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killer_robot posted:Oh lookie there:
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Aug 29, 2023 14:23
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dirby posted:I don't know enough about the context or the law. Could someone explain what this means? I think this person is confused and thinks it is about the student loan forgiveness related to the new IBR/SAVE plan. It is a lawsuit by a group of Texas colleges challenging a new Biden administration rule that says if a DOE investigation finds that a school coerced or misled students in any way that related to them getting student loans to attend the school, then the loans are forgiven are the school has to pay back any money they received. It's a good rule, but it doesn't have anything to do with Student Loan Forgiveness or the new IBR/SAVE plan. The case is going to be heard on November 6th.
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Aug 29, 2023 14:35
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Yeah, was just pointing out that conservatives are openly contesting the refund of money given to fraudulent schools. Utter crock. Wouldn't be surprised if they go after the very notion of IBR next.
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Aug 29, 2023 19:29
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killer_robot posted:Yeah, was just pointing out that conservatives are openly contesting the refund of money given to fraudulent schools. Utter crock. Wouldn't be surprised if they go after the very notion of IBR next. Are they? It looks like the lawsuit was filed by a trade association of private for-profit universities, who insist that the rule exposes them to "unwarranted reputational injury and enormous financial liability". While some of them may indeed be politically conservative, their opposition doesn't seem to be particularly political.
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Aug 29, 2023 20:01
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How is a for-profit business advocacy group trying to undo regulations that protect the public not "political"? It may not be partisan, as in they are suing because they oppose the policy rather than because a Democrat is in charge, but it is certainly political.
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Aug 29, 2023 20:20
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A,so the DeVos’ own controlling stakes in a ton of those schools. They are doing this now because they don’t have her as Sec of Ed anymore to change all the rules to let them do whatever and put a pause on all challenges.
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Aug 29, 2023 20:26
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I hopped onto my MOHELA account to get my new bank account set up for repayment. I saw a message dated 8/15 in my inbox saying that as of right now, my payment for the next 10 months is $0.00. I literally do not make enough money to owe under the SAVE plan, and my student loans will be forgiven through PSLF in a bit over a year. lol. lmao. If it stays like this my loans are effectively null. (how much tax am I gonna have to pay on the forgiveness though.) Framboise fucked around with this message at 19:32 on Sep 1, 2023 |
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Sep 1, 2023 19:24
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i've been in a job that qualifies for PSLF for about six months. does the clock start ticking then or do i need to specifically apply to begin the ten year process?
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Sep 1, 2023 19:35
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Framboise posted:I hopped onto my MOHELA account to get my new bank account set up for repayment. No federal tax. PSLF is exempt from taxation. And any student loan forgiveness this year and next year is untaxed - the Dems passed a bill in 2021 that made student loan forgiveness untaxed until 2025.
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Sep 1, 2023 19:48
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Main Paineframe posted:No federal tax. PSLF is exempt from taxation. And any student loan forgiveness this year and next year is untaxed - the Dems passed a bill in 2021 that made student loan forgiveness untaxed until 2025. This loving rules.
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Sep 1, 2023 19:51
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Framboise posted:This loving rules. Ahhh congrats that’s awesome. Edit* Heh https://twitter.com/strikedebt/status/1697735961159901233?s=46&t=JBd6ZXmGQ3LmWL-ineTnAA FizFashizzle fucked around with this message at 23:20 on Sep 1, 2023 |
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Sep 1, 2023 22:45
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So what's the status of the Supreme Court stuff? Are they appealing it?
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Sep 3, 2023 16:05
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Main Paineframe posted:No federal tax. PSLF is exempt from taxation. And any student loan forgiveness this year and next year is untaxed - the Dems passed a bill in 2021 that made student loan forgiveness untaxed until 2025. Okay to be more specific, I counted that I have 20 payments left, 19 if you count this month, which means I should be done in May 2025. Now, does that "until 2025" count that year, or just until the beginning of that year?
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Sep 3, 2023 16:35
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Through Dec 31, 2025.
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Sep 3, 2023 16:54
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BonoMan posted:So what's the status of the Supreme Court stuff? Are they appealing it? Supreme Court rulings can't be appealed. That ruling overturning the legal basis for the original loan forgiveness program is final. The administration pretty much immediately started working on a second loan forgiveness program, based on different legal processes and justifications that weren't covered by the first Supreme Court ruling. However, the new strategy is more time-consuming, with stuff like mandatory comment periods slowing things down, so we're not going to hear anything more about it until next year. And once it's done, it's inevitably going to be put on hold by legal challenges which will make their way up to the Supreme Court.
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Sep 3, 2023 17:25
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TheMadMilkman posted:Through Dec 31, 2025. This loving rules.
