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Greatlakes messed up and instead of just refunding one payment of 9,590 they have refunded everything so I’m getting back over 31K, I’ll have to despite it, and then send the money right back because they can’t fix it because it’s in processing. Banks are loving stupid  at least I can get the last $400 and get the full 10K write off now I guess
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Sep 20, 2022 20:31
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I tick all the boxes (poor,pell grant received, etc) I made my last ever payment on March 25th, 2020. I'm not getting any of it back, not even the final payment, because my current balance is $0, right?
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Sep 22, 2022 05:36
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The Anime Liker posted:I tick all the boxes (poor,pell grant received, etc) If your loans were owned by the ED, then you can call your loan servicer to request a refund of that final payment. Any payments made after the pause started on March 13 2020 onward are eligible to be refunded. Then, if the balance on your loan account after the refund is below $10k (or $20k in your case as a Pell Grant recipient), it will get forgiven at a later date as part of the Biden forgiveness plan. ---------- I requested a refund of my 2020 payments from Nelnet about 3 weeks ago, however it's complicated by the fact that my loans transferred from FedLoan in late '21 so Nelnet was going to have to work with Fedloan to confirm the amounts and dates. This is further complicated since I'm consolidating my loans for PSLF, and they'll transfer to MOHELA once that's finished. I'm really hoping my refund request doesn't get stuck in limbo because of all that.
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Sep 22, 2022 11:44
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Space Racist posted:If your loans were owned by the ED, then you can call your loan servicer to request a refund of that final payment. Any payments made after the pause started on March 13 2020 onward are eligible to be refunded. Then, if the balance on your loan account after the refund is below $10k (or $20k in your case as a Pell Grant recipient), it will get forgiven at a later date as part of the Biden forgiveness plan. So, to be perfectly clear, I need to get $78 from MOHELA and then the other $19,922 will be sent out from the fed, even though my balance is now $0? That sounds way too good to be true. Like I FEEL like I missed a cutoff date / balance amount because I'm at zero now. Like good things don't happen to me. The Anime Liker fucked around with this message at 22:18 on Sep 22, 2022 |
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Sep 22, 2022 22:08
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The Anime Liker posted:So, to be perfectly clear, I need to get $78 from MOHELA and then the other $19,922 will be sent out from the fed, even though my balance is now $0? If I'm understanding you correctly, then the $78 you paid after the 03/13/20 payment pause is the only amount eligible to be refunded, and then the $78 loan balance you will have after that refund will be forgiven at some point in the future. You won't qualify for any additional $19,922, since that was presumably paid prior to 03/13/20 and therefore not part of the Covid payment pause. Sorry if I got your hopes up, but enjoy the extra $78 at least. 
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Sep 22, 2022 22:40
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How quickly have some of you gotten refunds?
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Sep 28, 2022 05:29
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Mine came today actually. I contracted great lakes about it three weeks ago tomorrow. The loan servicer website was updated with the new amount about a week before the money showed up in my account.
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Sep 28, 2022 05:37
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I have a bunch of PSLF eligible loans due to be forgiven. Do my loans that are private or parent co-signed and not psfl eligible get to be forgiven? Who gets to pick where my 10K goes?
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Sep 28, 2022 16:44
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Harold Fjord posted:I have a bunch of PSLF eligible loans due to be forgiven. Do my loans that are private or parent co-signed and not psfl eligible get to be forgiven? Who gets to pick where my 10K goes? If they are fully private, then no. If the loans your parents signed are Parent Plus loans, then yes. The $10k just gets applied to whatever your highest interest federal loan is.
