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CronoGamer posted:I have $1,440 remaining on a 5% interest Perkins Loan that I've been paying off at $40/month for the last ~4 years. If I'm doing the math right, continuing to pay at this rate will have me done in 3 years 5 months, and including the interest I'll end up paying about $1560 total on the remainder--i.e., an additional $120 thanks to interest. This is the correct answer: spwrozek posted:I would do it if you feel good about your savings after it. Bring free of student loans is unfortunately one of the best feelings in life. You're paying $72/yr in interest so you probably aren't even getting a tax credit. Pay it off unless you are hard up for cash or don't have much of an emergency fund.
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Jun 5, 2020 18:13
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Sirotan posted:You're paying $72/yr in interest so you probably aren't even getting a tax credit. Pay it off unless you are hard up for cash or don't have much of an emergency fund.
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Jun 7, 2020 12:37
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Thanks all. I was feeling pretty good about paying it off so I'm glad no one came in with reasons not to. Unfortunately, this is just my Perkins loan, and I have a huge other set of loans to worry about... but that's what the PSLF is for.
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Jun 7, 2020 23:10
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Dik Hz posted:Truly this tax-payer funded stimulus is helping those most at need. Thank you, I’m also glad the bailout isn’t all going to bankers this time.
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Jun 7, 2020 23:13
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https://www.nytimes.com/2020/07/10/business/student-loans-betsy-devos-borrower-defense.html And I thought things couldn't get any worse. As one of the students of ITT tech, I am so hosed.
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Jul 12, 2020 06:04
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Betsy Devos is basically a heartless garbage pile. She is so out of touch with reality but that is what being worth of $5B will do I guess.
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Jul 12, 2020 15:19
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spwrozek posted:Betsy Devos is basically a heartless garbage pile. She is so out of touch with reality but that is what being worth of $5B will do I guess. Hard agree. She's awful.
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Jul 12, 2020 15:38
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I'm bad with money, that is to say, I'm also bad with spending or otherwise investing money because I'm a boring goon. I knew I had decent savings (and was actually looking at better investing that) and I had long assumed my actual student loan balances were unfathomably large but when doing my taxes this week I found I actually have enough in savings to pay them off entirely. So I know the answer is always "yes" but I'm more asking if it'd be better to pay off the loans immediately or pay off a bunch and invest a bunch in something else. I realize the actual #s are probably important here but the interest rates on my loans are between 5.8-7.9% so I'm guessing I should just wipe them clean before investing in anything else.
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Jul 16, 2020 12:54
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Magna Kaser posted:I'm bad with money, that is to say, I'm also bad with spending or otherwise investing money because I'm a boring goon.
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Jul 16, 2020 13:28
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Yeah, the only reason I generally think makes sense to keep any of them is for building credit, but that doesn't seem like something you need to worry about. Congrats on paying them off!
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Jul 16, 2020 17:17
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Wiggy Marie posted:Yeah, the only reason I generally think makes sense to keep any of them is for building credit, but that doesn't seem like something you need to worry about. Congrats on paying them off! Yeah I figured as much. OK time to do this. Thanks all.
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Jul 17, 2020 03:21
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(TE)PSLF Help: I graduated in 09, I have been working at a qualifying institution since I graduated, and I'm pretty sure I've made 120 monthly payments on my consolidated loans. I have been on a graduated repayment plan as I didn't know about the public service loan forgiveness till about three or four years ago. Currently on COVID forbearance. My employer submitted employment verification per my PSLF application. I guess part of the process is FedLoan takes over the loans? They're servicing the loans now. It's taken a little while but I believe they're the servicer now. I don't think I've received a denial letter. I'm also uncertain as to the total number of payments, as when I asked my previous servicer (Mohela), their records only went back to 2015. I thought I had a servicer prior to Mohela but when contacting Aspire (servicer before Mohela) they said they no longer had records of it. Anyway, I'm trying to figure out how many payments I've made and nobody seems to have the complete picture. I've been paying since I consolidated (and in recent years paying extra monthly), so surely I've gotta be close to 120 by now as the Student Aid website says the loan date on the consolidation loans is 4/16/10. My biggest question right now is: if FedLoan is who approves/denies based on number of qualifying payments, shouldn't they know how many payments I've made, and how many are/are not qualifying? Side question: I know it seems silly, but are there lawyers that could help do this? A few $K to a lawyer would still net save me a lot of money.
