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Wiggy Marie posted:The reason they won't is because of the default. They can't really do anything once it's defaulted because it's a private loan. You just have to make payment arrangements and hope for the best. Can your mom help any? I understand if she can't but it's something to check. No, help from my mom is out of the question. I have to pay her back now too. The reasons are all E/N and nobody wants to hear that. Maybe I can consolidate the other loans? I'm up to speed on them. I guess I'll have to live with Chase being assholes, but it means I can't buy a metrocard or food, really, so it fucks me for going to work. I need a new job.
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# ? Jun 11, 2011 14:51 |
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# ? May 12, 2024 14:22 |
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So I'm taking out my first student loans for a second round of grad school (my MA was paid for by the school and so was my BA). I'm looking primarily at taking out the cost of the program (17k) plus some living expenses/books (3k). Now, the question is, since I'm an independent student with no parental involvement directly (I'm 27), am I only getting unsub? subsidized? My FinAid officers are annoyingly out of touch in the summertime, or I'd ask them.
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# ? Jun 11, 2011 16:11 |
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spoonfulofwhoopass, you can certainly try to consooidate the others. The issue is more that you have a default on your credit - since they check credit to consolidate private loans, I'm really not sure if you'd be able to. It's going to show on your mom's credit too so using her as a cosigner again is not an option. I'm really sorry, I hope you can find something to help you. BrotherAdso, have you filed your FAFSA? If so, what was your EFC? If not, do that and find out what your EFC will be. It's an online process and it's painfully easy, you can even import your tax data. Basically what they do is look at your EFC and subtract that from the total schooling cost, then offer you that amount in loans. My first year (I just finished that one) I got everything because my EFC was just under 8 grand and they calculate in about 2 grand of miscellaneous fees. This upcoming year they took away the Perkins loan so I'm only getting the max in sub and unsub loans. The total cost of schooling for me was calculated around 14 grand and I'm getting around 12.
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# ? Jun 11, 2011 21:16 |
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Wiggy Marie posted:Quantumfate, don't beat yourself up! Sometimes your brain just isn't into classes all that much. Let me see if I understand what you've said: are you on some kind of probationary period due to the F you received? If so, unfortunately the federal loans are not an option, as the financial aid office can't certify those for students who are not meeting satisfactory academic progress. I hate to say it because you know how much I hate them, but private loans are your best bet. Or financial assistance from the folks, if they'd be willing... Im not on academic probation yet. However I only completed 3 credits When the minimum for my aid was 6 credits. I was only able to look into it a little, but it seemed that was also the case for loans i could get. Should i still look into a small private loan?
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# ? Jun 11, 2011 22:32 |
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If you're not on probation, once you're at least half-time (6 hours) again you can take out new loans. Is your plan to go back up to 6 hours? If not, your only real option is a private loan - but most of those require at least half-time too.
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# ? Jun 12, 2011 04:16 |
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Sorry if this question has already been mentioned so I am going back to school this Fall, I have already exhausted my federal loans and I need to get private loans, Wells Fargo is offering fixed interest rates between 7.75% to 14.25%. These are rather high rates compared to my rather low variable interest rate loans I have with Chase. one is 4.41% and the other is 6.66% So if I take out a loan for 20,000 should I look into a fixed rate or another variable rate and just hope the market goes in my favor.
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# ? Jun 13, 2011 04:03 |
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Jeikuman posted:Sorry if this question has already been mentioned holy poo poo, the lowest you can get is 7.75%? mine are fixed 5.25%. How times have changed. I would always go with fixed rate loans. At least their interest rape is up front. I know a dude who started at 4.5% on a VBR for culinary school who is now paying 16.5% because he didn't read his contract and missed a few payments.
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# ? Jun 13, 2011 05:08 |
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What seacat said. I have never known a private loan to stay low, so it's best to start fixed. At least that way you know it will never rise on you.
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# ? Jun 14, 2011 02:28 |
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Apparently the credit reporting agency Wells Fargo uses is retarded or something, because according to Wells Fargo I'm not eligible to borrow any more private loan funds in my own name because I've already exceeded their aggregate loan borrowing limit.... by about $42,000. Meanwhile Sallie Mae is still perfectly happy to lend me additional private funds (once my aforementioned issues with the school's financial aid office are resolved), despite having the exact same aggregate loan limit as Wells Fargo. What the hell? Last time I checked, my aggregate loan total was still a pretty sufficient distance below the borrowing limit, so where is Wells Fargo getting this other info from exactly? Is it possible that somebody made a mistake somewhere?
