you call Direct, also be sure to ask them about the new public service forgiveness program and how you may qualify. They'll talk your ear off, hopefully!
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Mar 17, 2010 00:51
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This is a small and kind of dumb question, but related. I'm going to Georgetown for Graduate school (MA in Democracy and Governance) next Fall and I'm filling out my FAFSA form and just wanted to be sure I am sending it to the right school. There is: GEORGETOWN UNIVERSITY - GRADUATE SC 37TH AND O STREETS NORTHWEST WASHINGTON Federal School Code: E01671 and GEORGETOWN UNIVERSITY 37TH & O ST NW WASHINGTON Federal School Code: 001445 I assume the Graduate one is correct, but FAFSA has this listed as no data for students, graduation rates, retention rates, etc and the "generic option" when I search points me towards the second choice, which does have all the data. They both have the same address, but spelled differently and very different codes. If anyone can just confirm I sent it to the right place that'd be great. Leon Trotsky 2012 fucked around with this message at 03:12 on Mar 17, 2010 |
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Mar 17, 2010 03:10
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A FAFSA code that starts with an E is for online schools. Are you going to the physical university or are you attending online? Also, you can file your FAFSA online for free. Why don't you do that just to cover your bases? That can help with the code confusion. It took me about 15 minutes to complete.
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Mar 17, 2010 21:53
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Wiggy Marie posted:A FAFSA code that starts with an E is for online schools. Are you going to the physical university or are you attending online? Also, you can file your FAFSA online for free. Why don't you do that just to cover your bases? That can help with the code confusion. It took me about 15 minutes to complete. Going to the physical university. Thanks, I did file it online, I was just unsure which to pick because they listed one choice with graduate school and the regular university separately, so I thought that you might have to send it to the graduate school separately. I'm going to go edit mine and make sure that the physical university code is in there.
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Mar 17, 2010 22:41
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Even better, select both. You can send it to multiple schools and that way you don't need to worry about which gets it. It won't hurt them to get your information twice, either.
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Mar 17, 2010 22:57
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Can you tell me anything about Loan Forgiveness? My wife is a high school teacher with a Bachelors and a Master's in Education. I looked for her school (https://www.tcli.ed.gov/CBSWebApp/servlet/TCLIStateServlet) and found the middle school and elementary school in her district (they are all on the same campus) and they are indeed eligible as a loan income school. However, the high school is not listed. Wasn't there some other Federal loan forgiveness plan? I thought it was something like if you make so many consecutive payments until 2018, the loan is forgiven. The loan amount is huge and under the current payment scheduled, it should be paid off in 2040, just in time for retirement!
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Mar 18, 2010 13:49
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How badly might I have messed up if I accidently stated my personal income level as almost 100000 dollars when I meant to put 9481 on my FASFA? Im correcting it but I kinda just caught it after almost a month. I'm a retard and never noticed I added another 4 into my income level
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Mar 18, 2010 14:45
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I have all subsidized and unsubsidized government loans. You can only get the grace period once per loan, right? So if I graduate in May and my grad program doesn't start until October, do I have to use those 5 months of my grace period? Or does deferring cover the summer too so I can use the grace period after I'm out of grad school? I can't seem to find this info anywhere so if you have any links that would be awesome.
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Mar 20, 2010 17:03
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Uziel, last year there were a bunch of programs enacted. The best thing for your wife to do is call the servicing agency of her loans and ask them about what is available to her. They know all of the qualifying criteria and can tell her what she could try to apply for over the phone. UCS Hellmaker, not too badly honestly. Because of that typo the biggest worry you can have is that it's more likely you'll be chosen for FAFSA verification. Have your tax return on hand, just in case the school asks you for verification! Magic Flute, Ok guys, tomorrow is The Big Vote. Yes, there's health care, but bundled into that package is also the total elimination of the FFELP program and conversion of schools to Direct loans only. If the bill passes then two things will happen very quickly: 1. in the college world schools will freak out and pretty much go insane if they haven't already converted to Direct. Unless there is a provision for extension of the process based on the July 1st 2010 deadline, your financial offices are about to get a lot worse at returning phone calls. 2. This thread may retire. Without FFELP I can really only help with servicing questions, and it's been so long since I've worked in servicing that I end up recommending you guys call your servicing agencies more often than actually answering the question. I wanted to give everyone a head's up. We'll see what happens tomorrow!
