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That's a great point, I'll make sure that doesn't happen.
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Aug 21, 2020 14:35
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Rolo posted:Yeah I’m talking about the latter after a full application and hard pull. I’m “conditionally approved” and I have a selected term. Officially approved  Time to write big checks to someone else!
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Aug 21, 2020 21:05
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I got denied PSLF as expected... I had zero qualifying payments since I was on the wrong plan type. But they didn't say how many payments I've made, only how many qualifying payments I've made (zero). How am I supposed to know that they know I've made 120 *payments* that count towards the TEPSLF?
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Aug 23, 2020 00:01
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Update: I called and spoke to someone who I believe completely understood what I was asking when I wanted to know how many payments (not just qualifying payments) I had made. They said they saw 116 unqualified payments and 4 qualifying payments. The 4 being while on this current COVID forbearance. So I totaled 120. He said I should apply for TEPSLF and his tone was that of "yeah dude this is a no-brainer, you're in, just do the work" My next worry was that although I was overpaying my minimum due, doing so pushed my due date out farther. Pushing the due date out farther made me think the account would only make the minimum payment out and then hold the remaining money for a future due date. A good example of this was I had a financial situation a few years back and I stopped paying the school loans for a few months because I had almost a year of buffer space at that time. But when I look at the payment history I got from my servicer and I add the subsidized and unsubsidized payment amounts in the past year it totals more than the current REPAYE amount that I'll be expected to pay after the COVID forbearance finishes. TL;DR: I'm super confident I qualify for the TEPSLF and I fired off an email to kick that process off. Edit: just looking around the fedloan website I see they have a PSLF tracker area and it shows how many unqualified payments I've made. It only shows the payments from my last servicer, not my first servicer. So now I'm worried the people who will review my TEPSLF request won't look wherever the person I last spoke to was looking and they'll only see the 89 payments I made to the last servicer and none of the payments I made to the first one. Ugh, what a roller coaster. It's out of my hands for now, I just need to wait for their decision. Aexo fucked around with this message at 13:10 on Aug 29, 2020 |
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Aug 29, 2020 12:55
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Wow what a thread. I've been on this forum for 15 years and never looked in this general direction. There's a lot to read through in this thread, but I'm hoping I can cut right to the chase. I recently decided that it was time to get serious about paying back my student loans. I've continued making payments since the government put my loans into forbearance, but looking ahead I want to really start tackling these and make use of what time we have left before the end of the year. Here's my situation, let me know what you think. I owe ~$3,700 on my car. The loan has 16 months left at 2.34%, a better rate than I remember it being. My wife and I were looking at this and thought, "hey, let's just pay that off right now." This would free-up $200 a month, money we could shift over to the student loans and do some damage on the principal every month. This would be nice because it would eliminate a monthly bill and it feels good to knock those down one at a time. But then I got to thinking, would I maybe be better off just throwing that $3,700 at one of my student loans? Here's how they look: Loan 1- Balance: ~$7,200 subsidized 4.75% Loan 2- Balance: ~$8,000 subsidized 6.8% Loan 3- Balance: ~$12,600 unsubsidized 6.8% My original thought was to take the $200/month from the car payment and put it towards Loan 1 or Loan 2 in order to kill them off. Since both loans are about equal and Loan 2 has the higher interest rate I figured putting it towards Loan 2 would save me the most money. But now that I'm playing around with the $3,700 lump sum, that would take care of nearly 46% of Loan 2's balance. That seems like it would be a huge long-term savings. The downside is that I don't pay off my car and I keep that monthly payment. Also, in the back of our mind is also the possibility of another round of stimulus payments. We aren't banking on this obviously, but if we were to get another $2,400 we would put that towards the loans (car or student). So there's the possibility of ~$6,100 in direct payments on one loan over the next couple of months. I need to run the numbers myself, but I figured this thread was a good resource to ask. So, what's the best option? Do I pay off my car right now and shift the monthly payment over to my student loans? Or do I take the money and put it towards the student loans first? If I put it towards the student loans, which one should it go towards? Thanks Goons.
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Oct 7, 2020 21:56
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Personally I would pay off the car loan and shift the $200 over, mostly because in case of emergency federal loans are easier to deal with (current forbearance is an example), plus it means that you know any additional $$$ will go toward them anyway since the car loan is gone. Also, one less loan totally paid off, hooray! What you can do is play around with an amortization calculator for your car loan and student loan to see how much you'll save paying off one versus paying a lump sum toward the other. Make sure to use a student loan specific calculator (maybe there's one on studentloans.gov) since this will take the simple interest into account.
