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mastershakeman posted:I'm really confused on this - I believe prior to today the delineation was: Sorry that's my fault, I was still going on the old info from when the relief was first announced and it was a little unclear. Today's update (and the update prior) both state that if it was eligible for the pause, it'll be eligible for forgiveness. You're good to go.
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Sep 29, 2022 20:51
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god drat it why does this all have to be so complicated? As far as I know I'm on the PAYE plan, but I'd definitely want to get in line for PSLF, if not only because the deadline is coming up and consolidating just makes sense, if not only to get the gently caress away from AES and Navient... which I guess aren't eligible anyway since I'm pretty sure those are both FFEL? I think? How hard is it to consolidate anyway? Anything I should need to know before doing so? If I consolidate, would I not need to worry about the loans that were FFEL? I've been autopaying to both this whole time, so I'm not sure if they ever WERE paused... Framboise fucked around with this message at 20:56 on Sep 29, 2022 |
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Sep 29, 2022 20:53
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BonoMan posted:Sorry that's my fault, I was still going on the old info from when the relief was first announced and it was a little unclear. That can't be right though? I was never eligible for the pause , so never eligible for forgiveness/clawback on my FFEL payments. This announcement doesn't affect anyone in that boat at all. It's people who had paused FFEL that aren't being forgiven, isn't it? Christ almighty just show us the official rules on this , biden. I'm trying to help some friends on this and it's impossible to figure out.
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Sep 29, 2022 20:57
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mastershakeman posted:That can't be right though? I was never eligible for the pause , so never eligible for forgiveness/clawback on my FFEL payments. This announcement doesn't affect anyone in that boat at all. It's people who had paused FFEL that aren't being forgiven, isn't it? loving hell I thought I was responding to TheArtist who was talking about their wife's loans that WERE eligible for the pause. Getting my posters mixed up. The rule is: If you had an FFEL loan that was eligible for pause - you WILL get forgiveness. If you had an FFEL loan that was not eligible for pause - you WILL NOT get forgiveness. Edit: It's on this page: https://studentaid.gov/debt-relief-announcement/one-time-cancellation
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Sep 29, 2022 21:11
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They had originally said that those with privately held FFELP loans, the ones that don’t get paused, would have a way to apply for the forgiveness as well. The banks didn’t like this because it means they couldn’t suck more money out of people via interest. Because it’s the democrats and spines need not apply they instantly folded and reversed while also making it so you couldn’t consolidate them into a direct loan that would qualify for the forgiveness just to be as gently caress you as possible and now they’re giving some weak mumble about looking for alternative paths for privately owned FFELP loan havers. Not all FFELP loans are privately held because during the 2008 crash the government bought up a bunch of them as part of bank bailouts before shuttering the program. So THOSE ONES, which are subject to the pause, are still forgivable because they are owned by the DoE and not privately, like a FFELP held by Navient. If you go on the student aid website and check the serviver if it says Dept of Ed/(servicer) this means it’s owned by the DoE and serviced by like greatlakes or aidvantage. Those ones were subject to the pause and therefore are subject to forgiveness Basically they folded like a cheap suit against private capital wanting profit for nothing with means testing confusing as hell hoops to jump through without clear instructions. Who would’ve thought
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Sep 29, 2022 21:15
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I called early in September about reimbursement (for payments made since March 2020) and went through a lengthy conversation detailing all payments made since March 2020 and which payments would be reimbursed. It seemed very clear to me the reimbursement was going to be made. I call back today and they say they have no records of a reimbursement request and that reimbursement will be made after the 10,000 system activates. Somehow there will be a form to fill out, and I will be able to be refunded any payments made after March 2020 at that time. This seems really weird to me. Why did I waste so much time (1.5 hours) in early September?
