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Today I learned my girlfriend is like $100,000 in student loan debt, about half is with Sallie Mae and the other half is divided between another loan center and the USDE. She's defaulted on the USDE loans, I know there's rectification programs that can forgive some loans and she had a deal with debt collection to rectify it but there was an honest-to-god bank error and it missed one payment because of it so they sent it off to somewhere else. Is there a way to fix that? Does making a deal with debt collection count as making the arrangement with the lender itself? As for Sallie Mae, they're breathing down her neck and she's having problems paying as well and as people have discussed, they're not letting her sign up for the income-based plan. Is there anything we can do? I know they have an education deal where if you work as a teacher for five years in an at-risk area a large portion is forgiven — she works as a special education para in such a district, does that count? Is there anything she can do or are we just hosed? How do they sleep at night?
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Nov 4, 2014 02:00
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Bluedeanie posted:they're not letting her sign up for the income-based plan. Is there anything we can do? I know they have an education deal where if you work as a teacher for five years in an at-risk area a large portion is forgiven — she works as a special education para in such a district, does that count? Is there anything she can do or are we just hosed? Why not? There shouldn't be an issue. If they won't take IBR, take Income Contingent Replacement, which doesn't require hardship. Once she's ON the IBR/ICR plan, 10 years of payments (so 120 payments, including any $0 payments), all of her remaining debt is forgiven (BUT you have to pay taxes on the remaining balance as though it's income) if she's working for a Non-profit or public sector.
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Nov 4, 2014 02:08
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I assume they are private loans with sallie and not federal so yes, royally hosed.
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Nov 4, 2014 02:16
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If you apply to consolidate your loans, but get denied one of the plans, do you have to apply all over again to try IBR and wait again, or will they call you back saying no you can't have pay as you go, and then offer you other options that you do qualify for?
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Nov 4, 2014 22:12
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Raimondo posted:If you apply to consolidate your loans, but get denied one of the plans, do you have to apply all over again to try IBR and wait again, or will they call you back saying no you can't have pay as you go, and then offer you other options that you do qualify for? There is a box you can check on the DOE form to basically says something like "Put me on the plan with the lowest payment that I qualify for" that lets the loan servicer decide.
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Nov 4, 2014 22:17
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Bluedeanie posted:Today I learned my girlfriend is like $100,000 in student loan debt, about half is with Sallie Mae and the other half is divided between another loan center and the USDE. quote:I assume they are private loans with sallie and not federal so yes, royally hosed. quote:How do they sleep at night? Seriously don't freak out. 100K is a lot but she HAS to start dealing with this now or she will be 200K in before anyone knows it. I was in this position some time back. The creditors (even sallie mae) are not going to cut her fingers off.
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Nov 6, 2014 03:04
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When I was going through some trouble a couple years ago I remember calling Sallie Mae and asking for a forbearance. They told me there was a fee of $150 to defer my loans. For three months. My minimum monthly payment to them was like 75 dollars, so I told the rep on the phone Sallie Mae can go gently caress itself.
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Nov 6, 2014 15:31
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seacat posted:I don't really understand what you're saying with some of this: "deal with debt collection" -- are you talking about the collection arm of whatever the servicer (wells fargo, ACS, etc) happens to be? Is the debt in the guarantors hands? All of this can be resolved with some very simple phone calls and due to IBR/PAYE and her income she can pay as little as $0 while rehabilitating the loan/her credit. They will be willing to work with her.
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Nov 8, 2014 14:06
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Is there a way to have SallieMae/Navient automatically debit an additional $200 per month to pay down the principal? It looks like the auto debit I have is just paying the minimum.
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Nov 8, 2014 20:06
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Bluedeanie posted:As for Sallie Mae, they're breathing down her neck and she's having problems paying as well and as people have discussed, they're not letting her sign up for the income-based plan. What!!?!?! A problem that IBR can't solve? But MJBuddy told me that was the answer to every student loan question. Initio posted:Is there a way to have SallieMae/Navient automatically debit an additional $200 per month to pay down the principal? It looks like the auto debit I have is just paying the minimum. I don't think there is a way. You can make your own non-scheduled payments monthly and apply the payment to whichever loans you want, but I don't think there's a way to do it automatically. If there is a way I'd like to know as well.
