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The March Hare posted:Also, do we know how they are determining if you make over $125? Is it just AGI from 2021 taxes or what? This is how its always worked for figuring out how much my monthly payment was so I would be shocked if they did something different now.
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Aug 25, 2022 16:02
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nesbit37 posted:Definitely make sure you take advantage of the waiver if you haven't already. Because of it I hit my 10 year limit for PSFL in January and my $70+K in debt was just gone. Its nice. Just curious: if my loans that didn’t qualify got consolidated in 2016 and began qualifying then, is there anything for me to do?
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Aug 25, 2022 16:33
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So if you kept paying during the pandemic, you can get the money back and still have those months count for pslf? Also what's the deal with consolidation for pslf
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Aug 25, 2022 16:34
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slurm posted:So if you kept paying during the pandemic, you can get the money back and still have those months count for pslf? Yes. Call your loan servicer to get those payments refunded. slurm posted:Also what's the deal with consolidation for pslf If you had qualifying loans and consolidated along the way, you may have been told that payments prior to consolidation now do not count and your PSLF clock reset back to 0. With the PSLF waiver, those payments may now be counted. Lots of great info here: https://old.reddit.com/r/PSLF/comments/q6kwst/new_pslf_waivers_megathread/ As an aside the PSLF subreddit is very good, supportive, and a great source of info. The mod is the owner of a non-profit student loan advocacy and dispute resolution group and is a great resource to reach out to if you have questions. Sirotan fucked around with this message at 16:42 on Aug 25, 2022 |
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Aug 25, 2022 16:38
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Small reminder that this is going to be challenged and may likely go all the way to the supreme court. What will happen when that is going on and you have to start making payments in January and all that....who knows. I am hopeful it goes through for everybody but still a lot of question marks out there.
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Aug 25, 2022 16:43
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I paid off my loans through Nelnet during the covid forbearance but was able to call today and request that all of those get refunded to me. They said the current timeline is up to 11 business days.
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Aug 25, 2022 18:08
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The March Hare posted:Does anyone who understands how the world works know if PLUS loan forgiveness will be based on the parent or the student's income? Also, do we know how they are determining if you make over $125? Is it just AGI from 2021 taxes or what? NYT updated their FAQ to specify you can qualify using either your 2020 or 2021 AGI for this, which is excellent news for people who otherwise wouldn't qualify but spent much of 2020 unemployed thanks to pandemic.
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Aug 25, 2022 18:28
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I also paid off the last of my loans in 2020, probably about 2-3K between March and Dec 2020. I should probably call and get on that...
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Aug 26, 2022 18:41
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BonoMan posted:With the talk about loan forgiveness ramping up again, I looked at the consolidation process. On the Federal Aid site, when it imports my loans, it says they're all a 0% interest currently and then applies a 6.875% interest rate to the consolidated amount. This is an ask thread though, so knowing the above the question is: I have loans I consolidated back in 2005 not long after I graduated and STILL have 122 payments left. They're showing as DIRECT CONSOL now and are all 8.125%. Because I'm a GenX stereotype, I also am now the proud owner of a child with a DIRECT PLUS loan at a shade over 7%. Looks like the some of the direct plus can come off with forgiveness, but is there any way to at least reduce the interest on these things? For many years interest rates were way lower on consolidation, but the only answer I got on reconsolidation was 'lol no, you're hosed'. Anything changed? Remulak fucked around with this message at 20:03 on Aug 26, 2022 |
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Aug 26, 2022 19:51
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If you're old like me and your consolidation loan is privately held FFELP, you are eligible for reconsolidation into the Direct loan program to get those goodies.
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Aug 30, 2022 21:37
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Can i still get refinanced loans forgiven through tefpspl
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Aug 30, 2022 22:09
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I refinanced my loans to the State bank of North Dakota. Now I'm 5 years into a public service job. Whoops
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Aug 31, 2022 03:40
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Goodpancakes posted:I refinanced my loans to the State bank of North Dakota. Now I'm 5 years into a public service job. Whoops The COVID waivers recalculated my payment numbers and technically, all of my student loans are eligible for forgiveness at the end of the year. 1 year ago I switched to a non-PSLF eligible job. Whoops.
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Aug 31, 2022 18:17
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I'm attending a master's program in Canada and I'm eligible for Canadian financial aid and American student loans. Canadian financial aid is some grants and mostly loans. I want to take out maximum American loans (direct and direct PLUS) because I'm eligible for veterans disability discharge/forgiveness. The financial aid office here is telling me that Canadian financial aid including loans will reduce my Cost of Attendance and thus the American loans I'm eligible for. Is that right, from an American perspective? I've caught this office out on being wrong on stuff before and I don't want to lose out on free money.
