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Tyro posted:My understanding on #2 is you'll switch to IBR and your payment will be equal to what it would be under the 10 year repayment plan. Gotcha, that's what I seem to remember. For some reason the calculator for the "standard" 10 year plan gives me a repayment amount that's lower than my total due, which seems wrong, although hilarious if true.
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Oct 9, 2018 00:08
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Residency Evil posted:Gotcha, that's what I seem to remember. For some reason the calculator for the "standard" 10 year plan gives me a repayment amount that's lower than my total due, which seems wrong, although hilarious if true.
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Oct 9, 2018 05:23
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Dik Hz posted:I don't want to get political or debate anything. But how PSLF is handled will in an ongoing fashion for enrollments likely swing widely between which party controls the executive branch. I see a lot of risk there. Plan accordingly, I guess? Borrowers already qualified and enrolled are going to be almost impossible to not repay, given that the promissory note specifies terms and conditions for this program.
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Oct 9, 2018 18:20
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Dik Hz posted:I don't want to get political or debate anything. But how PSLF is handled will likely swing widely between which party controls the executive branch. I see a lot of risk there. Plan accordingly, I guess? Definitely agree. I work for a 501c3 and have been sending in employment certification forms yearly, so I guess I'll hope for the best. 
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Oct 9, 2018 20:56
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EAT FASTER!!!!!! posted:Borrowers already qualified and enrolled are going to be almost impossible to not repay, given that the promissory note specifies terms and conditions for this program. quote:Of the 28,913 applications reviewed, just 289 were approved. And only 96 people actually finished the process of having their loans scrubbed.
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Oct 10, 2018 02:47
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My wife has some loans and works for a nonprofit. So far we have 27/120 payments certified (idr payment, working for a nonprofit, direct consolidation loans). I'm hoping it stays fairly straightforward since so far we haven't encountered any big hurdles. We did submit the new idr application a few months before it will kick on, and they said they will process it like 30 days before the new payment will kick in, and 'let us know if there are any issues'. 30 days is a real loving short period of time for a payment to be recalculates if there is an issue
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Oct 10, 2018 03:36
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Dik Hz posted:From: https://slate.com/business/2018/09/public-service-loan-forgiveness-program-applicant-rejections.html It's fairly unlikely that most people who thought they qualified in the first year met all of the requirements since they were so vague in the beginning. FedLoan Servicing saying that you made enough payments is not enough since it's already been demonstrated that they're not doing their due dilligence in terms of making sure everyone's employment actually met the requirements to be certified. We're about 4 years out until we go through it, but you just need to check in with FedLoan Servicing like all the time. We discovered that they lost 12 months of payments from my wife's loans in March. Called and they said it was a known glitch since March but I guess they haven't gotten around to fixing it? They also tried to claim that it was only 9 months of payments lost, except the count went from 52 to 40 between the March and April statements this year, so ugh. And they're saying it'll still be 3 months before they fix it.
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Oct 10, 2018 12:11
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We've been saving my wife's paystubs (downloaded from adp website). I read somewhere to do that but I'm not sure where. At the very least it will help with proof even beyond annual certification. It really is a huge pita, but worth it to deal with since otherwise there is no way we could pay off the loan in a reasonable timeframe
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Oct 10, 2018 13:59
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For someone that knows, once you no longer demonstrate a financial hardship, the option to switch income contingent plans (specifically, to IBR) goes away, right?
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Oct 10, 2018 14:52
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Residency Evil posted:For someone that knows, once you no longer demonstrate a financial hardship, the option to switch income contingent plans (specifically, to IBR) goes away, right? Yeah then your only options are different levels of time based repayment.
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Oct 10, 2018 15:00
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EAT FASTER!!!!!! posted:Yeah then your only options are different levels of time based repayment. Thought so. Thankfully I think I'm able to sneak myself in. 
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Oct 10, 2018 15:07
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Chu020 posted:It's fairly unlikely that most people who thought they qualified in the first year met all of the requirements since they were so vague in the beginning.