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Nov 8, 2014 21:35
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posh spaz posted:What!!?!?! A problem that IBR can't solve? But MJBuddy told me that was the answer to every student loan question. You're still wrong, even if you want to be an rear end in a top hat about it and attempt to change the discussion. And you're wrong specifically because when you hear "Student Loan" You consistently answer as though it's a private loan rather than a federal one, which is a stupid way to approach the question, since you're literally advocating people destroy their emergency funds to avoid the easiest credit in the modern world to manage since you think paying 6% interest on a loan for one year when you're unemployed instead of having no money for food is bad.
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Nov 8, 2014 22:39
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Bluedeanie posted:I know they have an education deal where if you work as a teacher for five years in an at-risk area a large portion is forgiven — she works as a special education para in such a district, does that count? Nope.
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Nov 9, 2014 03:34
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MJBuddy posted:You're still wrong, even if you want to be an rear end in a top hat about it and attempt to change the discussion. And you're wrong specifically because when you hear "Student Loan" You consistently answer as though it's a private loan rather than a federal one, which is a stupid way to approach the question, since you're literally advocating people destroy their emergency funds to avoid the easiest credit in the modern world to manage since you think paying 6% interest on a loan for one year when you're unemployed instead of having no money for food is bad. And you're just as wrong because when you hear "student loan" you consistently answer as though people should borrow as much as they want and only pay it back if it is convenient for them or things work out better than expected. IBR was originally intended to help people getting degrees in subjects that were useful but not necessarily profitable (e.g., social work). The idea that people should take out loans--whether it is responsible or not--because hey, "if it doesn't work out, I just won't pay them back" is everything that is wrong with our higher education system. The disturbing part about our student loan crisis is not the total amount of outstanding debt, but that people are willing to take on absurd amounts of debt while banking on the fact it will be forgiven. IBR should be a last resort, not a plan to negate future decisions you know are stupid/too risky. Student loans are one of the most toxic forms of debt there are, so it's kind of questionable that you keep referring to them as "the easiest credit in the modern world to manage".
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Nov 9, 2014 07:43
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Hey gents (or ladies), let's keep the debate out of this thread and stick to advice. If someone gives advice you disagree with, state your reasons why so that the person originally asking can make an informed decision, and please don't go after each other!
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Nov 9, 2014 11:25
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Initio posted:Is there a way to have SallieMae/Navient automatically debit an additional $200 per month to pay down the principal? It looks like the auto debit I have is just paying the minimum. There is a way, I was only paying $60 a month on my loan and decided that was too low, so I went through their contact us section and requested the payments be increased to $100 a month and all go to interest/principal. Next billing cycle they were taking $98.76 or something that wasn't quite $100 but it was good enough. Quite painless, really. This went on for about six months before I decided to just pay the drat thing off, wasn't worth keeping the cash in my bank account.
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Nov 9, 2014 15:34
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Wiggy Marie posted:Hey gents (or ladies), let's keep the debate out of this thread and stick to advice. If someone gives advice you disagree with, state your reasons why so that the person originally asking can make an informed decision, and please don't go after each other! You're right. I apologize for my snide remark. Here's my proposal: MJBuddy can keep militantly advocating IBR to everyone. I will make my piece once per question. I will avoid personal attacks, provided he stops belligerently arguing with everyone who disagrees with him.
