|
I have heard that missed payments before the end of the year will not be considered defaults, but rather the loan will be considered as in forbearance, extending the maturity date of the loan by one month. Is that right? I have a payment due next week that I am considering skipping to pay another expense instead. I don’t want to do it, however, if it will be reported as a missed payment. Is this a reasonable procedure?
|
#
?
Nov 30, 2023 18:30
|
|
|
|
| # ? May 17, 2024 14:27 |
|
|
In general, student loan processing companies don't report late payments until you're 90 days due, and Biden has delayed actual reporting on missed payments until Sept 24th. Missing a single payment will do you absolutely no harm as far as the major credit bureaus go. You'll can pay it eventually, or drop a proper forbearance/deferment on it, or you can ride a single month late until your loan pays out. Credit Karma somehow seems to get their information on that early from the reports of some borrowers, but it's not because loan processing companies are reporting it to equifax and the like. I suspect this is a private bank issue.
|
|
#
?
Dec 4, 2023 02:11
|
|
|
My wife’s loans are in deferment again until the end of December to recalculate. The 0% $0 payments are counting against pslf. She’s seeking a refund on payments made, but this means she has seven months of actual payments left. Recertification on her physician salary is due on May. So I don’t know how long that will take to process. This whole time the payments is based on when she was in training. And then the pslf paper work to forgive will obviously take six or so months but that would be refunded. Once the loans are forgiven (about $250k), she is free to do what she wants. I think she wants to see where her career takes her first.
|
|
#
?
Dec 4, 2023 04:21
|
|
|
At this point everything is just straight-up bizarre. I had my old loans from when I was in college in the 90s-00s forgiven because of having made regular payments for however many years. I consolidated the remaining loans (which I had from when I went back and actually finished school from 2018-2021). I made a couple of months of payments on those, and now I'm getting informed that one of them is being forgiven, too. I'm fully expecting this to turn out to be a mistake, so I'm gonna keep money ready to make payments should they end up saying "oops" a few months from now. But at this point I've had over 27k forgiven this year.
|
|
#
?
Dec 6, 2023 15:45
|
|
|
Just had a really cold, dark feeling. Ever since payments resumed, I haven't been enrolled in autopay on MOHELA (or making manual payments) as my amount owed has been $0.00. Please, please tell me I haven't needed to have been actually making payments of 0 for it to have counted toward PSLF.
|
|
#
?
Jan 31, 2024 21:34
|
|
|
Framboise posted:Just had a really cold, dark feeling. Ever since payments resumed, I haven't been enrolled in autopay on MOHELA (or making manual payments) as my amount owed has been $0.00. https://www.reddit.com/r/PSLF/comments/176wlk2/does_paying_0_count/ a previous poster here had the same question and the answer is that you are fine. and here it is straight from the dept of ed's mouth: https://studentaid.gov/help-center/answers/article/monthly-idr-payments-of-zero-count-toward-pslf-payments
|
|
#
?
Feb 1, 2024 04:17
|
|
|
doing God's work craig
|
|
#
?
Feb 1, 2024 04:21
|
|
|
Craig K posted:https://www.reddit.com/r/PSLF/comments/176wlk2/does_paying_0_count/ Oh thank god. I have set a time in my head that May 2025 is when I'll finally be able to leave this job and move on to something I actually want to do, so that feeling that I'd have to add more months to that was making me feel very sick. Almost there. Just need to push through one more year and a few months.
|
|
#
?
Feb 1, 2024 16:45
|
|
|
Framboise posted:Oh thank god. Just enough time for Trump to be reelected and to appoint someone to ED to gently caress it all up again. My servicer changed from fedloan to mohela and man has it been great! They messed up my idr request, their website is a nightmare to use, their hold times are insane. And to top it all off every month I get a different bill. One month its 250ish another 150ish another 0 another 500! Would love to know why or how they're actually calculating any of this or if they've finally processed the idr request successfully (they say they have and yet different payments each time) but it's impossible to get ahold of anyone. Even the not reporting to the credit bureaus thing seems to be opaque. ED says they shouldn't report it but also says they can't stop them from doing so.
|
|
#
?
Feb 2, 2024 23:19
|
|
|
Mohela is the worst and I transferred my loans away from them when consolidating.
|
|
#
?
Feb 3, 2024 00:03
|
|
|
When is the next timeline of news for Pell grant borrowers? Is the White House still attempting to do more targeted proposals?
|
|
#
?
Mar 14, 2024 05:05
|
|
|
sent off that SAVE paperwork today, if it goes through i might have all of my student loans forgiven. we'll see! time to hurry up and wait
|
|
#
?