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Jul 23, 2020 23:36
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EDIT: NVM, didn't know there was some sort of expansion of PSLF. EDIT #2: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/temporary-expanded-public-service-loan-forgiveness says: (bolding is mine) quote:What will happen after I send my TEPSLF request email? Looks like you can submit the request if you don't even know if you've been denied and they'll tell you if you have been denied or if it's still in process. And the submission will get you started for reconsideration once the original request is processed. Ancillary Character fucked around with this message at 05:20 on Jul 24, 2020 |
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Jul 24, 2020 05:13
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You're right that you'll be looking at the TEPSLF route since the graduated repayment plan is not a qualifying repayment plan for PSLF. You still need to have the correct type of loans (Direct, not FFEL or other types), and the payments in the last year need to have been at least as much as you would have paid on an income driven repayment plan (IBR or REPAYE in your case based on when you took out loans I suspect). A number of people on extended repayment plans get screwed by that last part, though in theory you can deal with it by switching to an IDR plan for a year, but then of course you're making payments for another year. Are your loans Direct loans, or were they of a different type? This is probably the most important question, since if they were any other kind of loan then even TEPSLF is out. FedLoan is the servicer you're forced to once you start on an IDR plan or declare you're going for PSLF, so that's normal. Last statistics published on TEPSLF from 5/20 said only 1% of applicants were approved, and 75% of denials were because they hadn't submitted a PSLF application. You MUST submit the PSLF application before applying for TEPSLF even if you know you'll be turned down. Yes it's dumb, but thems the rules. You can submit a TEPSLF request while the PSLF application is under review though as mentioned above, so I'd agree that you should do that. Of the others who got denied, most hadn't gotten to 120 payments (which I tell everyone to keep all their payment confirmations somewhere safe because FedLoan sucks at counting, and because of what you mention about getting payments counted correctly from a servicer before your loans are transferred to FedLoan), didn't meet the 'payments equal to or more than payments under an IDR plan in the last 12 months' provision, or didn't have Direct loans. Unfortunately if you didn't keep records of payment confirmations and the servicer doesn't have them anymore, you may be at the mercy of whatever info FedLoan got when they took over as your servicer.
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Aug 6, 2020 03:13
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They're the right kind of loans, yeah: DIRECT SUB CONSOLIDATION LOAN DIRECT UNSUB CONSOLIDATION LOAN I was paying extra because I had a little extra monthly. I'm worried the extra wasn't going to the balance but to push the due date out further. It does show I was paying the principle and interest. My payment amounts were $330/mo. After my previous post I called FedLoan, my new servicer, and they talked me into an IDR. REPAYE seems to be what's been selected, and REPAYE is just under $300mo. It's too late for me to keep payment confirmations since I'm already 10 years in but I'd definitely second that advice. But yeah, that's my number one concern since Mohela only sent me payment information from when they took over my loans, not the previous servicer. Shouldn't they be able to see I didn't have any late payments on the loans, and that they were disbursed 10yrs+ ago? This is kind of why I want to get a lawyer to help do things by the book and I'd be saving money in the end if they helped me get my forgiveness. Last week I applied for PSLF. I know it's going to get denied because I know I wasn't on the right repayment plan. I just hope they'll tell me how many payments I've made. Calling so many people trying to tell them I know they're not qualified, I just want the raw number has gotten so tiring. So I've heard the COVID forbearance counts as "qualified payments" and I've seen one of the ideas floated to help folks is to extend the COVID forbearance... Man I hope that happens. Honestly, if only 1% of applicants have been approved, that gives me a lot of hope that there will still be funds available to pay for mine. Here's hoping Mohela had Aspire's payment info in a separate container, otherwise I feel like I'm gonna be boned. edit: Holy crap, I just re-read the PSLF confirmation email saying they're gonna take 30-90 Days. Aexo fucked around with this message at 18:57 on Aug 7, 2020 |
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Aug 7, 2020 16:31
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Okay, so Trump's EO pausing student loans... I can only imagine how this is going to gently caress with PSLF eligibility and calculations.