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Nov 9, 2014 17:16
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RogueLemming posted:And you're just as wrong because when you hear "student loan" you consistently answer as though people should borrow as much as they want and only pay it back if it is convenient for them or things work out better than expected. IBR was originally intended to help people getting degrees in subjects that were useful but not necessarily profitable (e.g., social work). The idea that people should take out loans--whether it is responsible or not--because hey, "if it doesn't work out, I just won't pay them back" is everything that is wrong with our higher education system. The disturbing part about our student loan crisis is not the total amount of outstanding debt, but that people are willing to take on absurd amounts of debt while banking on the fact it will be forgiven. IBR should be a last resort, not a plan to negate future decisions you know are stupid/too risky. Actually that's not what I said at all. I said if you have 50k and you take a loan for 50k, and you get a job, you can then pay the loan back in full because you have the assets to cover the entire loan value. If you DON'T get a job, you now have a loan that requires 0 monthly payments and assets to EAT. I never said not to pay them back, but IBR also gives you the ability to manage your payment structure in a way other loans do not allow since you can basically refinance them on an as-needed basis. The point is that if you take a student loan, which other than being unable to drop when declaring Bankruptcy aren't toxic at all (and dropping them in Bankruptcy isn't very important since, again, they're forgiven if you can't make an income high enough to pay them after 10-20 years), but in the question at hand he was being asked whether he should spend all of his savings up front before he had cash inflow from a job OR should he take federal student loans. I said take the loans because if he gets a job, he can then use his savings to clear the loans out. If he doesn't get a job, then his two realities were one with zero savings and no job or one with savings and a large loan balance earning interest until he landed a position. It's only a toxic loan in this case if you can't ever get a job, and then the best advice is "Don't go the that grad program." Taking the loan is almost strictly dominant in risk-management, again because your upside is "who cares it's paid off" and your downside is "thank god I can eat this week". And I'm supposed to not disagree with people, or risk posh spaz showing up to call me an idiot? Oh no.
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Nov 9, 2014 17:54
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MJBuddy posted:And I'm supposed to not disagree with people, or risk posh spaz showing up to call me an idiot? Oh no. Seriously dude, I never called you an idiot. You're the one calling people "stupid" here. That's the kind of belligerent bullshit I was talking about. If you have no desire to be civil, don't be surprised when people are uncivil back to you.
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Nov 9, 2014 18:51
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posh spaz posted:Seriously dude, I never called you an idiot. You're the one calling people "stupid" here. That's the kind of belligerent bullshit I was talking about. If you have no desire to be civil, don't be surprised when people are uncivil back to you. When did I call anyone stupid? I'm just taking a pretty well-justified offense to you coming in on a completely unrelated question and posting out of context about me and not helping the person who posted at all with their question. Seriously a question was asked, and we both disagree'd. A different question was asked, I attempted to answer and you posted to mock me and offered no help to anyone. Don't point fingers about being civil.
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Nov 9, 2014 19:01
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MJBuddy posted:Actually that's not what I said at all. I said if you have 50k and you take a loan for 50k, and you get a job, you can then pay the loan back in full because you have the assets to cover the entire loan value. If you DON'T get a job, you now have a loan that requires 0 monthly payments and assets to EAT. This is fundamentally wrong though because paying your loans isn't simply contingent upon getting a job. You can be employed and simply not make enough money to cover your loans even if you're on IBR. This is especially true if you have private loans. The point I'm trying to make is that having loans opens up all sorts of other risk factors that are really tough to plan for, like requiring a minimum salary to be able to afford payments. Not taking out a loan means that you don't have to worry about payments and only have to worry about making enough money for rent, food, etc. even if you are tapping into savings. Really, the easy answer is for that person not to blow all their savings now on a program but to work a bit, save some more money, then go back to school when they're more financially stable.
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Nov 9, 2014 21:13
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Blinkz0rz posted:This is fundamentally wrong though because paying your loans isn't simply contingent upon getting a job. You can be employed and simply not make enough money to cover your loans even if you're on IBR. This is especially true if you have private loans. You HAVE the assets; that's the precursor to the question, so it is absolutely contingent upon that. Not taking out the loan means you don't tap into savings because you DO NOT HAVE SAVINGS. That was the question: "Do I use all of my savings for tuition OR take loans." You don't need a minimum salary if all you have is student loans, precisely because of IBR. At a below-minimum salary, you pay $0. This isn't and never was a question about taking out a loan vs not going to school. It was about taking out a loan when you could otherwise afford to pay for most of it by depleting your savings to nothing. I don't disagree with your easy answer as well. I just think people are mis-characterizing my answers as a one-size-fits-all when it was specifically tailored to their situation.
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Nov 9, 2014 23:00
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MJBuddy posted:You HAVE the assets; that's the precursor to the question, so it is absolutely contingent upon that. Not taking out the loan means you don't tap into savings because you DO NOT HAVE SAVINGS. That was the question: "Do I use all of my savings for tuition OR take loans." private loooaaaaannsssssss
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Nov 9, 2014 23:24
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Blinkz0rz posted:private loooaaaaannsssssss  I missed you saying that. The original conversation wasn't on the topic of private loans, however. It's why I'm not answering with those in mind.