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Mar 20, 2010 21:16
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God drat. I just can't bring myself to leave the job I'm in. Sometimes I hate it, sometimes I like it. Essentially I'm a tier 3 computer janitor. I want to do school full time but seriously I don't see it happening. Local community college's cost of attendance is like 13k(including cost of living, but they obviously don't include any entertainment in there). I'd give up my car, but I want my own room. Rent is 7800-9000 a year alone! I have 20,000 saved up. I could use that for entertainment, and borrow money for rent and school/food. I'm not opposed to working part time, but there's little part time IT work here, and working retail part time after making decent money would kind of suck. My ultimate goal would be a 4 year degree, hopefully earning at least 50-60k, with <50k of debt. I have 5 years experience in IT, I feel totally unfulfilled and uneducated. SSH IT ZOMBIE fucked around with this message at 04:08 on Mar 21, 2010 |
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Mar 21, 2010 04:04
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I have variable Stafford loans with AES currently at 2.23%. Should I consolidate and lock this in or is there possibility it will go lower?
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Mar 23, 2010 23:58
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D13F00L posted:God drat. I just can't bring myself to leave the job I'm in. Sometimes I hate it, sometimes I like it. Essentially I'm a tier 3 computer janitor. go to school part time like everyone else who has a full time job.
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Mar 24, 2010 01:59
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D13F00L, I'm inclined to agree with Fatty Patty. I'm not sure what your dilemma is. Why not attend school half- or part-time and continue working? That's what I'm going to be doing, without twenty grand saved up, alas. Anyway, you could go to community college for your electives and then transfer to a 4 year college. abagofcheetos, there's no way to predict interest rates BUT as the market recovers rates will rise. In your position I would lock in that rate ASAP, because it's already pretty dang low anyway.
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Mar 24, 2010 02:18
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That is what I figured, I only asked because I seem to recall a few years ago people talking about a certain date the variable readjusts each year, and being able to know if it was about to go higher or lower.
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Mar 24, 2010 15:15
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Wiggy Marie posted:Uziel, last year there were a bunch of programs enacted. The best thing for your wife to do is call the servicing agency of her loans and ask them about what is available to her. They know all of the qualifying criteria and can tell her what she could try to apply for over the phone. They are through AES/FAFSA. Are they really the best source given that they would be making a profit off of the loans or am I misunderstanding something?
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Mar 24, 2010 15:30
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If someone becomes incapacitated and is judged unable to take care of themselves and a legal guardian is appointed, is there anything that can be done about the incapacitated persons student loans?
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Mar 24, 2010 17:33
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I'm a little bit confused about what I should do for loans next year. For the past 3 years, I just filled out Fafsa and got loans through Citibank. The Stafford loans are in my name, and my parents also have 3 small plus loans. For next year, I'll need to do the same thing again so I filled out Fafsa. However, my school notified me that they switched to Direct Loans and to get any future loans through them. I believe Citibank is FFELP so I can't use them again. If I get a direct loan for next year, can I still consolidate them all together when I graduate next year? Another question about the consolidation, will the Plus and Stafford loans be separate or can I somehow roll the Plus loans so they're under my name?