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Sep 28, 2022 16:47
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Shammypants posted:How quickly have some of you gotten refunds? Got mine yesterday, with an official email from Great Lakes to go along with it
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Sep 29, 2022 01:45
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Biden admin is kicking off the student loan forgiveness process. If you have sent the DOE your tax returns for 2020 or 2021 for any reason (income verification, IBR, etc.) or filled out a FAFSA form in 2020 or 2021, then it should be applied automatically in the coming weeks and you don't need to do anything. If not, then the form to verify will be going live on the DOE site in "the coming days." The form will be available from October 2022 to December 2023. Form will be one-page long and does not require any supporting documents. (It is basically just a one-page thing you sign digitally swearing you really are eligible and promising not to intentionally try to defraud the government.) quote:“In October, the US Department of Education will launch a short online application for student debt relief. You won’t need to upload any supporting documents or use your FSA ID to submit your application,” the email said. https://twitter.com/betsy_klein/status/1575498579535310851
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Sep 29, 2022 16:35
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I just got the email from DOE about that minutes ago. Im not gonna breathe a sigh of relief until I get the email saying that my 15k is officially wiped, but man this feels good.
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Sep 29, 2022 16:49
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Just wanted to say thanks a lot for all the actionable info in this thread, hugely appreciated 
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Sep 29, 2022 16:53
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I am currently in a little bit of limbo. Went ahead and started the consolidation process to Direct. However, since my income changed drastically from my last tax filing (my wife isn't currently working), I had to submit a paper application for IBR. I sent that off to the ether a few weeks ago and have heard nothing from anybody. Mohela is my current provider for my FFELP loan, but I also picked them as my provider for my new Direct loan.
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Sep 29, 2022 17:00
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buglord posted:I just got the email from DOE about that minutes ago. My email went straight to my spam folder, so don't forget to check there.
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Sep 29, 2022 17:31
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I just got a letter about my cosolodation to a direct loan going through. I really hope I can just have this wiped like they hinted at. I didn't get any of the jobs I applied for so I might be stuck with my PSLF job for the last year of the 10 years so at least I have that going before the deadline in a month 
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Sep 29, 2022 17:50
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https://twitter.com/mstratford/status/1575529368302292992?s=21&t=mnrMHgPkf4BIeIMzzVNw4A Uh I think this affects me.
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Sep 29, 2022 18:20
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Was waiting on guidance from my wife's (former) loan servicer to get $10k of our balloon payment back, so I don't precisely know what she had. What exactly is a "federal loan held by a private lender?" https://twitter.com/mstratford/status/1575529368302292992?t=KRD6Y42VCM6KDgkYJ1Nplw&s=19
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Sep 29, 2022 18:22
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I don’t have access to the full article but there’s enough in the first few paragraphs to make it look like I’m out of any relief now lolquote:The Education Department will no longer allow borrowers with privately held federal student loans to receive loan forgiveness under the administration’s plan, according to guidance updated on the agency’s website Thursday. The administration had previously said that those debt-holders would have a path to receive the administration's relief of $10,000 or $20,000 per borrower. The one non private loans I had and was hoping to get 2-3k (depending on how much I could get refunded for payments through the pandemic) is a FFELP loan.
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Sep 29, 2022 18:27
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"Just several million of the 45 million" Jesus loving christ.
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Sep 29, 2022 18:38
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Happy Noodle Boy posted:I don’t have access to the full article but there’s enough in the first few paragraphs to make it look like I’m out of any relief now lol So ones with like Naviant don’t qualify, like they didn’t qualify for the pauses, but FFELP loans held by “DEPT OF ED/GREAT LAKES”, which are on pause cause of the COVID relief act, do still qualify since those are held by the DOE and serviced by Great Lakes? I’m hoping that’s the case cause I already got my 10K refund from greatlakes and had planned on taking out the remainder of my navient loan and credit card debt with it Cause now I’m a little freaked out. I’m assuming I’m good since I qualified for the refunds for payments since March 2020 from those loans
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Sep 29, 2022 19:07
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Dr. VooDoo posted:So ones with like Naviant don’t qualify, like they didn’t qualify for the pauses, but FFELP loans held by “DEPT OF ED/GREAT LAKES”, which are on pause cause of the COVID relief act, do still qualify since those are held by the DOE and serviced by Great Lakes? I’m hoping that’s the case cause I already got my 10K refund from greatlakes and had planned on taking out the remainder of my navient loan and credit card debt with it No, lots of federal loans are still serviced by private institutions. These are a specific kind of loan called FFEL. They were issued pre-2010 and the federal government backed the loan, but the loan was issued by a private lender. Obamacare ended them by making all student loans federally held from then on. If your loan is an FFEL, then it won't qualify. Just having a loan servicer doesn't mean it is an FFEL.