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Oct 8, 2020 04:46
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Always tricky but the "lowest cost option" isn't always the best. The federal protections on the student loans are nice. Also it sounds like you might like the mental boost from knocking something out. The key is to actually send those $200 to the student loan if you do pay off the car. Cheapest option is to go from: Loan 3 to Loan 2 to Loan 1 to Car loan. But the opposite seems to be best for you from a victories stand point. Yeah you pay a bit more interest but could be worth it if you stick to the plan and get them knocked out.
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Oct 8, 2020 16:41
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SpitztheGreat posted:This would be nice because it would eliminate a monthly bill and it feels good to knock those down one at a time. Paying off the smallest loan first would give you a quick victory, and maybe even a bit of inspiration to tackle the rest of your debt (snowball method). But paying off 3->2->1->Car will objectively leave the most money in your pocket and allow you to pay off your debts the fastest possible (avalanche method). I understand psychological benefit of the snowball method but I would argue that the avalanche method can be equally beneficial. Not only do you get the benefit of objectively paying the least to resolve your debt (always a good thing), but you get your absolute worst debt out of the way first. Then things become easier and easier as your progress. Student loan #3 is not only your highest interest loan, but it's also your largest debt and it's an unsubsidized loan. Once you've paid off #3, all your other loans are small fries in comparison. It comes down to: Making lots of progress at first but making less progress over time (snowball) versus slogging through your worst loan first but making exponentially more progress as your proceed (avalanche). Which is best for you is for you to decide, but I would usually recommend going with the avalanche method. The only thing that might throw a wrench into things is that Biden keeps saying he'll cancel student loan debt so  https://www.investopedia.com/articles/personal-finance/080716/debt-avalanche-vs-debt-snowball-which-best-you.asp https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
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Oct 8, 2020 18:31
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I'm currently on REPAYE and have been doing yearly automatic re-calculations of my payment using tax returns. This ends up making the payment based on my income from like... a year prior. My income has fluctuated some and is currently a lot lower. I can still afford the higher payments relative to my current income though. Is there any downside to recalculating it using a current paystub? It feels kind of shady considering havn't really paid 10% of my AGI when my salary was higher since everything is so delayed. In a year the next auto-recalculation will obviously be lower since it'll be based on now when my salary is lower. I just don't want to mess up PSLF.
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Oct 22, 2020 16:47
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KirbyVanBurch posted:I'm currently on REPAYE and have been doing yearly automatic re-calculations of my payment using tax returns. This ends up making the payment based on my income from like... a year prior. My income has fluctuated some and is currently a lot lower. I can still afford the higher payments relative to my current income though. Since you are on track for PSLF, you should use whatever you can to get your payment as low as is possible. They allow you to use a paystub to recalculate your repayment, so if that is what is most beneficial to you right now, that is what you should do. Absolutely nothing shady about this and it will not mess up PSLF. Also from this post I can't quite be sure so I just want to check: you haven't been making any payments during this CARES Act forbearance period, right?
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Oct 22, 2020 17:51
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My old email went defunct and I completely forgot to recertify my IDR for Navient this year. Did they extend this deadline at all because of covid? It says my payment will go from $0 to $588 on January 1, and I make $1200/month. I don't know what to do
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Nov 8, 2020 13:59
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i say swears online posted:My old email went defunct and I completely forgot to recertify my IDR for Navient this year. Did they extend this deadline at all because of covid? It says my payment will go from $0 to $588 on January 1, and I make $1200/month. I don't know what to do You can recertify any time, but my recollection is if you miss recertification and your plan changes, the unpaid interest is capitalized. So that's unfortunate, but you should be able to get back into IDR fairly painlessly.
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Nov 8, 2020 14:19
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I haven't had any interest added at all since the first stimulus package, does that apply to all past interest of the decade I've had these?
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Nov 8, 2020 14:42
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Unfortunately yes, if you miss the deadline for recertifying your IDR plan, all unpaid interest capitalizes. Also, if you were going to PSLF, any payments made during the automatic deferral period between when you miss the deadline and when payments come due again are not counted toward PSLF. Not 100% sure how it'd play out with the current forbearance and whether that would mean that some of the free payments months would not longer count though. I would get your application in for applying for the appropriate IDR plan now (probably REPAYE based on what you mentioned about your income) so they can start processing it. Since you can show a significant financial hardship if you don't get on an IDR plan before payments come due, it should be pretty easy to request a temporary forbearance, since you'd probably meet the 'monthly payment is >20% of monthly gross income' criterion.
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Nov 9, 2020 03:58
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This is interesting: https://twitter.com/WinterForMT/status/1325171295017861124
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Nov 9, 2020 08:37
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I'm assuming that's federal student debt and not student debt through places like Navient right?