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Oct 11, 2018 02:35
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EAT FASTER!!!!!! posted:Yeah then your only options are different levels of time based repayment. That being said, if you were on IBR or PAYE before, then your payment becomes whatever your original monthly payment would have been for the 10 year plan before interest accrued. Still less than going to a true 10 year amortizing payment at the end of residency at least, and the least you can pay while still going for PSLF, since the longer repayment terms don't qualify. Dik Hz posted:With all due respect, I very highly doubt that >99% of people with 4-year degrees couldn't figure out the requirements to dismiss $10s of thousands. I find it eminently more likely that conservatives are playing politics with this. There are no politics involved here. It's not like they're going through each application and deciding who is 'deserving.' There was no way to document that you were going to apply for it or track payments until 2012, and what qualified as 'public service employment' was also vague, and has clearly been narrowed over time. Getting an undergrad degree says nothing about someone's ability to deal with financial issues as the BWM thread can attest to. Also, just look at all those stories about people who thought they qualified but didn't because they didn't have the right type of loan (made payments on FFEL loans and didn't consolidate to federal direct loans until later for example), or because the department of education decided they weren't going to accept all forms of 'public service' (ex: the lawyers working for a non-profit to benefit veterans). The master promissory note has explicit language documenting the PSLF program and terms for forgiveness, and they've been very consistent that working for a government or 501(c)3 employer qualifies. Unless they're looking to take on a class-action lawsuit, as long as you meet those requirements, there's little reason to believe that it won't go through.
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Oct 11, 2018 12:45
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Dik Hz posted:With all due respect, I very highly doubt that >99% of people with 4-year degrees couldn't figure out the requirements to dismiss $10s of thousands. I find it eminently more likely that conservatives are playing politics with this. Yeah if there is anything people pay attention to it's the minutae of the types of loans they took out when they were 19
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Oct 11, 2018 19:53
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So my wife has been attending the university that I work for under my tuition benefit. The first two years she was completing her undergrad requirements and she just started her grad program. I had mistakenly believed that a percentage of graduate tuition went untaxed as income, but I was very much wrong. I hadn't planned on 20% of her tuition disappearing from my paycheck, but that's what I get for not reviewing the HR policies again. I'm looking at ways to supplement my income, but I wanted to see if getting a student loan to cover those taxes is possible. I doubt it is, but I want to know all our options.
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Oct 12, 2018 20:24
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Chu020 posted:There are no politics involved here. Chu020 posted:what qualified as 'public service employment' was also vague, and has clearly been narrowed over time.
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Oct 13, 2018 16:30
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So I'm looking through the PHEAA (fedloan servicing) website and it was my understanding that the PSLF program worked on a 10-year, 120-eligible payment basis. However, when I go to the repayment options page as I'm trying to work all the details out / figure out which method is the best to focus on responsible repayment while also still trying to preserve some PSLF flexibility assuming it's still there by the time it rolls around, I find the following language instead: Looking at each of those options, that seems to conflict with everything else I've read / heard. Am I missing something very obvious? Not sure what's going on here... My plan was to choose an IDR option (from one of the above) that was based on a 20-year schedule in order to lower my monthly burden (from a legal, on paper perspective), but to plan on paying $X above the monthly minimum whenever possible and have these additional amounts apply towards the outstanding principal balance so that I'm effectively lowering the repayment period and also my subsequent required monthly payments (even if it's on a smaller scale). This way, I'm still receiving some benefits while maintaining some sort of financial flexibility in case I get into a really bad jam. I figured, 1. try to pay off as much as possible whenever possible without getting into a credit crisis issue by missing the required monthly minimums, while also 2. getting some sort of repayment period flexibility so if the 20-year repayment cycle can be lowered down to 17 or 15 years through elective, optional payments (even if on an irregular basis), and at the end of say X years (I thought PSLF was 10) if there's any remaining balance left, assuming the qualifications are met, the rest could be forgiven and I'd then just have to pay the tax on getting the balance forgiven. Can anyone comment / help with the above? Wanted to make sure my plan seems reasonable and isn't just a pipe dream (on paper). Also, this huge disconnect between my understanding of PSLF and what's being shown to me on https://myfedloan.org/ is incredibly concerning. Skull Knight fucked around with this message at 19:57 on Oct 15, 2018 |
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Oct 15, 2018 19:20
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PSLF is a ten year / 120 payment program, you are correct. The various repayment plans have their own forgiveness schedules, separate from PSLF and handled differently, for people who do not qualify for PSLF. Those are the numbers you highlighted. If you qualify for PSLF and are confident you will stay in a qualifying job for 10 years, I would not pay more than the minimum, but some people would want to hedge. Up to you.