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Mar 26, 2010 00:14
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Uziel, interest rates and lender subsidies are all federally mandated, so you don't need to worry. As for forgiveness programs, these are federal loans and most servicing agencies are very open about telling students the programs available. They don't want to discourage students from them. At least, we sure don't! Sham I Am, I hope you don't mind me copy and pasting from a previous answer. Imagine "you" is "the incapacitated person". quote:If you can get a statement from your doctor officially certifying that you are unable to work due to your disability, you may qualify. Make sure this statement is legible! This is the number one reason disability forgiveness forms are denied - because they couldn't read the doctor or nurse's handwriting. Typed and signed is far better for you. jromano, as of July 1st of this year FFELP is gone forever. Only Direct loans remain. These are federal loans and you can indeed consolidate old FFELP loans into Direct loans. PLUS loans taken out in the parent's name, however, remain in the parent's name for the life of the loan. The parent can consolidate PLUS loans they have into one big loan, but they can't consolidate those loans with yours or vice-versa.
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Mar 26, 2010 01:09
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I have the following loans through SallieMae: 1-02 Stafford-SUB $2,922.75 2.48% Loan 1-03 Stafford-UNSUB $1,841.57 2.48% Loan 1-04 Stafford-SUB $1,876.96 6.8% Loan 1-05 Stafford-UNSUB $3,052.13 6.8% Loan Loan 1-02 and 1-05 are variable and 1-03 and 1-04 are fixed rate. I can pay off about $4000 right now. I'm just trying to figure out which one(s) I should pay off. It would make sense to pay off the 6.8% loans first, but could that cause loan 1-02 (which is variable) to jump in in interest rate of a huge amount like 12% or some crazy number. Although it is subsidized? These 4 loans are tied into the same billing group. Basically my question is: if I go ahead and pay off loans 1-04 and 1-05 will the other two loans stay at their current interest rates of 2.48%?
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Mar 31, 2010 11:40
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Pay off the 6.8% loans immediately! Then during June, tune in to check and see what rate your variable loans will change to on July 1st. If it's a significant rise, you can contact Direct to process a consolidation. That way you'll lock in the lower rate. You could always consolidate them sooner, but if the rate remains low there might be no point. Up to you!
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Mar 31, 2010 12:24
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Is there a way to specify that you want all extra money on a payment to go directly to a specific loan? Here's the situation: (all discounts included in interest rates) Direct Stafford - $8,879 at a variable 2.23% Direct Stafford - $10,272 at a fixed 6.55% Graduate PLUS - $19,661 at a fixed 7.65% My minimum is $814 per month, and I'm paying $1100 per month via the online system / auto-pay. It appears to automatically distribute my 'overpay' across all three loan segments, so that no one loan gets paid off any faster than the others. Obviously, I'd prefer to have it skew toward the Grad PLUS loan with all the overpay. Is it possible for someone to set it up so that my payments only do the minimum on the 2.23% and scale it it up for the Grad PLUS? I was considering taking the "consolidate it since that's about as low as interest rates can go" approach, and just handling it that way. What are your (unofficial) thoughts?
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Mar 31, 2010 18:03
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Wiggy Marie posted:Uziel, interest rates and lender subsidies are all federally mandated, so you don't need to worry. As for forgiveness programs, these are federal loans and most servicing agencies are very open about telling students the programs available. They don't want to discourage students from them. At least, we sure don't! This is the Federal loan forgiveness I was thinking of before (College Cost Reduction and Access Act of 2007) http://www.finaid.org/loans/publicservice.phtml Says: quote:Eligible Loans: Eligible loans include Federal Direct Stafford Loans (Subsidized and Unsubsidized), Federal Direct PLUS Loans, and Federal Direct Consolidation Loans. Borrowers in the Direct Loan program do not need to consolidate in order to qualify for loan forgiveness. Borrowers in the FFEL program will need to consolidate into Direct Loans. Is FFEL the same as FFELP? Uziel fucked around with this message at 19:58 on Mar 31, 2010 |
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Mar 31, 2010 19:50
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Wiggy Marie posted:Pay off the 6.8% loans immediately! Then during June, tune in to check and see what rate your variable loans will change to on July 1st. If it's a significant rise, you can contact Direct to process a consolidation. That way you'll lock in the lower rate. Is there a cap on how high they could get raised? what determines the future rate after July 1st? The loan holder or the government? Is there a max that could it go up to such as 6.8%? or could it shoot up to like 25% ?
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Mar 31, 2010 20:23
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