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Nov 9, 2020 12:15
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bowmore posted:I'm assuming that's federal student debt and not student debt through places like Navient right? It probably only can be federal loans but the details are non-existent so I wouldn't really think about it much until February and we are able to see what is real.
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Nov 9, 2020 16:23
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Chu020 posted:Unfortunately yes, if you miss the deadline for recertifying your IDR plan, all unpaid interest capitalizes. Also, if you were going to PSLF, any payments made during the automatic deferral period between when you miss the deadline and when payments come due again are not counted toward PSLF. Not 100% sure how it'd play out with the current forbearance and whether that would mean that some of the free payments months would not longer count though. So, the whole COVID situation renders a lot of this very different. I am on REPAYE and working towards PSLF. My recert was supposed to come around in April this year; when I called to ask some questions about it, the FedLoan people told me straight up that my deadline did not apply due to the pandemic and that as long as I recertified before the covid forbearance ended, my interest would not capitalize, and the payments I would have been making under my REPAYE were still valid. I can also confirm that I did recertify last month, ~6 months later than it would initially have been due, and the interest did not capitalize. i say swears online, call up your loan provider and ask, but if your IDR was supposed to be due in April or later you may be okay.
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Nov 10, 2020 03:11
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Yeah would double check that for sure, but it does fall in line with the other exceptions the COVID relief forbearance has provided. Basically it treats it as if your loans are having on time payments are being made, so if you were in default because you haven't made payments or any other status, it converted all those loans back to a 'paid on time' status. I guess they may be applying that logic to IDR recertifications as well, just hadn't found anything previously talking about that.
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Nov 11, 2020 15:35
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It's also kind of an interesting time. I don't see Trump signing another EO to extend student loan forbearance past December, so presumably we go back to paying starting January 1st, however Biden has made some noise about wanting to change things. Guess we'll see.
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Nov 11, 2020 15:54
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https://twitter.com/Relentlessbored/status/1326790642413002760
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Nov 13, 2020 00:58
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I'll believe any amount whatsoever will be forgiven when it actually happens, not a moment sooner.
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Nov 13, 2020 01:07
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I’ve been making payments this entire time during the pandemic and it’s been so nice actually seeing my balance go down. I’m pretty drat depressed that interest is going to kick in again soon, I want this monkey off my back so badly 
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Nov 18, 2020 18:23
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CronoGamer posted:So, the whole COVID situation renders a lot of this very different. I am on REPAYE and working towards PSLF. My recert was supposed to come around in April this year; when I called to ask some questions about it, the FedLoan people told me straight up that my deadline did not apply due to the pandemic and that as long as I recertified before the covid forbearance ended, my interest would not capitalize, and the payments I would have been making under my REPAYE were still valid. I can also confirm that I did recertify last month, ~6 months later than it would initially have been due, and the interest did not capitalize. There have to be millions of people like me earning 1/3 GDPpc with oppressive debt, it's clear the government can see the numbers and absolutely shocking they don't find it to be a problem i say swears online fucked around with this message at 12:03 on Nov 19, 2020 |
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Nov 19, 2020 12:01
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Is the OP from 7 years ago still helpful for someone about to start college next year? I'm trying to figure out how to help my sister understand the significance of taking out student loans and what it's going to look like after she graduates. Back when I went to college I quickly noped out twice because I wasn't willing to go into that much debt and my parents were of no help navigating or paying for any of it, so my knowledge of it is very limited. She has a decent scholarship offer, which is awesome, but she seems very committed to spending more than her discounted tuition on room and board for the "college experience". If that's the case I don't see her getting out of undergrad with less than 60k in debt and if she wants to be a teacher she'll likely want a Masters as well.
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Dec 15, 2020 00:39
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Shyfted One posted:Is the OP from 7 years ago still helpful for someone about to start college next year? I'm trying to figure out how to help my sister understand the significance of taking out student loans and what it's going to look like after she graduates. Back when I went to college I quickly noped out twice because I wasn't willing to go into that much debt and my parents were of no help navigating or paying for any of it, so my knowledge of it is very limited. If you ever figure out how to make 18 years olds listen to others' experiences rather than repeat the same mistakes everyone else made, I hope you use your powers for good.
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Dec 15, 2020 01:57
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One approach you might want to take is to sit with her and talk through what a reasonable salary she can anticipate as a teacher is, then compare that to the potential debt she'll accrue. https://studentaid.gov/ has calculators y'all can play with. One thing I always advise is to NOT count on forgiveness (including public service loan forgiveness), not because it can never happen but because I think it's better to anticipate for the worst case scenario. Also talk through how having student loans impacts both credit and debt-to-income ratio, which impacts the ability to purchase, say, a home. If you approach the conversation from a realism point of view rather than a "don't make a terrible mistake rawr" point of view, she might be open to it.