Shammypants fucked around with this message at 22:13 on Sep 29, 2022 |
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Sep 29, 2022 21:51
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Hopefully I was incorrect then. Looking at my wife's loans she does have 3 FFELP loans taken out in 2009/2010, but all 3 have been paused and show "Dept of Ed/Navient" as the original guarantor, "Dept of Ed/Aidvantage" on studentaid.gov which is her current servicer. I don't know, I'm going to have her fill out that eligibility application in October anyway but it really feels like either the information wasn't clear enough, or she's now out of luck. I hope because they are paused they're eligible, but we'll see.Shammypants posted:I called early in September about reimbursement (for payments made since March 2020) and went through a lengthy conversation detailing all payments made since March 2020 and which payments would be reimbursed. It seemed very clear to me the reimbursement was going to be made. I call back today and they say they have no records of a reimbursement request and that reimbursement will be made after the 10,000 system activates. Somehow there will be a form to fill out, and I will be able to be refunded any payments made after March 2020 at that time. This seems really weird to me. Why did I waste so much time (1.5 hours) in early September? I went through this with Fedloan from January through April, checking in monthly until suddenly in April they had no idea why I didn't get the payments refunded or what happened. I did the whole process again and got all the payments deposited directly from the DoE within about 4 weeks. Unless the process is changing I hate to say you have to do it, but keep pushing back & following up. TheArtist 314 fucked around with this message at 23:18 on Sep 29, 2022 |
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Sep 29, 2022 23:15
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TheArtist 314 posted:Hopefully I was incorrect then. Looking at my wife's loans she does have 3 FFELP loans taken out in 2009/2010, but all 3 have been paused and show "Dept of Ed/Navient" as the original guarantor, "Dept of Ed/Aidvantage" on studentaid.gov which is her current servicer. I don't know, I'm going to have her fill out that eligibility application in October anyway but it really feels like either the information wasn't clear enough, or she's now out of luck. I hope because they are paused they're eligible, but we'll see. If they are paused, then you're good. New guidance says if they qualify for pause, then you are good to go. They just gave one work around and cracked a tiny door open for people with privately held FFEL loans: quote:An administration official tells NPR this change will not affect all 4 million borrowers with commercially-held FFEL loans. The official said many FFEL borrowers also have Direct Loans and so can still qualify to consolidate those FFEL loans, though that detail was not included in the department's updated guidance. quote:In a statement to NPR, a department spokesperson says, "Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate. Borrowers with privately held federal student loans who applied to consolidate their loans into Direct Loans before September 29, 2022 will obtain one-time debt relief. The FFEL program is now defunct and only a small percentage of borrowers have FFEL loans." This was the previous FFEL guidance:  This is the new one:  If you have a private loan and don't have another direct loan to consolidate, then I wouldn't hold your breath. But, it's not 100% ruled out.
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Sep 29, 2022 23:18
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That's good to see, maybe they'll qualify afterall & I hope other people fall into that category too. Full time daycare for a 3 and 1 year old ain't cheap! Even just that amount less to pay each month when loan payments kick in again can help.
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Sep 29, 2022 23:24
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TheArtist 314 posted:That's good to see, maybe they'll qualify afterall & I hope other people fall into that category too. Full time daycare for a 3 and 1 year old ain't cheap! Even just that amount less to pay each month when loan payments kick in again can help. If they're paused, then they are 100% good for forgiveness according to the most recent guidance. So, you can rest easy on that front.
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Sep 29, 2022 23:25
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Thanks for being the steward of good info Leon. I have this thread bookmarked on the app and when I saw 25+ new posts in such a short period of time I was extremely  oh god what happened
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Sep 29, 2022 23:37
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So the Republicans did the stupid thing and sued over this despite having no standing. Is forgiveness still on schedule for October?