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Sep 2, 2022 19:22
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I have several Federal Direct Subsidized and Unsubsidized loans, at different interest rates. Does it make sense to consolidate them all into a single loan via StudentAid.gov? And do they need to be consolidated for loan forgiveness?
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Sep 29, 2022 21:30
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SourKraut posted:I have several Federal Direct Subsidized and Unsubsidized loans, at different interest rates. Does it make sense to consolidate them all into a single loan via StudentAid.gov? As long as they are federal direct loans, they should be ok for forgiveness. Consolidation is not needed there (just if they were private loans you wanted to switch over to Direct Federal loans - then consolidation is your only path to forgiveness).
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Sep 29, 2022 22:02
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Sharing this here for anyone who wants or needs the tips:US Dept of Education posted:Here's a list of Do's and Don'ts to protect yourself against scams as you prepare to apply for debt relief.
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Oct 5, 2022 22:50
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Wiggy Marie posted:Sharing this here for anyone who wants or needs the tips: Thanks for providing these tips! I'm still confused about the process as my situation is a bit different. My 2020 income will allow me to qualify and I did receive $5100 in pell grants at some point while I was in college, however, I paid off the remaining student loan debt I had about 6 months ago. The official announcement seems to indicate that some people will need to apply and some 8 million people won't as explained here: quote:Nearly 8 million borrowers may be eligible to receive relief without applying—unless they choose to opt out—because relevant income data is already available to the U.S. Department of Education. But there's no additional info as to who's info is known or isn't. Also, since I paid them off during the pandemic forbearance, am I eligible for a full refund, or only for what I paid during that time? E: another question - my 2020 income would allow me to qualify, but my 2021 income would not (a non-normal, very good income year). Would the 2020 income still allow me to qualify since my 2021 taxes have already been done? My 2022 income will fall more in line with my 2020 income. E2: reading more about it, it appears that I would be able to request a refund through myfedloan's call center of the amount paid during the pandemic, I would receive that as a cash repayment, but my loans would be re-instated. Then, I could apply for loan forgiveness for an amount up to whatever I would qualify for. Am I reading it correctly? Cacafuego fucked around with this message at 19:06 on Oct 9, 2022 |
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Oct 9, 2022 18:55
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Has anyone submitted a PSLF payment cert through MOHELA? I submitted one in August for some old employment in 2015, and MOHELA says it's been processed but my eligible PSLF payment count hasn't been updated. e: this isn't for final PSLF application, just payment update for payments that hadn't yet been certified. The Slack Lagoon fucked around with this message at 17:14 on Oct 14, 2022 |
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Oct 14, 2022 17:09
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Is there an in depth guide to the student loan forgiveness stuff anywhere? All the official stuff is like "it's real easy, just apply and we'll give it to you... but if you gently caress up and ask for it and shouldn't have it, then beware our fury as we come for you" I'm trying to figure out if someone qualifies for it.
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Oct 20, 2022 17:31
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Chainclaw posted:Is there an in depth guide to the student loan forgiveness stuff anywhere? All the official stuff is like "it's real easy, just apply and we'll give it to you... but if you gently caress up and ask for it and shouldn't have it, then beware our fury as we come for you" There's a pretty good thread in GBS that gets into specifics. https://forums.somethingawful.com/showthread.php?threadid=4013578 "Generally, if the payments and interest on your student-loan debt are still paused because of the pandemic, that debt is eligible for forgiveness." - I copied that from a news article about the debt relief. My student loan payments were paused and the loans are owned by the dept of ed, so I qualify for relief. My wife finished paying off her student loans about a year ago, but they were owned by Deutsche Bank (despite being federal loans) so the payments never stopped and she is not eligible for any sort of relief.
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Oct 20, 2022 18:40
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Chainclaw posted:Is there an in depth guide to the student loan forgiveness stuff anywhere? All the official stuff is like "it's real easy, just apply and we'll give it to you... but if you gently caress up and ask for it and shouldn't have it, then beware our fury as we come for you" Depends on what type of forgiveness you're talking about. The new program is a really easy 5 minute app: https://studentaid.gov/debt-relief/application Something like permanent and total disability forgiveness is a months-long process with paperwork requirements.
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Oct 21, 2022 00:39
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I finally received my refund of the payments I made to Nelnet during the covid pause after asking for them like two months ago! They came as 18 individual checks.  