Mar 20, 2024 23:06
|
|
|
I have a question about the order of operations for consolidating / PSLF. I've been working at a PSLF-eligible job since I started paying off my loans (since 2017) but never enrolled in PSLF because my loan was small enough that it didn't save any money. Between the new plans and the COVID pause counting as payments, I actually would save money on PSLF. Am I correct that if I consolidate before the end of April, I can enroll to PSLF and retroactively count everything from 2017 through now as PSLF payments? My previous payments were all on a 10-year standard plan for what it's worth. If so, the part I'm particularly confused by is the order of operations: does one of my loans need to be enrolled in PSLF before consolidation so the consolidated loan can actually inherit the PSLF status? I'm worried if I consolidate now the waiver won't apply to me
|
|
#
?
Mar 30, 2024 16:57
|
|
|
My SO had 11 loan sequences totaling about $100k and hit the 120th payment in November. The account has been in administrative forbearance since then. March rolled around and instead of discharging all of them, they discharged half of the loans and left the others to sit. Today, 4 more have dropped off, but there is still 1 remaining. Almost there. Not sure why they are doing bits at a time instead of discharging them all simultaneously.
|
|
#
?
Apr 12, 2024 23:07
|
|
|
Bloodplay it again posted:My SO had 11 loan sequences totaling about $100k and hit the 120th payment in November. The account has been in administrative forbearance since then. March rolled around and instead of discharging all of them, they discharged half of the loans and left the others to sit. Today, 4 more have dropped off, but there is still 1 remaining. Almost there. Not sure why they are doing bits at a time instead of discharging them all simultaneously. Each one is a light dare to the judicial system that was put in place to thwart this sort of thing to see if they do anything
|
|
#
?
Apr 13, 2024 02:51
|
|
|
If anyone managed to somehow miss the end of April deadline for the SAVE/PSLF one time adjustment, the Biden admin just upped the deadline until end of June. Now to deal with the thousands of borrowers the student loan servicer I work for just told they were no longer eligible for that.
|
|
#
?
May 15, 2024 21:53
|
|
|
killer_robot posted:If anyone managed to somehow miss the end of April deadline for the SAVE/PSLF one time adjustment, the Biden admin just upped the deadline until end of June. Wait, what's this about? Meanwhile I'm dubiously being shipped from MOHELA to somewhere else. I say "dubiously" because I got an email saying I was getting transferred, then another saying I wasn't, then another saying I was. One more year of this stupid bullshit and I'm done.
|
|
#
?
May 16, 2024 02:25
|
|
|
Framboise posted:Wait, what's this about? Are you on PSLF? MOHELA used to handle these. Now they don't. They lost their contract due to various complications with the feds trying to get non-commercial federal loans more smoothly folded into a unified federal loan system instead of each provider being their own island. To the other, more complicated part. If you apply for SAVE (144-240 eligible payments leads to loan forgiveness) or PSLF (120 eligible payments as a non profit or govt employee leads to loan forgiveness) before the end of June, the govt's going to retroactively apply past payments, and various forbearance/deferment time to count as eligible payments towards that loan. This includes the covid forbearance time. This includes time spent .before. the consolidation so you can consolidate your non save eligible (mostly ffelp, or get really fricking tricky/loopholey and double consol your parent plus loans) This is the 2nd time he's extended the deadline on that -- the first was the end of the year, which f'ng lol if you were paying any attention to what was going on with student loans up until Jan or so -- and then until the end of April. It was greatly discussed on these forums last year and led to a ton of activity getting people onto SAVE plans from oct-dec screwing time to actually process these things form their normal 3-4 weeks to 'yeah I think we'll be done with our backlog sometime in July'. Industry's still working with the occasional app that got lost in the clutter. It's part of the 'Biden reports xxxxx amount of loan forgiveness' that pops up from time to time. People who've been 'paying' on their loans for 13 years sign up for a 12 year save plan or a 10 year pslf and *bam* student loans forgiven once they apply all those retroactive payments without actually making a single dollar on their new save/pslf plan.That and the various lawsuits for junk/fraudulent student loans that should've never been released in the first place he's actually pursuing instead of just sleeping on.. It's also why Repubs are so pissed off at the SAVE plan..aside from the normal 'Biden doing something about student loans even though the supreme court told him nuh - uh never ever ever touch student loans' whining that comes around whenever Biden forgives fraudulent loans given to people without GED's. The plan counts certain time spent on forbearance as eligible payments, and *gasp* people with such crappy income that the SAVE formula of setting your monthly payments to 10% of your income past a 225% fed poverty level allowance (down to 5% in July) means a single person with no dependents can make ~33K a year without actually owing anything a month, then paying the required monthly minimum of zero dollars counts an eligible payment. Forgiving people's student loans without having them pay anything on it is exactly the same as Biden instantly forgiving 10-20K in student loans, apparently. It's actually .far. more beneficial for borrowers in the long term bc even without the retroactive payment it's an ongoing program that will eventually forgive your loans after 12-20 years instead of a single, never to be repeated, shot across the board to wipe out 10k-20k from (nearly) everyone at once. If you're a low income borrower you can ignore your student loans until they just go away (and you get a tax bill. but you'd get a tax bill even with the 10-20k forgiveness.) It's even useful for mid-income borrowers who've chalked 6 figures in student loans between under/grad student borrowing and have 4 digit monthly payments. Talked to a lady today who was making ~80K annually as a single adult with no dependents and cut her monthly payments down to a third of what a 10 year plan would have been and still less than an extended 20 year loan. It's going to be an even larger reduction once that 10% due after federal poverty level floor turns into 5%. I can't even begin to articulate how irate it makes me that 'Biden didn't forgive my student loans like he promised!' is apparently an excuse for some young people to lose interest in Biden's presidency. killer_robot fucked around with this message at 04:12 on May 16, 2024 |
|
#
?