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Aug 9, 2020 20:05
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The Slack Lagoon posted:Okay, so Trump's EO pausing student loans... I can only imagine how this is going to gently caress with PSLF eligibility and calculations. I'm hoping it just extends what's already going on for another 3 months. 
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Aug 9, 2020 20:15
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Residency Evil posted:I'm hoping it just extends what's already going on for another 3 months. I'm hoping the same but.... :trump:
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Aug 9, 2020 23:30
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I have 2 subsidized Stafford loans serviced by Great Lakes and owned by DOE. I also have 2 subsidized Stafford loans serviced by Navient that somehow became owned by Navient so they weren't eligible for coronavirus deferral. It seems like I don't get any benefit even though they're still federal loans. Were those Navient loans formerly owned by DOE? If they were sold to Navient without my consent, does that mean my Great Lakes loans can also be sold and become ineligible for future relief? The Slack Lagoon posted:Okay, so Trump's EO pausing student loans... I can only imagine how this is going to gently caress with PSLF eligibility and calculations.
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Aug 12, 2020 23:22
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It might be that the Navient loans are FFELP loans instead of Direct, since it looks like CARES only impacts the federal loans owned by the DOE (which would be Direct loans). When are they from? Also, can anyone confirm this?
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Aug 13, 2020 01:33
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Wiggy Marie posted:It might be that the Navient loans are FFELP loans instead of Direct, since it looks like CARES only impacts the federal loans owned by the DOE (which would be Direct loans). When are they from? Also, can anyone confirm this? Great Lakes will also no longer be able to service student loans starting in November so that worries me. Thanks Betsy.
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Aug 13, 2020 11:05
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Is FedLoan still going to be the PSLF servicer?
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Aug 13, 2020 12:39
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Josh Lyman posted:The Great Lakes loans are FFEL and Direct while the Navient ones are FFELP. Sounds like the Great Lakes FFEL loans shouldn't have been eligible for deferral but they did it anyway? That is such garbage about Great Lakes too. I had a lot of different servicers when I had loans and GL was by far the easiest to work with and had the most straight forward website/payment.
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Aug 13, 2020 18:40
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Sigh.
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Aug 13, 2020 20:57
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I'm in the middle of my annual recalculating of my PSLF eligibility. I'm curious to see if they count the deferrals like they said they would. They initially denied my eligibility, claiming there was info missing from my form (they did the same thing last year too). A short phone call with the FedLoan PSLF specialist and he reviewed the form, confirmed the info was there, and sent it back to be reprocessed with a note to approve it. We will see in a few weeks if they do or not. Residency Evil posted:I'm hoping it just extends what's already going on for another 3 months. *Same*
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Aug 13, 2020 21:10
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Before covid forbearance my monthly payment was around $180. I just logged into nelnet and its jumping to $275?
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Aug 14, 2020 22:29
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Does anyone have any input on Citizens for a refinance? My current loan is with Wells Fargo at 8.04% and since going with them my income has increased and my credit score is hovering around a 765. It looks like I can get that interest lower. I’ve also taken my bank accounts elsewhere and wouldn’t mind severing with WF entirely. Thing is, I don’t have a degree. My loan was for a commercial aviation program at a nationwide flight school. I finished, got my certificates/licenses and some banks don’t mind, but most tell me to pound sand if I don’t have a paper 4 year degree to show for it.
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Aug 17, 2020 15:48
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Rolo posted:Does anyone have any input on Citizens for a refinance? My wife used them. No complaints. Any specific question?
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Aug 18, 2020 00:44
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Mostly just making sure there aren’t any big problems because I’ve never known anyone that uses them. I got approved today for 3% lower so assuming something doesn’t come up with the final approval I’m probably gonna take it.
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Aug 18, 2020 02:38
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Rolo posted:Mostly just making sure there aren’t any big problems because I’ve never known anyone that uses them. Yeah, we refied a high variable rate to fixed rate, about 3.5% lower than what the variables were at. Payments went through quickly, customer service was fine as far as student loan companies go, and when we paid off the balance we got a letter saying the loan was paid pretty quickly. Some of the other refi companies didn't even want to talk to us. At the time we were also using citizens for or primary banking, so I think we got 1/4% off. IIRC there was an incentive to have auto payments set up where they reduced the interest rate slightly.