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# ? Jun 17, 2011 03:51 |
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Dr. Gitmo Moneyson posted:Is it possible that somebody made a mistake somewhere? For starters. (USER WAS PUT ON PROBATION FOR THIS POST)
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# ? Jun 17, 2011 04:19 |
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Don't forget the top 10% acceptance policy for letting you escape the east tx shithole you spawned from (USER WAS PUT ON PROBATION FOR THIS POST)
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# ? Jun 18, 2011 20:45 |
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Dr. Gitmo Moneyson, did you ask Wells Fargo that question? They're in a far better position to answer than me. First, go to annualcreditreport.com and pull your credit report from all three bureaus, so that you have your exact totals of loans in hand when you call Wells Fargo and ask WTF. Be very specific about what your report shows. It is not impossible to have information reported twice, so you might need to dispute some credit report information before you give them a call. Also, wow, where'd all the hate come from? Thank you mods!
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# ? Jun 20, 2011 00:56 |
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When I was in undergrad (02-07), I took out 10K in loans through Wells Fargo. I worked for two years after graduating, and paid WF directly. While I was in grad school, they sold my loans to a company called ACS, and now that I've graduated, they're due again. The loans are 2.47%, variable interest. Should I go ahead and consolidate? I'd like to lock in the low rate and pay DirectLoans instead of ACS, since I've heard tons of horror stories about the latter.
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# ? Jun 20, 2011 06:20 |
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Wiggy Marie posted:Dr. Gitmo Moneyson, did you ask Wells Fargo that question? They're in a far better position to answer than me. The whole conversation seemed kinda stupid. I went ahead and requested the paper report, but I haven't received it yet. Wiggy Marie posted:First, go to annualcreditreport.com and pull your credit report from all three bureaus, so that you have your exact totals of loans in hand when you call Wells Fargo and ask WTF. Be very specific about what your report shows. It is not impossible to have information reported twice, so you might need to dispute some credit report information before you give them a call. Wiggy Marie posted:Also, wow, where'd all the hate come from? I. M. Gei fucked around with this message at 06:33 on Jun 20, 2011 |
# ? Jun 20, 2011 06:24 |
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I'm behind on my loans and getting calls from someone at the Student Assistance Corporation. They seem unable to handle my private loans and only focus on my public loans. Would working with this company be any different than working with Sallie Mae?
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# ? Jun 20, 2011 21:15 |
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Dr. Gitmo Moneyson posted:Apparently the credit reporting agency Wells Fargo uses is retarded or something, because according to Wells Fargo I'm not eligible to borrow any more private loan funds in my own name because I've already exceeded their aggregate loan borrowing limit.... by about $42,000. Haven't you been in undergrad for like 8 years now? At some point these people are going to stop throwing money at you.
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# ? Jun 21, 2011 03:37 |
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EDIT: Nevermind, this was getting off-topic.
I. M. Gei fucked around with this message at 06:00 on Jun 21, 2011 |
# ? Jun 21, 2011 05:03 |
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surrender, are they private or federal loans? If they're private, you can't consolidate with Direct, but if they're federal you can. Honestly it's up to you if you want to consolidate them. If you can handle the payments, the only benefit is that you'll lock in the interest rate. I'm not certain it'll never go lower than what you currently have, but it'll probably go higher at some point. People nagging Dr. Gitmo Moneyson, please stop. Also, if loans are "throwing money at people" I'm not sure you understand what loans are. Don't feel too bad, I once had a girl burst into tears on the phone with me because she didn't realize you have to pay loans back. Poor thing. Scipio, if you're behind you kind of don't have a choice about working with them. I have no personal experience with SAC, just give them a call and get a payment plan set up.
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# ? Jun 21, 2011 22:12 |
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I've entered the wonderful world of working for a loan servicing provider, so I'm available to help with questions. I'm curious though, what's the reputation for the various firms contracted to handle direct loans? I know that Sallie Mae had been pulling some poo poo lately, but I'd like to know what the other firms' reputations are like.