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Oct 15, 2018 19:24
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Tyro posted:PSLF is a ten year / 120 payment program, you are correct. The various repayment plans have their own forgiveness schedules, separate from PSLF and handled differently, for people who do not qualify for PSLF. Those are the numbers you highlighted. Apologies but I'm just trying to get this straight. So PSLF is the 10-years, 120-eligible payments plan, but it says right there at the top that I need to make qualifying payments under one of these plans. So after 120 PSLF qualifying payments are made while under one of these options (PAYE, IBR, ICR, REPAYE) I can apply for PSLF and if the conditions are met, the rest of the debt is wiped out and I just pay taxes on the forgiven balance? If I don't qualify for PSLF anymore, then I just "default" to the forgiveness options (timing, payments, etc.) listed separately under each payment option that I highlighted in yellow?
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Oct 15, 2018 19:57
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Skull Knight posted:Apologies but I'm just trying to get this straight. So PSLF is the 10-years, 120-eligible payments plan, but it says right there at the top that I need to make qualifying payments under one of these plans. So after 120 PSLF qualifying payments are made while under one of these options (PAYE, IBR, ICR, REPAYE) I can apply for PSLF and if the conditions are met, the rest of the debt is wiped out and I just pay taxes on the forgiven balance? If I don't qualify for PSLF anymore, then I just "default" to the forgiveness options (timing, payments, etc.) listed separately under each payment option that I highlighted in yellow? That's basically how I understand it. Though if you go through PSLF the forgiven balance is not taxed.
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Oct 15, 2018 20:02
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Thanks. In terms of the various repayment options, is there a quick primer / overview of the pros / cons of each one? Or is there a clear cut better option to try to go under?
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Oct 16, 2018 15:30
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Skull Knight posted:Thanks. In terms of the various repayment options, is there a quick primer / overview of the pros / cons of each one? Or is there a clear cut better option to try to go under? In general, the one that gives you the lowest monthly payment, however there are some situations where you'll want to switch. Unlike IBR, REPAYE, for example, has no cap on monthly payments, which may work against you if you're trying to get the maximum forgiven.
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Oct 16, 2018 16:32
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11k down, 17k left to go. Throwing literally x10-x12 the minimum payment each month towards this beast feels simultaneously rewarding, yet defeating. I just want this over with so I can focus on saving for retirement or investing. But god drat its upsetting not living at home anymore where I could throw 2k a month at it. but whatever. mental and emotional health come first. 
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Oct 20, 2018 00:09
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buglord posted:11k down, 17k left to go. Throwing literally x10-x12 the minimum payment each month towards this beast feels simultaneously rewarding, yet defeating. I just want this over with so I can focus on saving for retirement or investing. But god drat its upsetting not living at home anymore where I could throw 2k a month at it. but whatever. mental and emotional health come first. I’m two months out from having paid mine off and I agree with your sentiment. I’d drop thousands at a time, gutting my bank account, and know I was gonna work extra for another month to rinse and repeat. You’re so. drat. Close. I remember when I got mine down to the last 9k it suddenly felt very very real. Something about being under 10k made it mentally digestible. You can do it! At least for me when I was paying them off, it would reduce my overall payment for each individual loan I knocked out. My highest interest rate loan was ~$200 a month, so reclaiming that income felt great. Also if you’re like me, you’ll login almost daily to marvel at the big zero on your account balance.