May 16, 2024 04:02
|
|
|
Dunno about you guys but MOHELA is giving me a 0.25% break in my interest rate because I’ve got auto debit set up. So I’ve got that going for me. Which is nice.
|
|
#
?
May 16, 2024 11:27
|
|
|
Most servicers do that because they want you in autopay. Even private lenders do that.
|
|
#
?
May 16, 2024 13:54
|
|
|
killer_robot posted:Are you on PSLF? MOHELA used to handle these. Now they don't. They lost their contract due to various complications with the feds trying to get non-commercial federal loans more smoothly folded into a unified federal loan system instead of each provider being their own island. Yeah, I'm on PSLF; that's what I was referring to in my last post re: "one more year of this bullshit". I see what you're saying. I guess I was confused because I already did the whole "past payments retroactively count" thing last year, thinking that was the only time that would happen. As of this month, I've got 12 "payments" to go, since with SAVE my monthly payment is $0. I just have to deal with this lovely job one more year since it's a nonprofit and my "payments" count toward PSLF that way. Sucks that I've wasted almost 10 years of my life in a job I don't find fulfilling or remotely pays me enough, but at least this poo poo will finally be off my shoulders. It's liberating in a bittersweet way. quote:I can't even begin to articulate how irate it makes me that 'Biden didn't forgive my student loans like he promised!' is apparently an excuse for some young people to lose interest in Biden's presidency. Considering the way he's handling Israel/Palestine right now, there's plenty of other reasons to lose interest. The way he's handled student loans, milquetoast as it is, has been okay. SAVE has made it so I pay nothing, and for the longest time I was applying to better jobs (that weren't nonprofit) because I had a feeling the PSLF poo poo would never happen anyway since only like 1% of applicants had actually got it, pre-Biden. I can't complain too much about that. Because of SAVE and covid forbearance, I haven't actually made any substantial payments (outside of Navient, pre-consolidation) since 2020. Framboise fucked around with this message at 15:13 on May 16, 2024 |
|
#
?
May 16, 2024 15:11
|
|
|
I've always been too poor to have a payment, since I'm on IBR. Last year, I got a government job that pays more than company scrip, and it's possible that I have payments start in October. Do I need to switch loan types?
|
|
#
?
May 16, 2024 15:39
|
|
|
IBR calculates based on 15% of your income past 150% of the federal poverty level. The 'milquetoast' SAVE plan is the next step up from there and bases payments based on 10% of your income after 225% of the fed poverty level and will at some point drop to 5%. Either way, you're not required to report new job until your annual recertification date. You'll still get SAVE credit for your time spent on the IBR since this is all time spent on an IDR if you decide to change plans. If your minimum monthly payment on IBR is more than you'd like when you have to recertify with your new income, try the SAVE plan instead.
killer_robot fucked around with this message at 16:13 on May 16, 2024 |
|
#
?
May 16, 2024 16:09
|
|
|
I'm confused on the SAVE plan forgiveness. If we have been on payments for more than 12 years can we switch over and get it forgiven (my last loan was in 2011)? SAVE is not a lower payment monthly for me, but I would be more than happy to switch and pay a couple of months of higher rates if it gets forgiven after the 12-year time frame.
|
|
#
?
May 16, 2024 17:58
|
|
|
|
| # ? May 17, 2024 14:27 |
|
|
Length of term for SAVE starts at 12 years for under 10k in original loan amount, NOT your current principal, then another year for each k after that up until a 20 year term.
|
|
#
?
May 16, 2024 18:48
|
|