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Oct 21, 2022 20:38
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Can't believe they blocked the program temporarily. Should we be worried?
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Oct 23, 2022 21:04
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Covok posted:Can't believe they blocked the program temporarily. Should we be worried? Not yet, IMO. Or at least, no more so than you would have been purely on the knowledge that there are sick fucks out there filing lawsuits to try to hold this whole thing up, without knowledge of this latest ruling. It's a temporary stay based on the principle that the toothpaste can't go back in the tube, so they're gonna force people to wait while it gets heard in court. At no point does it tangle with the actual case on the merits.
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Oct 23, 2022 21:28
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Covok posted:Can't believe they blocked the program temporarily. Should we be worried? It was pretty obvious that this would happen and be challenged all the way up. I tried to remind folks of this when the program was announced. Again hopefully everyone gets some relief but we will see what holds up. Changes were already made to the program to try and head off the challenges. It sounds like most challenges have no standing but the one putting the hold on the program has the most legs. Just be patient at this point. This is always a risk with things done via the executive branch and not with laws via congress. spwrozek posted:Small reminder that this is going to be challenged and may likely go all the way to the supreme court. What will happen when that is going on and you have to start making payments in January and all that....who knows. I am hopeful it goes through for everybody but still a lot of question marks out there.
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Oct 24, 2022 16:28
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GODDAMN IT gently caress A TRUMP JUDGE JUST DESTROYED THE ENTIRE PROGRAM
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Nov 11, 2022 02:28
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It will be appealed, just like the other holds have been. However, don't believe it will happen until the money is actually disbursed and the forgiveness happens.
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Nov 11, 2022 03:08
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Welp, I need some advice! All the talk about forgiveness got me looking at my loans which I never really cared about aside from the automatic payment coming out from my account. 1. I found out I have FFEL loans, and missed the deadline for consolidation. 2. I went through a bad period about a decade ago, and defaulted on my loans. Got myself put back together and after being contacted by my current servicer I started paying them back and haven't had an issue. However when I went on the Dept of Ed website, I discovered I have some loans that apparently aren't under my current servicer that have been defaulted for several years. Based on when they started, they look to be legit loans I took out for college - I just thought my servicer had all the loans I took out, and didn't know I was missing some. 3. I have a job that would qualify for PSLF, but never looked into it since my loans (at least the ones I knew of) would be paid off before I reached 10 years of payments. So - what would be the best path forward here? The defaulted loans would qualify for forgiveness and PSLF since they are held by the Dept of Ed, but not the ones held by the private servicer. I also can't consolidate anything until I start paying the defaulted loans for a few months. If I start paying the defaulted ones, do they automatically get transferred to my regular servicer and now no longer qualify for forgiveness? Am I just screwed because I accidentally didn't pay loans for 10+ years?
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Nov 13, 2022 16:59
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Delta-P posted:Welp, I need some advice! All the talk about forgiveness got me looking at my loans which I never really cared about aside from the automatic payment coming out from my account. You should contact the guarantor of your defaulted loans to set up a payment plan to get out of default. You should be able to find their information via the Dept of Ed site. I'm not sure about forgiveness options while in default, that would be a question for them.
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Nov 16, 2022 00:02
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The phrase to look into is "debt rehabilitation" which entirely makes it not a default anymore and erases the negative tradeline. https://studentaid.gov/manage-loans/default/get-out
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Nov 16, 2022 03:22
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Apparently, the conservatives found standing and now the SC is primed to kill it all. Experts say its inevitable now.
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Dec 6, 2022 05:25
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Covok posted:Apparently, the conservatives found standing and now the SC is primed to kill it all. Experts say its inevitable now. The other day, there were articles saying things like “many, many legal scholars believe Biden’s student loan plan is safe, should coast through the SC”. Now they’re saying the opposite. Which is correct?
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Dec 6, 2022 13:42
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Cacafuego posted:The other day, there were articles saying things like “many, many legal scholars believe Biden’s student loan plan is safe, should coast through the SC”. Now they’re saying the opposite. Which is correct? They didn't say "it will die because of the law." The article is saying "the SC doesn't really give a poo poo anymore so the Cons will probably just kill it because they can." I think the fact they are hearing and listening to a hypothetical scenario where someone MIGHT be asked to make a website for a gay couple that said plaintiff never actually was asked to do and are now considering limiting anti-discrimination laws to allow business to not sell to LGBTQ+ people for "religious freedom reasons" are causing a re-evaluation on what the SC will do.
