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So I just got this email...quote:You're eligible to have your student loan(s) forgiven! I'm guessing this only applies to the ~$12k of consolidated loans I have left over from the my first attempt at college back from 1998-2002, rather than any of the loans I took out when I went back to school to finish my degree a few years ago. This will be more forgiveness than I was going to get under the old plan, so that's cool.
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Jul 14, 2023 17:42
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LanceHunter posted:So I just got this email... Following up on this: I logged in to my loan servicer’s site today and they have repayment dates/amounts set for the loans I took when I went back to school, but the old consolidated loans still show $0 due. The balances are still showing there, though. So I guess I’ll just have to wait and see.
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Aug 13, 2023 16:40
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LanceHunter posted:Following up on this: I logged in to my loan servicer’s site today and they have repayment dates/amounts set for the loans I took when I went back to school, but the old consolidated loans still show $0 due. The balances are still showing there, though. So I guess I’ll just have to wait and see. Follow-up to the follow-up. I just got the confirmation through my servicer that one of these two old consolidated loans was forgiven. Don't know why the second wasn't, as I thought they were set up at the same time. The other old loan still shows $0 due, though, so I'm not quite sure what is up there. This second loan not yet being forgiven might be a blessing in disguise, though, if I'm understanding things properly. As I understand it, if you consolidate loans then the IDR 20-year forgiveness kicks in based on the payment history for the oldest item in the consolidated package. So I might have a chance to consolidate this old loan with the loans I took out a decade later when I went back to school, and be able to hit the 20-year mark in a year or two and get everything cleared. Clearly I'll have to do some more research to figure all of this out. I don't have that much student loan debt (it's less than my car note), but after that bullshit SCOTUS decision I kinda want to get as much cleared as possible just on principal. EDIT: Okay, I think this info on the page for the SAVE program has more info... US Department of Education posted:Borrowers who consolidate will not lose progress toward forgiveness. They will receive credit for a weighted average of payments that count toward forgiveness based upon the principal balance of the loans being consolidated. So consolidating probably wouldn't be the best plan, since the remaining old outstanding amount isn't that high and wouldn't swing a weighted average that much. EDIT 2: Welp, nevermind. Second old consolidated loan is now also wiped. Guess they were just slow in processing everything. LanceHunter fucked around with this message at 18:47 on Aug 16, 2023 |
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Aug 16, 2023 14:56
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webcams for christ posted:My general strategy is do IDR and make the minimum monthly payment until I hit 20/25 years. EdFinancial has been entirely competent for my purposes.
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Dec 18, 2023 02:25
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Tyro posted:That's how it worked for me. My principal was updated to a negative number (the amount of the one extra payment I had made), then 5 days later the FSA site displayed a zero balance, then a few days after that I got the official notification that my loans were forgiven. Zero'd out over here, too. Had a negative balance for the couple of payments I made once things resumed, and the total now shows a bunch of "Payment Reversal" listings for those. Not entirely sure if/how I'll get that money back, but I'm not complaining.
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Jan 13, 2024 18:12
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