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Sep 30, 2022 01:46
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Oh geeze. The thing I was terrified of happening happened. Can they just sue this thing indefinitely or get it torn down by the Supreme Court or what? e: also what happens to the people who already got their refunds for the payments they’ve made since 2020? buglord fucked around with this message at 02:33 on Sep 30, 2022 |
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Sep 30, 2022 02:26
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Youth Decay posted:So the Republicans did the stupid thing and sued over this despite having no standing. Is forgiveness still on schedule for October? It won't be in court for a while and even a worst case scenario ruling can't require the DOE to clawback disbursed funds or reopen closed accounts. So, just another reason to get in and apply as early as you can - just in case of a worst case scenario. I'd say they have a weak legal case and not to worry about it, but with the current supreme court, who knows?
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Sep 30, 2022 02:59
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Leon Trotsky 2012 posted:It won't be in court for a while and even a worst case scenario ruling can't require the DOE to clawback disbursed funds or reopen closed accounts. So, just another reason to get in and apply as early as you can - just in case of a worst case scenario. If I'm one of the people who should automatically get forgiveness (submitted FAFSAs all 4 years, only took out federal loans) will that be delayed?
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Sep 30, 2022 04:17
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So this new IDR. If I'm reading it right, the new approach would cover unpaid interest -- meaning that the full payment would go to the principal every time? https://studentaid.gov/debt-relief-announcement/ for ease of reference
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Sep 30, 2022 06:17
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Framboise posted:god drat it why does this all have to be so complicated? You will have to log into studentaid.gov to look at the breakdown of what types of loans you have. Who the servicer is doesn't necessarily matter, they can service both FFEL and Direct loans. However as Leon Trotsky has been saying, FFEL loans haven't been issued since June 2010, so you should be good if they're newer than that. If they're all direct loans already, then you don't have to consolidate for PSLF. Consolidation itself is pretty easy, you also submit the request through studentaid.gov and it takes around 30 minutes. That said the process is quoted as completing "within 30 days" so you'd probably want to start that now if PSLF is the goal. It may also be a good idea to call your servicer to talk about PSLF (the employees at my old servicer, Nelnet, were actually quite helpful). For reference, I applied for consolidation (to pursue PSLF) on 09/02 and on 09/27 my balance with Nelnet was zeroed out. I still haven't heard anything from Mohela about my new consolidation loan.
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Sep 30, 2022 11:51
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Eason the Fifth posted:So this new IDR. If I'm reading it right, the new approach would cover unpaid interest -- meaning that the full payment would go to the principal every time? Yeah. It won't be available until Summer of 2023, but if you are making middle to low income, it is an enormous saver of money because your balance will never go up and ~$33k is now considered "non-discretionary" income, so if you make about ~$33k for 10 years, then your college is free. And people making ~$50k basically pay ~$60 a month for either 10 or 20 years and get the entire balance forgiven. Edit: As an example, I just ran some math. If someone makes ~$40k and has $50k of student loan debt at 6% interest at a 20-year term, then their loan would cost $85,971.70 over 20 years on a standard repayment plan (i.e. no early payments, no missed payments, etc.) Under the new IDR plan, that same person would pay ~$9,600 over 20 years and have $40,400 forgiven. The lower your income, the better it gets financially. Leon Trotsky 2012 fucked around with this message at 14:22 on Sep 30, 2022 |
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Sep 30, 2022 13:39
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Now only if MOHELA would process paperwork and get PSLF eligible payments updated. Since my loans moved from FedLoan to MOHELA there have been zero updates to payment counts and it's not even showing August or September as possible payment months.
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Sep 30, 2022 15:02
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The Slack Lagoon posted:Now only if MOHELA would process paperwork and get PSLF eligible payments updated. I have 40 potentially qualifying payments that haven’t been reviewed for TEPSLF. The wait is killing me, since my current count is only about 10 payments shy of the 120.
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Sep 30, 2022 16:17
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Frustratingly the studentaid.gov site doesn't show that I received any grants, but I *know* I did. I'm less sure if they were a Pell grant or something else. Guess I'll have to call them.
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Sep 30, 2022 21:56
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Has anyone with AIDvantage gotten their money credited back if they re-instated their loans for forgiveness? Shows we owe again but have not received the actual refund yet, not sure how long it's expected to take for that portion.