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Nov 9, 2014 23:36
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I think the solution here would be to create another thread called "Ask MJBuddy about IBR!"
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Nov 10, 2014 01:20
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Moving along: MJBuddy, would you like to make a detailed write-up about the IBR program that I could add to the OP? I'm pretty sure anything I have in there is out-dated or could use sprucing up anyway. seacat posted:On top of gigantic piles of money surrounded by dead hookers and pentagrams. Cracked me up. It's probably true!
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Nov 10, 2014 02:17
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I'm going back to school for a second bachelor's degree in January! However, I recently learned that the government doesn't like giving as much money for second bachelor's, so I'm going to be getting some loans. My question is, how do I know how much I can get in private loans? Federal loans gave me $5.5k for the spring semester, and the total program cost over a year is $19k including tuition, fees, housing estimates, etc. When I went to start researching private loans, they said that they will only loans you money up to the total program cost. If I don't know how much I'm going to be getting each semester, how do I know how much to ask for from private loans? Do they really look that hard or will they just assume that I'm going to get $5.5k each semester and only let me borrow $3k? Ideally, I'd like 8-10k, which doesn't seem like that much.
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Nov 10, 2014 20:31
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Koala Food posted:
If total cost of attendance is $19k including housing I assume tuition and fees are around $10k-$12k. If the Feds are loaning you $5.5k per semester why are you taking out any private loans? Unless you are like way dumb and will flunk out if you work, get a job for living expenses. I worked full time and did my master's full time so it's definitely possible, but hard work.
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Nov 10, 2014 20:47
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Koala Food posted:I'm going back to school for a second bachelor's degree in January! However, I recently learned that the government doesn't like giving as much money for second bachelor's, so I'm going to be getting some loans. My question is, how do I know how much I can get in private loans? The general gist for most American universities is: Some time before your semester/year starts (most uni's do it by long semester, so aid is assigned in a fall/spring basis with summers being seperate if you do them) they should give you a financial aid breakdown by Stafford Loans, Pell Grants, whatever scholarships, etc. If you haven't received this request it from your uni's office of student financial services immediately. At my uni they had a section for "Alternative Loans", these are the private loans. When I went, the first semester you had to go through the app process through the lender website, every semester from then out the office of student financial services handled everything. Unless your school is loving shady all money goes through them and whatever leftovers are deposited to you after tuition, fees, etc. Your uni may be different -- check with them. You might have to go to (puke) e.g. navient.com to apply every semester, but hopefully they'll handle it for you. Private loans are credit based. If you have good credit though you are more likely to get approved than for say a car loan of the same amount because they're nondischargeable in bankruptcy proceedings so there's less risk on the lender's part. I really posted to say this: have you read a lot of the thread regarding private loans? Private student loans are toxic. KNOW WHAT YOU ARE DOING before you get into them. The only way out is to pay. There are no deferments. There is no subsidized interest. There is no forgiveness. It sounds morbid but literally the only way out is death or permanent injury. (or leaving the country) This is not to say you should never, ever take one. But think long and hard. I don't know your work prospects, degrees, etc. If you're doing a second bachelor's just to avoid the real world (please don't get offended - I just know at least 2 people who have gone this route, and financed it) I highly suggest you reconsider. If you have a solid plan and a backup plan for employment and repayment... well OK, but still know what you're getting into. Src: I borrowed 32K private from Sallie Mae which due to financial hardships and various forbearances after graduation ballooned up to 48K in a matter of a couple years. I did this because I was a dumb 19 year old (College will make me rich! Good debt! Etc.) with pretty good credit for a 19 year old. Was lucky enough to get a 5.5% interest rate although I've heard of it being as high as 15% for people with poor credit. I've paid it down to 42K and am still making payments and will be for a long time. I am making additional payments as much as can afford. Its not crippling me or anything like that despite the high balance, my job is pretty good, but we are talking payments of about $750 a month here, minimum $500. I'm not happy but that's my own fault for not reading the terms. seacat fucked around with this message at 21:04 on Nov 10, 2014 |
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Nov 10, 2014 21:01
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seacat posted:I really posted to say this: have you read a lot of the thread regarding private loans? Private student loans are toxic. KNOW WHAT YOU ARE DOING before you get into them. The only way out is to pay. There are no deferments. There is no subsidized interest. There is no forgiveness. It sounds morbid but literally the only way out is death or permanent injury. (or leaving the country) Thank you for this! I'm looking at the parent PLUS loan too, but I'm not sure if my mom is going to be okay with having a loan in her name so I'm weighing my options. I would really prefer not to get private loans, but since they aren't for very much, I think they would be more manageable. I graduated last December and and going back for my BSN after a gap year. I appreciate the concern, but I have a clear career path after school is done. Also, I'm looking at loans instead of working because it's an accelerated nursing program and they highly recommend that you don't work. That isn't to say that I won't (I'd prefer to!), but I'm not sure if I'll realistically be able to do both from what I've read about the program.