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Sep 3, 2023 17:43
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is that one of those programs which should be extended indefinitely or do I have a $30,000 tax bill coming my way a couple years after that?
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Sep 3, 2023 17:46
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i say swears online posted:is that one of those programs which should be extended indefinitely or do I have a $30,000 tax bill coming my way a couple years after that? If your forgiveness is coming through PSLF or a similar program, then you're fine - those have been tax-free since the day it was created. If your forgiveness is coming through a income-based repayment plan or something else, well, that's up to whoever holds Congress in 2025. The Dems will probably extend it if they hold Congress (especially if Biden wins reelection), the GOP almost certainly won't.
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Sep 3, 2023 19:49
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MOHELA just mysteriously changed the status of my application for SAVE to "Cancelled." I have no idea what this means?? I submitted my application to them through studentaid.gov and as far as they know it's still in review.
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Sep 8, 2023 02:04
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Zoph posted:MOHELA just mysteriously changed the status of my application for SAVE to "Cancelled." I have no idea what this means?? I submitted my application to them through studentaid.gov and as far as they know it's still in review. Were you on a repaye plan prior?
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Sep 8, 2023 19:20
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I think it had it resolved earlier today. It seems to have been an error with the application, so I did a new one with MOHELA.
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Sep 8, 2023 19:24
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apologies if this has been talked about before, but it's a pretty simple question: not all of my student loans are eligible for coverage under the new SAVE plan (mostly FFEL loans), but mashing them all together under direct loan consolidation does put everything under the newer, cheaper umbrella. it'll put me at $0 per month. but before i pull the trigger on this, are there any other gotchas that i have to worry about? the higher overall interest rate kinda sucks. i've struggled to get work, so i haven't had to pay too much over the years, but tightening finances and the increasing costs of basically everything are going to require me to get something. once i'm no longer an unemployed bum and i'm actually earning income, how much will that higher interest rate gently caress me? what else do i have to worry about?
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Sep 11, 2023 21:57
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You don't have to mash all your loans together to qualify, you can just consolidate the FFEL ones into a direct consolidation loan and leave your existing direct loans as they are if you have lower interest rates on your direct loans that you don't want subsumed into an overall average rate. Your direct loans should already qualify for REPAYE/SAVE If your payments are $0 the interest doesn't matter since unpaid interest won't accrue on the SAVE plan, but since you're concerned about getting a high paying job later, yeah once that happens you'll save a bit of money if you leave lower interest direct loans out of the consolidation because then you'd be able to selectively direct extra payments to the higher interest consolidation loan. The big gotcha to watch out for is don't mix in things like parent PLUS loans into loan consolidation, or consolidate graduate and undergraduate loans together.
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Sep 11, 2023 22:26
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i say swears online posted:i've been in a job that qualifies for PSLF for about six months. does the clock start ticking then or do i need to specifically apply to begin the ten year process? Wife says you have to make 120 payments (technically 10 years) but there is no “clock.” They don’t forgive anything til they’ve gotten the 120 payments.
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Sep 18, 2023 22:03
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Is there any way that I would benefit from the SAVE program assuming I have both a very high loan balance (over $100,000) and significant household income (at least $300,000 between my wife and I).
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Sep 18, 2023 22:33
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If you don't wanna do the math yourself when you apply for the program they show you what your payments would be under the various programs before you commit to anything.
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Sep 19, 2023 00:38
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So what is the best solution for me. My loan payments start soon as we all know. It’s all just sub and unsub federal loans I took while in ROTC to augment my GI Bill so I didn’t have to work. The interest is of course mega low from Covid times, and the payment isn’t huge. As an officer, I can easily afford it, and I’m very privileged for that. But should I do PSLF? Or is there some other option I’m overlooking? It’s about 20,000$ sharp so sucks that Biden didn’t manage to do it, would’ve been all gone.
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Sep 21, 2023 03:58
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Vahakyla posted:So what is the best solution for me. My loan payments start soon as we all know. It’s all just sub and unsub federal loans I took while in ROTC to augment my GI Bill so I didn’t have to work. The interest is of course mega low from Covid times, and the payment isn’t huge. As an officer, I can easily afford it, and I’m very privileged for that. But should I do PSLF? Or is there some other option I’m overlooking? Have you tried the calculator on studentaid.gov? It will show you how long to pay off the loans using their standard plans, and also show you how quickly you'd get forgiven under PSLF. With a balance that low plus high income and low interest, you might pay it off before PSLF kicks in, but the calculator will give you exact payoff dates.