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Sep 30, 2022 23:02
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Draynar posted:Has anyone with AIDvantage gotten their money credited back if they re-instated their loans for forgiveness? Shows we owe again but have not received the actual refund yet, not sure how long it's expected to take for that portion. Not yet for me either, but if I remember correctly what the phone rep told me (this convo was a few weeks ago), I was given an estimate of 6-8 weeks for that to be processed.
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Oct 1, 2022 02:32
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Draynar posted:Has anyone with AIDvantage gotten their money credited back if they re-instated their loans for forgiveness? Shows we owe again but have not received the actual refund yet, not sure how long it's expected to take for that portion. I checked the other day and haven't been awarded anything yet. Trying to apply for PSLF, but I haven't been with my job at the IRS yet to get a W-2, and I can't find the EIN.
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Oct 1, 2022 15:28
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Draynar posted:Has anyone with AIDvantage gotten their money credited back if they re-instated their loans for forgiveness? Shows we owe again but have not received the actual refund yet, not sure how long it's expected to take for that portion. I went payment by payment for refund, and now they are saying the refund will only occur when we do the 10,000 process in october. So yea, they appear to be loving everyone for refunds until next month unless the three different reps I called back for are all mistaken
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Oct 1, 2022 22:02
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Star Man posted:I checked the other day and haven't been awarded anything yet. If you work for the IRS, try asking them for the EIN. They have to fill put part of the form anyway, I believe.
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Oct 1, 2022 23:55
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Star Man posted:I checked the other day and haven't been awarded anything yet. 72-0564834
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Oct 3, 2022 02:45
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Space Racist posted:You will have to log into studentaid.gov to look at the breakdown of what types of loans you have. Who the servicer is doesn't necessarily matter, they can service both FFEL and Direct loans. However as Leon Trotsky has been saying, FFEL loans haven't been issued since June 2010, so you should be good if they're newer than that. If they're all direct loans already, then you don't have to consolidate for PSLF. I'm starting to work on this right now. So here's a few issues I'm having. 1. While I've worked at my current place of employment (as much as I desperately want to leave), I haven't worked here consistently since 2013. I started where I work now in October 2013, left in September 2014, and returned in April 2016. On the PSLF employer search, should I be giving the 2013 date or the 2016 date for when I started there? Does my almost-year of working there in 2013 still count? 2. I do indeed have some FFEL(P?) loans. Of the 9 loans I have: 5 subsidized loans, 2 of which are "FFELP Stafford Subsidized" ($3342 FFELP, including what little interest I have on them) 4 unsubsidized loans, 2 of which are "FFELP Stafford Unsubsidized" ($3493 FFELP, including interest) The loan forgiveness won't affect those ones, right? Should I still be consolidating for PSLF? Does that reset my payments? 3. Assuming I do consolidate for PSLF, will I need to worry about interest rates changing and such? If I do not consolidate, would I be able to direct the 10k forgiveness to my unsubsidized loans to just kill those off, lowering my interest accumulation?
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Oct 3, 2022 19:54
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Wanted to update other Aidvantage folks. We got our money back this morning it seems.
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Oct 6, 2022 14:14
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Framboise posted:I'm starting to work on this right now. Any thoughts on this? I'm still kind of stuck.
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Oct 6, 2022 20:26
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Framboise posted:Any thoughts on this? I'm still kind of stuck. 1) It is based on qualifying monthly payments. So, as long as you worked there for the month and paid, then you can count it. 2) It depends on who the holder is for loans. They probably don't, but you'd have to check. Do they say "DOE/[Private Bank]" on the servicer website? You can also log in to Studentaid.gov to check. 3) The interest rate on a consolidation loan is the weighted average of your interest rates for all the loans consolidated. 4) Not clear how the forgiveness is being directed with multiple loans, but statements in articles from DOE officials have said it will go to the highest interest rate loans. They haven't actually officially announced that, though.