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Nov 10, 2014 22:42
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Koala Food posted:Thank you for this! I'm looking at the parent PLUS loan too, but I'm not sure if my mom is going to be okay with having a loan in her name so I'm weighing my options. I would really prefer not to get private loans, but since they aren't for very much, I think they would be more manageable. I graduated last December and and going back for my BSN after a gap year. I appreciate the concern, but I have a clear career path after school is done. LOL, I'm actually looking at the 18 month BSN too as I'm likely change careers in the next couple of years. No doubt about working not recommended though, it's no cakewalk. My wife and many of my friends are in nursing and are making mad bank with great benefits and reasonable work hours. Not to say there's no downsides of course. This isn't a career advice thread though so I don't wanna digress but it's probably among the top 5 most marketable bachelor's right now. I would highly, highly recommend you try to talk your mom into the PLUS loan and see if you can reach a sensible agreement. Obviously it depends on your relationship with your parents, but the terms are just so much better. Exact terms depend on the servicer I believe but mine offers 4 total years of intererest-free deferment in the case of financial hardship, plus a bunch of forbearance time (not interest free but still good to have), and income-dependent repayment plans. You're also much more likely to qualify for more aid (due to your parents being wise and old and poo poo?). I am not sure if PLUS loan is credit-based, I believe it is although requirements are lenient, perhaps Wiggy can comment further. Of course if you and your folks don't get along it's understandable they don't wanna sign. I just set up autopay on my mom's PLUS loan and it's paid for her automatically every month which is improving her credit and saved me from another 9K in private loans which I'm very grateful to her for. Either way for acc BSN you won't be looking at anywhere near the amount of debt I incurred for a full 4 year program (summers included cause I am a dumbass). Just look into every option, apply for scholarships, w/e before you push the private-loan button. Hell paying tuition on a credit card would probably be a better idea if you have a good limit, there's rewards points and poo poo and it's dischargeable if some poo poo really goes down.
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Nov 10, 2014 23:25
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I realize that you probably shouldn't do something like this, but is there something wrong with paying off private loans from undergrad using federal grad loans? I was just toying with the idea in my mind because my SO is going for her MSW and has a healthy private loan amount due to going to a private school for undergrad.
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Nov 10, 2014 23:49
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Wickerman posted:I realize that you probably shouldn't do something like this, but is there something wrong with paying off private loans from undergrad using federal grad loans? Technically: You're only supposed to use student loans for "qualified educational expenses" Realistically: nobody is going to find out or investigate or give a poo poo what you spend over your leftover money on. What the school cares about is getting its cut (tuition + fees). What the lender cares about is getting paid back with interest. With some exceptions (like the now-defunct myrichuncle.com) all finaid funds goes through the schools finaid office anyway so it's no like you're going to rip them off for tuition money. As long as you're not staring a publicized escort service or some poo poo nobody is ever going to find out.
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Nov 11, 2014 00:05
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We took extra loans (about $7k) to pay off credit card debt my wife's dad racked up for her... Better than paying 28% interest on that... I would take the extra and pay down the private, no one will know or cares really.