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# ? Jun 22, 2011 01:09 |
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I'm getting married August 20th a week before school starts (senior, private CA school). Is that going to be too late to get any kind of financial grant if I fill out the FAFSA right away as married? As a dependent my parents made too much to get anything but academic scholarships. Not sure if this is the best place to ask, didn't see a more specific thread.
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# ? Jun 22, 2011 19:42 |
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Greetings thread. I'm going back to school after many years of being away. I was technically a student on leave this whole time, on a leave status. Registrar says that I should be set to term-active by the end of June. How do I go about informing my loan providers that I am returning to full time student status, and deferring my loans again?
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# ? Jun 23, 2011 03:52 |
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Turkeybone posted:Greetings thread. Your lender should have an in-school deferral form that will ask you to provide proof of your enrollment and your course load (to verify you are at least half-time).
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# ? Jun 23, 2011 13:55 |
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Maybe this is a stupid question, but I don't know where else to ask it. My wife and I are applying for IBR, but out situation has changed significantly since we filed our taxes. What should we put in for our income? Specifically, is it our gross income, our do we deduct contributions to FSA, 401K, Health Insurance? It makes a significant difference so we don't want to mess it up.
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# ? Jun 24, 2011 01:22 |
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Ashcans posted:Maybe this is a stupid question, but I don't know where else to ask it. My wife and I are applying for IBR, but out situation has changed significantly since we filed our taxes. What should we put in for our income? Specifically, is it our gross income, our do we deduct contributions to FSA, 401K, Health Insurance? It makes a significant difference so we don't want to mess it up. Your AGI for your last tax return is the only thing that really matters, besides family size and gross income. Your situation may have changed since you last filed your taxes, but as long as your AGI from your last tax return, gross income, family size and external loan debt are still the same, you should have an accurate guess. However, it wouldn't hurt to call up your servicer's service department and doublecheck. Or even better, check out the website.
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# ? Jun 24, 2011 17:43 |
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Effexxor posted:Your situation may have changed since you last filed your taxes, but as long as your AGI from your last tax return, gross income, family size and external loan debt are still the same, you should have an accurate guess. The problem is really that all of those have changed. My wife and I have both changed jobs (and so gross income significantly) and we had a baby this spring. So I don't think last year's AGI is right, but I don't know what they include in income/pay. I'll try calling the servicer and see if they can tell me what they need.
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# ? Jun 24, 2011 22:27 |
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I'm sorry about the wait everyone, my power has been out this whole time. Hooray storms! Anyway! Effexxor, the only bad press I hear consistently is about Sallie Mae, but ACS and AES/PHEAA have reputations for being snarky. Thank you for offering your help! Seyelence, potentially, since grants are first-come first-serve. Marital status is based on the date that you file the FAFSA so right now you would need to file as single. I will point out that schools have no way of checking your marital status barring requesting a marriage certificate, and I've never seen one do that unless they needed to process a name change. Also, if you end up being verified by the school you'd need to provide your spouse's tax return in order to combine your incomes - assuming they filed for 2010. Turkeybone, the school should actually inform them automatically via the National Student Clearinghouse or the NSLDS, however there is an In-School Deferment Form that you can fill out and have the registrar send in to your servicers via fax if you want to make sure all of your servicers are updated (not a bad idea, trust me). Shipon, thank you for your help! Ashcans, when you call why don't you report your findings back here? I think that could help a lot of people with IBR questions.
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# ? Jun 25, 2011 01:50 |
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Ashcans posted:The problem is really that all of those have changed. My wife and I have both changed jobs (and so gross income significantly) and we had a baby this spring. So I don't think last year's AGI is right, but I don't know what they include in income/pay. I'll try calling the servicer and see if they can tell me what they need. The only AGI that matters currently is 2010's AGI in your gross income. If you've had a lot of changes, that will make a difference next year when you have to refile in 12 months, but for now, the 2010 AGI should be the only one that matters. Definitely let us know what happened though. (and who, because I'd love to know what the other groups are like) Any other loan advisors dealt with the joy of people trying to get mortgages? It's annoying because even if someone is in the post seperation date grace period and are getting their subsidized loans' interest paid, they still have to get a forbearance that will cost them more over the long term.