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Sep 21, 2023 11:47
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ummel posted:Have you tried the calculator on studentaid.gov? It will show you how long to pay off the loans using their standard plans, and also show you how quickly you'd get forgiven under PSLF. With a balance that low plus high income and low interest, you might pay it off before PSLF kicks in, but the calculator will give you exact payoff dates. I have to say I felt a bit silly, I didn't know such calculator existed and I follow this topic closely. It was quite helpful. It also showed a bigger payment initially but I remember then to change my income as some 40 percent of it is untaxable. Yeah, for me, seems like the best deal is to just pay it off right away. The high income and the low interest, which only averages 3.9 between sub and unsub, means it just ends up never getting nowhere near PSLF. Goddamn I'm privileged. Still, feels selfish to hope for some sort of loan forgiveness, but I was really wanting it. Also, now I checked Nelnet and Studentaid.gov and both say my payment is zero because I'm still in school. I'm not. Should I do something?
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Sep 21, 2023 22:13
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Got a letter from Mohela saying that my loans are in forbearance through the end of November.
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Sep 23, 2023 12:52
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Fell Fire posted:Got a letter from Mohela saying that my loans are in forbearance through the end of November. Same but end of October.
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Sep 23, 2023 13:37
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I got an invoice from MOHELA for almost all (but not all) of my remaining loan. I sent a message to ask what was going on since their website shows my monthly payment at ~$103. My total left is about $1200 and this invoice is asking for around $1980. If I don't hear back from them my plan is to just dip the emergency savings and pay the rest of thing off so that it isn't a headache but it's still extremely MOHELA to be this much of a clusterfuck.
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Sep 23, 2023 15:07
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Fell Fire posted:Got a letter from Mohela saying that my loans are in forbearance through the end of November. Did you apply for an IDR plan? If so it's in administrative forbearance as they process it.
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Sep 23, 2023 18:20
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Super cool stuff. Consolidated my loans through the federal student aid site, applied for SAVES plan. The loan consolidated today and is under standard repayment. Really great system we have here.
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Sep 27, 2023 19:32
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I applied for federal consolidation in August... of 2022. It went through in like January of 2023. By that time I had paid off another $4,000. Mohela automatically gave the credit to Aid Advantage (the consolidation servicer) in Feb of 2023. I'm still awaiting that check. Aid Advantage is just constantly giving me the runaround and straight up lying about stuff. They say they "can see the credit in the system but it might be another 6-8 weeks before the check is sent out."
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Sep 27, 2023 19:38
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Random question... If my Nelnet account says I don't need to pay until December 2024, I'm good right? Actually don't even answer. I'm just going to assume that I'm good. Edit: oh I figured it out. I was due to recertify my loans very shortly after COVID ended up starting. Because of the way restart is being applied, recertification can't take place before March. My recertification would have had to be in December of this year. By the rule, if the recertification would have had to happen this year it gets pushed back a year. I feel like I dodged about 30 bullets because I'm unemployed right now and have been for most of the year and do not have the money to make a student loan payment. Also, when I recertify next year I'll get to use this year's tax return that says I didn't make any money and I'll basically have another year free. zimbomonkey fucked around with this message at 07:03 on Oct 4, 2023 |
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Oct 4, 2023 06:57
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I was on the phone with Mohela for 5 hours the other day. 5 actual hours and we *finally* got my weird consolidation situation...well... not solved - but they figured out what happened. I was with Mohela with my FFEL loan. I consolidated and chose to keep Mohela as my servicer. They chose AidVantage as the servicer for the consolidation. Normally the consolidation takes less than 30 days and the borrower doesn't pay on the loan before it's consolidated. Since I did it during the height of the forgiveness deadline, it took 6 months. I paid off about $4,000 in that time frame. Over the past 6 months during my calls, Mohela swears they posted a refund to the servicer (which wouldn't make sense anyway... that should have gone to me). They finally figured it out... they refunded my money to Sallie Mae. Whom I have never used. Ever. After finally getting this all escalated they determined that Sallie Mae was never an underwriter or guarantor or servicer of my loans forever and ever amen. And they have no idea how my money got refunded to them. "As bad as this may seem... the person maybe just had the wrong account up on his screen?" So now they FINALLY are working to get my poo poo refunded to my account. almost a year after it happened. Yeesh.
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Oct 4, 2023 13:54
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That's why I consolidated away from MOHELA. Or one reason at least.
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Oct 4, 2023 15:36
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Yngwie Mangosteen posted:That's why I consolidated away from MOHELA. Or one reason at least. I've used them for almost 20 years with no issue so I figured I'd be wise just to keep it there. JOKES ON ME
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Oct 4, 2023 15:37
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BonoMan posted:I've used them for almost 20 years with no issue so I figured I'd be wise just to keep it there. JOKES ON ME They claimed they weren't party to it, but the lawsuit that got rid of the 20k forgiveness was done on behalf of MOHELA too. So basically gently caress them forever, even if it was just assholes using them, which I don't actually believe.
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Oct 4, 2023 15:59
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