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Oct 23, 2018 18:18
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Jesus loving Christ my wife took a course as an alumni at our grad school and the school reported to dep of Ed that she is enrolled in school and get loans were automatically put into deferment so oh cool not unpaid interest will probably capitalize when they are taken out gently caress this God drat loving country
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Oct 24, 2018 13:21
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The Slack Lagoon posted:Jesus loving Christ my wife took a course as an alumni at our grad school and the school reported to dep of Ed that she is enrolled in school and get loans were automatically put into deferment so oh cool not unpaid interest will probably capitalize when they are taken out You can still make payments while they're on deferment.
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Oct 24, 2018 13:28
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The Slack Lagoon posted:Jesus loving Christ my wife took a course as an alumni at our grad school and the school reported to dep of Ed that she is enrolled in school and get loans were automatically put into deferment so oh cool not unpaid interest will probably capitalize when they are taken out Yeah that happened to me when I filed my first PSLF notification form and my loans were moved over to Fedloan. Like $20k or so in interest capitalized. And they still refuse to credit one of the payments I made during the transition towards PSLF. Assholes.
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Oct 24, 2018 13:29
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Tyro posted:Yeah that happened to me when I filed my first PSLF notification form and my loans were moved over to Fedloan. Like $20k or so in interest capitalized. And they still refuse to credit one of the payments I made during the transition towards PSLF. Assholes. Yeah she is on track for pslf so any payment made during deferment doesn't loving count I am so loving mad right now and my grad school is never going to get a penny in donations out of me
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Oct 24, 2018 13:36
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That super sucks. You could request the deferment removed and count payments toward PSLF, but that would make the interest capitalize sooner 
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Oct 24, 2018 13:47
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Yeah, going to be calling everyone today. Huge loving pita. And ibr is suppose to recalculate next month too so I'm sure this will gently caress it up as well and they'll want the full payment or some bullshit
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Oct 24, 2018 13:50
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Making the interest capitalize like they do is the worst thing for students. You can have a whole loans repayment history basically wiped from interest adding to the principal which happened to my wife.
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Oct 24, 2018 14:02
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Can't wait for the socialist uprising Socialismo o muerte
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Oct 24, 2018 14:10
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The Slack Lagoon posted:Can't wait for the socialist uprising Burn Your Promissory Notes
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Oct 25, 2018 03:09
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EugeneJ posted:Burn Your Promissory Notes Do NOT burn your promissory notes!
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Oct 25, 2018 19:35
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They're digitial
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Oct 25, 2018 19:41
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The Slack Lagoon posted:They're digitial They could try to use an Amazon Fire, I guess?
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Oct 25, 2018 20:09
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I noticed that recently the required payment on my Navient loan dropped by like $27. Any idea why this happened? Am I going to have any issues if I keep paying what I used to?
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Oct 27, 2018 01:17
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I had my wife’s loan drop from 2400 to 1900 a month. Mohela dropped her minimum payment and extended her term to 250 months or something crazy for the higher interest rate batch of loans. She’s got a fixed payoff scheme and I’ve been regularly dumping extra into the higher rate loans. I called them up and it was automatic for some reason at the fed level. No consequence since I’m just paying them off in a year or two, but if I weren’t...
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Oct 27, 2018 02:20
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I'm looking into consolidation/refinancing options for my remaining federal loans. I have: 2x Direct Sub Stafford loans @ 3.15% each 1x Stafford loan @ 5.25% 1x FFEL Sub Stafford loan @ 5.35% When I go through the Direct consolidation loan process I'm offered 4.625% to consolidate all four of them. The monthly amounts are slightly different for the different repayment options, but on average any of them would reduce my payments by $100/month for a 9-12 year term. I expect to pay it faster, right now my goal is to reduce my payments for the short term while I get a handle on my overall finances. There's a part of my lizard brain telling me I shouldn't refinance the two 3.15% loans into a higher rate loan, but on the other hand I don't know if I could do better than 4.625% from any private lender. Most that I've seen start at around 5%. Is that the best deal I'm going to get? Also does it make any difference which servicer I pick? I have Navient, Great Lakes, and Mohela and none of them seem particularly awful?
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Nov 4, 2018 01:53
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I believe they just do a weighted average if you consolidate your loans that way. Stay as far away from navient as possible.
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Nov 4, 2018 02:35
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