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# ? Jun 25, 2011 01:56 |
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My apologies if this question might not . I had a good job in 2010 and ended up with a fairly large AGI that year, but I was laid off early on this year. I took the FAFSA and was declared an independent student and was informed I would be eligible for both subsidized and unsubsidized loans, but that my previous year's AGI would be too large for me to qualify for the Pell grant. My question is this: is there any leeway for the financial aid office to play with the 2010 numbers to overcome the otherwise decent income I showed in 2010 due to the fact that I was laid off with little chance of employment in the field I was employed in? Or, will I end up having to deal without the Pell grant until next year (my 2011 income will most likely be very low)?
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# ? Jun 25, 2011 03:28 |
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Look into getting a Professional Judgment done, I think that's the only way the financial aid office can actually tinker with your numbers.
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# ? Jun 25, 2011 04:45 |
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Gross income should come into play much more in your situation, aka what you're currently being paid. I don't know anything about Pell grants, they're too school specific for someone who deals strictly with servicing. However, get as many subsidized loans as you can. Subsidized loans will have their interest paid in any kind of deferment, aka while you're in school (in school deferment), your grace period (six months after the first date that you drop below half time status according to your school or after you graduate) or during any other deferment. Deferments include economic hardship (working more than 30 hours but making less than 150% of your poverty level based on family size) or unemployment (working less than 30 hours and actively seeking employment through a website or employment agency). Whenever you can, get subsidized loans and take advantage of deferments when you can. More deferments may apply that what I just listed, just check your servicer's website or if necessary call them. Anything is better than going into default. If you check the website or call, you'll most likely get something better than default, aka having to deal with not nice collectors. That's the end of my lecture.
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# ? Jun 25, 2011 07:16 |
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Kyashi is correct. What you need to do is contact the school and tell them your situation, then ask (beg) for them to reevaluate your aid. It could help to go into the physical office if you can, that way you can pout at their faces. PJ is something all financial aid offices do but don't offer immediately.
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# ? Jun 25, 2011 11:22 |
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I just paid off my student loan (not Direct). Is the servicer (ACS Education) the only one I could possibly have any loose ends with? The school? The bank (US Bank)? I am out of the country, and would love to be 100% certain there's nothing loan-related that's going to pop up on some future U.S. credit report of mine.
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# ? Jun 27, 2011 21:05 |
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I just got off the phone with my financial aid office. I am getting married in August (above) and should be eligible for the pell grant then (not now). Is it correct that I will not miss the Pell Grant deadline for Fall 2011 if I submit the FAFSA August 21, 2011?
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# ? Jun 27, 2011 22:29 |
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Groda, so long as you didn't have any other loans (Stafford, Perkins, etc) you should be all done. Check the NSLDS just to make sure nothing federal is still hanging out there, and pull your credit report from annualcreditreport.com to make sure nothing private is hiding on you. Congratulations! I'm glad everything worked out for you Seyelence, the thing with the Pell grant is that it's a finite amount. There's not technically a deadline but there is a limited amount of funds. Normally the funds are gone by August, but if the school is smaller there's a chance some might be available.
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# ? Jun 28, 2011 01:22 |
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So Citi bank sold a private student loan of mine to a collections agency. I was planning on going back to school in the fall, does this completely screw me out of financial aid?
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# ? Jun 28, 2011 07:22 |
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Well federal loans aren't based on a credit check, they're from the FAFSA, so there's a high chance that you'll be able to get those. However, there's no guarantee. You would not be able to take out another private loan for quite a while, though.
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# ? Jun 28, 2011 22:30 |
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Wiggy Marie posted:Groda, so long as you didn't have any other loans (Stafford, Perkins, etc) you should be all done. Check the NSLDS just to make sure nothing federal is still hanging out there, and pull your credit report from annualcreditreport.com to make sure nothing private is hiding on you. Is NSLDS working for you? I'm getting errors...
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# ? Jul 1, 2011 20:43 |
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It's working for me, but it could be anything! What kind of errors is it giving you?
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# ? Jul 3, 2011 00:43 |
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Wiggy Marie posted:It's working for me, but it could be anything! What kind of errors is it giving you? "Error 500: javax.servlet.jsp.JspException: Wrong format string: '$###,##0' "
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# ? Jul 3, 2011 17:52 |
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# ? May 12, 2024 14:22 |
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That seems more like a net/browser/computer issue. I'm not much good at troubleshooting online
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# ? Jul 4, 2011 22:04 |