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Oct 6, 2022 20:33
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Really pissed with Mohela. I just want to check on my consolidation (I chose them as my provider since I already use them for my FFELP stuff and had to submit a paper IDR application b/c of income change). But the phone system is completely borked and has been for months. Rarely works and then I get put on endless hold for hours (so clearly it's not even working). At this point I just have to feel like it's on purpose.
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Oct 6, 2022 20:38
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Draynar posted:Wanted to update other Aidvantage folks. We got our money back this morning it seems. Nothing yet for me, but this gives me hope I'll get my money back soon!
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Oct 6, 2022 21:16
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Draynar posted:Wanted to update other Aidvantage folks. We got our money back this morning it seems. Same here, Aidvantage shows the corrected total for me. Now just waiting for it to update on studentaid.gov, which I assume will be important when the refund gets processed.
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Oct 7, 2022 01:53
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The DOE put out a preview of the form you have to fill out if the DOE doesn't already have your income information for 2020 and 2021. They also basically confirmed that it probably isn't going up until after the October 17th court date. They also confirmed that you won't need any supporting documentation. All you need to submit it is: - Name - Social Securty # - Phone Number - Email address After that you have to click a box affirming that you want the debt relief, that you aren't trying to defraud the government, and that you didn't make more than $125,000 or $250,000 (if filing jointly) in 2020 or 2021. You can sign up to get notified when the application goes live here: https://www.ed.gov/subscriptions https://twitter.com/WhiteHouse/status/1579864448629878786
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Oct 11, 2022 18:28
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Still waiting on Mohela for my consolidation to complete. My Nelnet balance got zeroed out two weeks ago (it's a nice change seeing $0 on my studentaid.gov page), and Mohela quotes "4 to 6 weeks" for the process, with this Friday the 14th being 6 weeks since I applied. And since that's not complete, I can't start on the PSLF application yet. I know they're swamped with last-minute applications but I'm still not a fan of this going down to the wire. Have there been any more mentions of extending the PSLF waiver past Oct 31st? I haven't heard any rumblings since August when the $10K relief was announced.
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Oct 12, 2022 12:07
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I don't get it. I'm working on consolidation right now, but in reading the terms and conditions:quote:J. Any payments I made on the loans I am consolidating (including any Direct Loans) before the date of consolidation will not count toward: I was on PAYE for my FedLoan-now-Nelnet loans for the past... probably 6-7 years, so I guess I'd be losing that... but my PSLF eligibility wouldn't be valid? I thought that was the whole point of applying for it. I'm so loving confused and exhausted from trying to wrap my brain around this intentionally esoteric bullshit, can someone please clarify asap?
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Oct 12, 2022 15:54
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Framboise posted:I don't get it. I'm working on consolidation right now, but in reading the terms and conditions: That is how the plan normally works. But, the Biden admin put in the special exemption period to consolidate and count all previous loans. It expires on November 1st. Yes. Under the limited PSLF waiver, any prior payment made will count as a qualifying payment, regardless of loan type, repayment plan, or whether or not the payment was made in full or on time. All you need is qualifying employment. If you haven’t already, you must file a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF form) for any period for which you may receive additional qualifying payments. https://studentaid.gov/help-center/answers/article/payments-made-before-loan-consolidation-count-toward-pslf quote:The “limited PSLF waiver” refers to the time-limited changes to Public Service Loan Forgiveness (PSLF) Program rules that allow borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. This opportunity ends on Oct. 31, 2022. This link below has an expanded explanation and a step-by-step guide to the process: https://studentaid.gov/announcements-events/pslf-limited-waiver
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Oct 12, 2022 16:09
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Payments I made while student loans were frozen will be automatically refunded? Or is that a separate form to fill out?
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Oct 12, 2022 16:37
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Fozzy The Bear posted:Payments I made while student loans were frozen will be automatically refunded? Or is that a separate form to fill out? You call your loan company and ask.
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Oct 12, 2022 16:38
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