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Dec 6, 2022 17:30
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I am looking into trying to help the significant other refinance her private student loans. IIRC, she has about $50k left, and it takes up a significant amount of her money per month. She only makes about $22 an hour and usually does not work full time, and such doesn't have benefits, we'll say take home is somewhere in the ballpark of $1200 a month. (I could be calculating wrong, it might be closer to $2000, but not much more than that) Somehow, we need to get her to pay less in student loans. Thankfully the forebearance has helped us both for federal, but not for private. She already got a $2 raise a few days ago but it's not enough, she really needs her own health insurance and whatnot. Basically, my question is what can she do to reduce her private student loan payments? They really shouldn't be higher than 30% of her income, is it because she has a cosigner with her mom, who makes close to both of our incomes, combined? (she can't pay off the loan, either, though, she's a cosigner in name only, I think) It would be great if we could get her payments into the like, $250 a month range, but just fiddling around with a calculator it doesn't seem like it's doable. $500 a month is just stupid to me. Do private loans nowhere offer income based repayment? Realistically speaking unless something drastic changes I don't think she's ever paying off the loan and it'll just be a persistent thing, or she'll be like so many others who will probably be in their 80s before they can finish paying it off. https://www.studentloanplanner.com/student-loan-refinance-calculator/ If we could refinance it to a 5% 20 year loan, that would be much better for her GreenBuckanneer fucked around with this message at 07:11 on Jan 13, 2023 |
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Jan 13, 2023 07:07
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Tbh doing it in spring last year would have been the best option. We managed to get my wife a 3.5 interest rate on a 15 year (I wanted to lower the interest and we already pay double. Doing this gave us breathing room if something comes up but also meant that if I keep paying extra I lowered the total interest paid by 3xs). You won't find any private loan that does interest based repayment, they aren't the feds and absolutely know they have you by the balls and can squeeze endlessly. And if you delay or miss a payment they just instantly capitalize the interest and you end up paying even more per month. It's absolutely a massive stress and fracture point on anyone that ends up stuck with them. My wife had 3 from Wells Fargo that went from 9 to 13% interest and the only way I managed to start paying them off after 6 years was by refinancing to a much better rate. The high interests that she was saddled with made it so the one year defferrement we had wiped everything we put in the prior 5. poo poo fuckers Right now I think your honestly screwed trying to lower it to 5%. A coworker was trying to refinance and she barely was able to get below 8% and that's with a steady job and good record. Private loans are basically just a weight on you. There's a website I used to aggregate interest rates on refinancing, I'll look and see what it was. I used that to find out which place would give us the best options. I will say sofi is useless and don't use them if it's an option. We ended up using a credit union that does private refinance that gave us good discounts on everything. UCS Hellmaker fucked around with this message at 07:38 on Jan 13, 2023 |
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Jan 13, 2023 07:34
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UCS Hellmaker posted:Tbh doing it in spring last year would have been the best option. We managed to get my wife a 3.5 interest rate on a 15 year (I wanted to lower the interest and we already pay double. Doing this gave us breathing room if something comes up but also meant that if I keep paying extra I lowered the total interest paid by 3xs). You won't find any private loan that does interest based repayment, they aren't the feds and absolutely know they have you by the balls and can squeeze endlessly. And if you delay or miss a payment they just instantly capitalize the interest and you end up paying even more per month. It's absolutely a massive stress and fracture point on anyone that ends up stuck with them. My wife had 3 from Wells Fargo that went from 9 to 13% interest and the only way I managed to start paying them off after 6 years was by refinancing to a much better rate. The high interests that she was saddled with made it so the one year defferrement we had wiped everything we put in the prior 5. poo poo fuckers I actually was looking at sofi, so that's good to know. I think she may have said she's already at 7%? or something. Maybe instead she just needs to get a different job, but she likes her current one, regardless.
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Jan 13, 2023 08:09
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My partner has used Sofi and it was good. Rates are up now and it will depend a lot on her income and current job. Unlike federal loans they will really consider that in the rate and options they offer. It is worth just starting the process though, worst case they can't help/don't offer anything better.
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Jan 13, 2023 20:12
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Everytime we looked at sofi they always were higher interest rates then others. But they could be more aggressive and better now? Lately for sure they have been slamming us about refinancing with them.
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Jan 14, 2023 02:59
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Is fast web still the scholarship spot? I need to start hustling this scholarship money incase the VA FUCKS ME come the fall.
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May 9, 2023 16:42
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