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Sep 29, 2022 19:11
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Leon Trotsky 2012 posted:No, lots of federal loans are still serviced by private institutions. These are a specific kind of loan called FFEL. They were issued pre-2010 and the federal government backed the loan, but the loan was issued by a private lender. So my loans held by greatlakes now no longer qualify? They’re subject to the pause which according to the student aid website says that means they qualify: “All loans eligible for the student loan payment pause are also eligible for relief, including loans held by ED and guaranty agencies.”
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Sep 29, 2022 19:19
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https://twitter.com/athertonkd/status/1575547491847585792?s=21&t=EhNnbaqXI5QYoZQG2JOrvA Lol god drat it I went through the whole direct loan consolidation process on my FFEL loan back in July but didn’t finalize it because I through well that’s getting taken care of with the loan relief so why go through the trouble?
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Sep 29, 2022 19:19
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Dr. VooDoo posted:So my loans held by greatlakes now no longer qualify? They’re subject to the pause which according to the student aid website says that means they qualify: “All loans eligible for the student loan payment pause are also eligible for relief, including loans held by ED and guaranty agencies.” If it was eligible for the pause, then it is most likely held by the US Department of Education and you should be fine. Servicing the loan is not the same thing as issuing/holding the loan. Basically all federal loans are serviced by a private company. But, they aren't issued/held by it. You have to see if your FFEL was privately held. It is unlikely that it was if it qualified for the pause.
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Sep 29, 2022 19:22
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Happy Noodle Boy posted:https://twitter.com/athertonkd/status/1575547491847585792?s=21&t=EhNnbaqXI5QYoZQG2JOrvA Holy poo poo I'm glad I went ahead and went through with the process anyway. I was thinking of holding off "just to see" as well. Basically everyone kept assuring me "there's no way they'd just spring an impossible to meet cutoff date without giving everyone some heads up first!" Bull-loving-poo poo.
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Sep 29, 2022 19:28
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Leon Trotsky 2012 posted:If it was eligible for the pause, then it is most likely held by the US Department of Education and you should be fine. Okay, I almost had a stroke  mine is listed as such:  The Navient one never qualified for the pause but the Dept of Ed/GreatLakes one was and that’s because it’s actually held by the DOE and greatlakes just does the servicing, which is why I was able to request the payments I made during the pause back
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Sep 29, 2022 19:29
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Dr. VooDoo posted:Okay, I almost had a stroke Yeah, it looks like your first loan is still good for forgiveness, but the Navient one never was.
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Sep 29, 2022 19:31
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I figured as much and had planned on using the refund from the first to pay it off. This poo poo is so confusing and dumb
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Sep 29, 2022 19:33
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Well ain’t that a bitch. My wife’s loans have been on the COVID pause and switched from Navient to Aidvantage, still paused, but it seems like with this change she’s no longer eligible for the forgiveness. I can’t complain too much, I received my huge PSLF forgiveness in November after the DoE updates to qualified payments, but still what a lovely pullback. Edit: Hm, her three loans are Dept of Ed/Aidvantage. Maybe they do?
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Sep 29, 2022 19:35
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TheArtist 314 posted:Well ain’t that a bitch. My wife’s loans have been on the COVID pause and switched from Navient to Aidvantage, still paused, but it seems like with this change she’s no longer eligible for the forgiveness. I can’t complain too much, I received my huge PSLF forgiveness in November after the DoE updates to qualified payments, but still what a lovely pullback. Are you sure they're FFEL loans? If they were eligible for the COVID pause, they might not be.
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Sep 29, 2022 19:35
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TheArtist 314 posted:Well ain’t that a bitch. My wife’s loans have been on the COVID pause and switched from Navient to Aidvantage, still paused, but it seems like with this change she’s no longer eligible for the forgiveness. I can’t complain too much, I received my huge PSLF forgiveness in November after the DoE updates to qualified payments, but still what a lovely pullback. It sounds like they just changed the servicer. FFEL loans aren't issued anymore and they were ended with Obamacare in 2010. So, she couldn't have gotten a new one. Did she actively refinance to a private loan? If it is still under the pause, then she is probably fine.