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Aug 18, 2020 13:57
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The Slack Lagoon posted:Yeah, we refied a high variable rate to fixed rate, about 3.5% lower than what the variables were at. Payments went through quickly, customer service was fine as far as student loan companies go, and when we paid off the balance we got a letter saying the loan was paid pretty quickly. Yeah I’d be getting another 0.25% for setting up auto payments. The 8% really stung during times like this where I’m making minimum payments in favor of my emergency fund.
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Aug 18, 2020 14:44
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Rolo posted:Mostly just making sure there aren’t any big problems because I’ve never known anyone that uses them.
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Aug 19, 2020 14:06
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Yeah I’m talking about the latter after a full application and hard pull. I’m “conditionally approved” and I have a selected term. As of now it looks like the only thing I’m waiting on before a final decision is for someone to review my current loan statement and pay stubs.
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Aug 19, 2020 14:28
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The Slack Lagoon posted:Okay, so Trump's EO pausing student loans... I can only imagine how this is going to gently caress with PSLF eligibility and calculations. It is apparently official now that this is an extension of everything from the CARES Act and it should be another 3 months of non-payments that are eligible towards PSLF: https://studentaid.gov/announcements-events/coronavirus?sf127024218=1 https://twitter.com/fafsa/status/1296088247878266881?s=21 https://twitter.com/FAFSA/status/1296107201002700807
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Aug 19, 2020 18:18
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Sirotan posted:It is apparently official now that this is an extension of everything from the CARES Act and it should be another 3 months of non-payments that are eligible towards PSLF: https://studentaid.gov/announcements-events/coronavirus?sf127024218=1 hahaha thank you, Papa Trump.
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Aug 19, 2020 18:21
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Sirotan posted:It is apparently official now that this is an extension of everything from the CARES Act and it should be another 3 months of non-payments that are eligible towards PSLF: https://studentaid.gov/announcements-events/coronavirus?sf127024218=1 I like the "payments you would have made" Can't wait for them to say "we don't know if you would have made this payment or not, and therefore we can't certify that these Schrödinger payments would have been made" E: Also my IDR is going to end during this forbearance. I guess I'll have to call FedLoan to figure out what to do about that and how to recertifiy. The Slack Lagoon fucked around with this message at 18:40 on Aug 19, 2020 |
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Aug 19, 2020 18:38
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The Slack Lagoon posted:E: Also my IDR is going to end during this forbearance. I guess I'll have to call FedLoan to figure out what to do about that and how to recertifiy. You can do it online, then log into FedLoan and upload the document that StudentAid.gov spits out for you: https://studentaid.gov/app/ibrInstructions.action Click on "Submit annual re-certification of my income".
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Aug 19, 2020 18:47
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I recertified a few weeks ago and it all worked like it usually does. The entire idea of needing to recertify is mad stupid. I give the IRS authority to share the only information FedLoan needs to recert me. The only thing that should happen is each year I get a text that says "Reply 'Y' to stay in REPAYE. Reply 'N' to opt out and then visit FedLoan to sign up for a new plan."
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Aug 19, 2020 19:56
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Question: My wife has a Direct Consolidation Loan that she's been paying off under IDR/PSLF (with receipts) for 8 years. She wants to go to grad school and we're thinking of taking some federal loans to cover tuition and basically just pay them back as we go. Will taking out separate loans affect her consolation loan in any way? I know that if she consolidated them into her existing consolidated loans that would reset her PSLF clock and we obviously aren't doing that.
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Aug 21, 2020 02:10
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It shouldn't-each loan has it's own PSLF counter. Make sure when she starts school the loan isn't put into automatic forbearance, assuming she's still working at a qualifying organization during grad school. My wife took a class as an alumni and the school notified the DOE that she was I'm school again and automatically put the loans into forbearance. Took months to get reversed and to make sure the payments we made during that still counted towards PSLF
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Aug 21, 2020 10:49
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