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Dec 15, 2020 02:31
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https://twitter.com/grantwilder3/status/1341096739567230980?s=19 This is really good news, this question is so awful. Financial crime conviction? Meh whatever. Smoke a blunt? HOW DARE YOU
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Dec 22, 2020 02:41
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My wife’s student loans are on REPAY — am I correct that capitalization doesn’t occur annually, just occurs if we don’t recertify (or miss loan payments or go into deferral/forbearance or something)? We just recertified so I think we’re good but wanted to make sure.
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Dec 29, 2020 01:03
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Neurostorm posted:My wife’s student loans are on REPAY — am I correct that capitalization doesn’t occur annually, just occurs if we don’t recertify (or miss loan payments or go into deferral/forbearance or something)? We just recertified so I think we’re good but wanted to make sure. Yes, allegedly. We've recertified for 4 years and the interest has not yet capitalized. I say allegedly because who the gently caress knows if any of it will be consistent
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Dec 29, 2020 01:22
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The Slack Lagoon posted:Yes, allegedly. We've recertified for 4 years and the interest has not yet capitalized. Awesome thanks.
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Dec 29, 2020 04:17
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I should be qualifying for TEPSLF, I was on a tiered repayment plan, I have the right kind of loans, I should have the minimum number of payments... But I guess paying more than the minimum messed things up so it was like my payments going in the top of a bucket and the servicer taking money from the bottom. So in the servicer's records, I was pre-paying 99% of my payments. And since my loans transferred servicers a few times, the payment records somehow got lost along the way. And since the original servicer no longer services these kinds of loans, they no longer have my records. So online, Chase only has statements that go back like 7 years. I need records from 2009 through present. So I go to a branch and there's like one banker working, and they're four people deep so they come out and ask what everyone needs, I tell em my deal, they say they don't have records beyond 7 years and shoo me away. I call the customer service number and they say the bankers should have access to "statements as far back as from when the account was created" so I got to a different branch today and explain my thing to them and they give me the same answer.. only 7 years. This can't be real. You're telling me if the government asked Chase to provide bank statements more than 7 years old Chase would tell em, "sorry, we purge all records after 7 years!" I don't think so. TL;DR: Not sure if this warrants its own thread but I need someone to tell me how to get Chase to dig up my old statements to show I made student loan payments on time.
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Dec 29, 2020 23:25
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Aexo posted:I should be qualifying for TEPSLF, I was on a tiered repayment plan, I have the right kind of loans, I should have the minimum number of payments... Can customer service provide this for you instead of the branch? Maybe just call and ask for a full history of payments on your account. You also might be able to contact the guarantor of the loans, but Chase should be able to send you an account audit/historical statement.
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Dec 29, 2020 23:54
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I've been told: Banker: I can only see what's on the website (~7years) Toll-free Customer service number: I can only do two years but a banker should be able to do anything since the account was opened Banker at a different branch: I can only see 7 years, after that Chase purges records, but submitted a form to request data (didn't say what form) Said give it two business days to hear back (I'll call on Tuesday if I don't hear anything from them) Twitter ChaseSupport account, direct quote: "Please know that we only have statements available in the last 7 years"
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Jan 3, 2021 21:38
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https://twitter.com/CNNPolitics/status/1351873618406494208?s=19 Good news for those with federal loans!
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Jan 20, 2021 16:49
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Wiggy Marie posted:https://twitter.com/CNNPolitics/status/1351873618406494208?s=19 gently caress yeah! This will get me through to the end of PSLF without needing to make another payment 
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Jan 20, 2021 17:35
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Wiggy Marie posted:https://twitter.com/CNNPolitics/status/1351873618406494208?s=19 My federal loans somehow owned and serviced through Navient are not. 
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Jan 20, 2021 18:05
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Sirotan posted:gently caress yeah! This will get me through to the end of PSLF without needing to make another payment That's awesome! Josh Lyman posted:My federal loans serviced through Great Lakes are eligible. That sucks. Are they FFELP? Maybe that's the difference (Direct versus FFELP).
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Jan 20, 2021 18:40
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Wiggy Marie posted:That's awesome!
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Jan 20, 2021 18:57
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Don't feel bad, a good chunk of loans were. Mine would've been if FFELP had still existed when I went back. I know you can consolidate to make them eligible for Direct stuff now, but possibly not worth it otherwise.
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Jan 20, 2021 19:32
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