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Sep 29, 2022 19:37
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BonoMan posted:Are you sure they're FFEL loans? If they were eligible for the COVID pause, they might not be. I had checked hers quite a few times while I was going crazy working on my own PSLF, I’m pretty sure they said FFEL but don’t have the login info right now. Now I’m not so sure. Edit: we’re old Leon, her loans are from i think 2008. But no she never refinanced and she’s been eligible for the pause this whole time. I could be wrong here.
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Sep 29, 2022 19:37
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Mine are FFEL loans but the DOE purchased a big chunk of FFEL loans back before discontinuing the program so I guess not all FFEL loans are private loans? Either way the government student aid website has been updated and says if your loans qualifies for the pause, they qualify for the forgiveness now 
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Sep 29, 2022 19:42
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TheArtist 314 posted:I had checked hers quite a few times while I was going crazy working on my own PSLF, I’m pretty sure they said FFEL but don’t have the login info right now. Now I’m not so sure. If she is eligible for the pause and she never refinanced into a private loan, then she should be good. Nothing has changed there.
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Sep 29, 2022 19:47
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TheArtist 314 posted:I had checked hers quite a few times while I was going crazy working on my own PSLF, I’m pretty sure they said FFEL but don’t have the login info right now. Now I’m not so sure. Dr. VooDoo posted:Mine are FFEL loans but the DOE purchased a big chunk of FFEL loans back before discontinuing the program so I guess not all FFEL loans are private loans? Either way the government student aid website has been updated and says if your loans qualifies for the pause, they qualify for the forgiveness now Yeah it's a little confusing. I kept hearing "a small amount of FFEL loans may apply for forgiveness" but never got clear guidance on that. From what I could tell the litmus test to whether your FFEL would be forgiven was "is it eligible for the COVID pause? Then it should be eligible." I don't know what that means in regards to today's news, but I wouldn't lose hope yet.
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Sep 29, 2022 19:48
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Leon Trotsky 2012 posted:No, lots of federal loans are still serviced by private institutions. These are a specific kind of loan called FFEL. They were issued pre-2010 and the federal government backed the loan, but the loan was issued by a private lender. So just to clarify, me and my college buddies who got federal student loans through FAFSA and got different servicers like Nelnet, Navient, Great Lakes etc in 2012 onwards are fine?
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Sep 29, 2022 20:38
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BonoMan posted:Yeah it's a little confusing. I kept hearing "a small amount of FFEL loans may apply for forgiveness" but never got clear guidance on that. From what I could tell the litmus test to whether your FFEL would be forgiven was "is it eligible for the COVID pause? Then it should be eligible." I'm really confused on this - I believe prior to today the delineation was: FFEL loans that didn't get paused? No forgiveness FFEL loans that did get paused? Forgiveness up to 10/20k and now it's FFEL loans? No forgiveness They really need to iron out these details Happy Noodle Boy posted:I don’t have access to the full article but there’s enough in the first few paragraphs to make it look like I’m out of any relief now lol I'm in literally the same boat as you - have private grad debt that predates 07 , finally paid off my FFEL loans during pandemic and was hoping to claw them back but had low hopes that are now gone and I'm glad I didn't waste time trying to do it. mastershakeman fucked around with this message at 20:45 on Sep 29, 2022 |
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Sep 29, 2022 20:42
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buglord posted:So just to clarify, me and my college buddies who got federal student loans through FAFSA and got different servicers like Nelnet, Navient, Great Lakes etc in 2012 onwards are fine? Yes. FFEL loans don't exist post-2010. You could not have gotten one. A good shorthand: If your loans were eligible for the pause, then they are eligible for forgiveness. If they weren't eligible for the pause, then they probably (although not 100%) are not eligible for forgiveness.
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Sep 29, 2022 20:44
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Just wanna give a shout-out for Leon helping us understand this more than the federal government actually doing the program
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Sep 29, 2022 20:46
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