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Nov 11, 2014 01:14
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Bluedeanie posted:As for Sallie Mae, they're breathing down her neck and she's having problems paying as well and as people have discussed, they're not letting her sign up for the income-based plan. Is there anything we can do? I know they have an education deal where if you work as a teacher for five years in an at-risk area a large portion is forgiven — she works as a special education para in such a district, does that count? Is there anything she can do or are we just hosed? spwrozek posted:I assume they are private loans with sallie and not federal so yes, royally hosed. Pretty much. Sallie Mae/Naeviant is still better than Direct Loans, but not by much. And private loans will and can gently caress you over. Federally subsidized student loans have controls, they're a regulated debt. Yes, you can't really discharge them through bankruptcy, but they're much more forgiving than private loans. Raimondo posted:If you apply to consolidate your loans, but get denied one of the plans, do you have to apply all over again to try IBR and wait again, or will they call you back saying no you can't have pay as you go, and then offer you other options that you do qualify for? Tyro posted:There is a box you can check on the DOE form to basically says something like "Put me on the plan with the lowest payment that I qualify for" that lets the loan servicer decide. Tyro is 100% right on this. There is no reason to not check that box. Do it. seacat posted:I really posted to say this: have you read a lot of the thread regarding private loans? Private student loans are toxic. KNOW WHAT YOU ARE DOING before you get into them. The only way out is to pay. There are no deferments. There is no subsidized interest. There is no forgiveness. It sounds morbid but literally the only way out is death or permanent injury. (or leaving the country) YES YES YES. I have worked with private loan collectors. Those loans are ruthless. Wiggy Marie posted:MJBuddy, would you like to make a detailed write-up about the IBR program that I could add to the OP? I'm pretty sure anything I have in there is out-dated or could use sprucing up anyway. I can do this, since I'm still working in the student loan industry and am painfully up to date on the Income Driven Plans. spwrozek posted:We took extra loans (about $7k) to pay off credit card debt my wife's dad racked up for her... Better than paying 28% interest on that... Bingo. I've never heard of anyone actually checking up on this, so long as you stay in class for the semester the loans technically pay for. If you withdraw after 3 weeks and run off with the money? You'll be found. If you finish the class? No one cares.
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Nov 12, 2014 03:29
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Effexxor posted:
Sounds great. I've been swamped (and will be until next week) and I know there's a lot coming down the pipeline regarding IDP in the next year or two as far as policy promises, but god knows what will actually happen.
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Nov 12, 2014 05:51
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MJBuddy posted:Sounds great. I've been swamped (and will be until next week) and I know there's a lot coming down the pipeline regarding IDP in the next year or two as far as policy promises, but god knows what will actually happen. Oh god. Is something new coming up with the IDR plans? We can only pray we all don't end up with something like the Alternative Repayment plan, aka what the Department of Ed must had come up with while trashed one night.
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Nov 12, 2014 07:36
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Effexxor posted:Oh god. Is something new coming up with the IDR plans? Last I saw there was some hashing out over making IDR the default for all loans instead of the 10 year loan and taking it as a deduction from paychecks directly. By now that could have changed, or been dropped entirely, but it had more traction than the previous "allow refinancing of student loan debt" reform because that reform cost the government a stream of interest revenue and this reform transforms 10 years of interest payments into 20 for most borrowers if they don't pay down the principal.
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Nov 12, 2014 07:47
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Forgive my ignorance, but Grad Plus loans are federal yes? And if so, are there barriers to borrowing, such as co-signing by a creditworthy guarantor like Parent Plus?
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Nov 12, 2014 15:06
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Wickerman posted:Forgive my ignorance, but Grad Plus loans are federal yes? And if so, are there barriers to borrowing, such as co-signing by a creditworthy guarantor like Parent Plus? There wasn't in my case; I'm not sure what it would take to get rejected from a Grad Plus loan if I didn't get rejected.
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Nov 12, 2014 15:28
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Wickerman posted:Forgive my ignorance, but Grad Plus loans are federal yes? And if so, are there barriers to borrowing, such as co-signing by a creditworthy guarantor like Parent Plus? Yes it's federal. You don't need a guarantor unless you have adverse credit. If you can get the stafford grad loans they're a bit lower interest.
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Nov 12, 2014 15:35
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