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I got a bill for $1100 a few weeks ago so finally got around to putting in my certification and SAVE application last night, which I now sort of regret because I missed until afterwards that my $1100 bill was due in 2040. WTF? The thing I can see causing weird glitches in the system is I was in unlimited forbearance before this because I had a loan challenge in that DeVos shelved and then the class action that happened made it so I didn’t have to pay until the lawsuit was resolved, and I was part of the settlement on that lawsuit so they wiped $60,000 of loans (still have $80k of grad loans), which happened while everyone was in extended forbearance, but I’m interested to see where this all lands now… Made the first payment on my wife’s loans last night though. She got auto-converted to the SAVE plan.
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Oct 4, 2023 16:15
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| # ? Apr 30, 2024 05:43 |
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Ahahaha. First few days on the phone at student loan processing company. It is absolute chaos over here and agents are being thrown into the deep dark woods in hopes they manage to learn survival skills while being chased by wolves. 3-4 thousand calls in queue at anytime. No executive formula on how to handle this, and people waiting in 2-3 hour queues to be told 'yes, really. The DoE said you'll be sent a letter if you qualify for the newest rounds of 'we just cleared out the bins of student loans that should've been waived ages ago for legit reasons, but fell through the cracks'. We have no idea if you're qualified for this or not. Have a good day 
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Oct 5, 2023 02:18
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So with the SAVE program. It mentions loans forgiven after 10 years of payment. Is that retroactive? I've been paying on my for 16 years.
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Oct 5, 2023 16:54
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Alterian posted:So with the SAVE program. It mentions loans forgiven after 10 years of payment. Is that retroactive? I've been paying on my for 16 years. It should be. I had a little over $12k in loans I'd been paying on for 20 years forgiven under the new cutoff date for a different payment plan.
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Oct 5, 2023 20:01
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Loans at or under 12k are forgiven after 10 years, then each thousand borrowed after that increases the timeline until you're at 20 years. And then: https://studentaid.gov/announcements-events/idr-account-adjustment ED will conduct a one-time adjustment of IDR-qualifying payments for all William D. Ford Federal Direct Loan (Direct Loan) Program and federally owned Federal Family Education Loan (FFEL) Program loans. The account adjustment will count time toward IDR forgiveness, including any months in a repayment status, regardless of the payments made, loan type, or repayment plan; 12 or more months of consecutive forbearance or 36 or more months of cumulative forbearance; any months spent in economic hardship or military deferments in 2013 or later; any months spent in any deferment (with the exception of in-school deferment) prior to 2013; and any time in repayment (or deferment or forbearance, if applicable) on earlier loans before consolidation of those loans into a consolidation loan.
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Oct 6, 2023 01:41
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Lets see what happens then. I submitted it yesterday and it's in review. I have about $13600 left. I have about a year before I have 10 years towards a pslf discharge.
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Oct 6, 2023 13:04
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I submitted my IDR SAVE plan request in August and received notification that it was received by Aidvantage a few days later. The amount listed that is due on 10/21 is the amount that it would be under the standard repayment plan. I've emailed Aidvantage multiple times with no response, and gave up calling after spending 2 hours on hold. I can afford to pay the higher amount out of savings for a couple months at most, but I budgeted for a much lower monthly payment. What can I do at this point? Just keep calling and hope that whoever eventually picks up is able to help? I don't really have time to sit around for hours on end on hold.
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Oct 9, 2023 23:15
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If you just don’t pay while you’re getting hem to figure it out it won’t go on your credit score. They’re supposed to not penalize missed payments until like next summer.
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Oct 9, 2023 23:22
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Feds just announced today that backlogs on IDR are so insane they're automatically signing people up for forbearances while they straighten things out with their IDR. Yeah, you'll be fine.
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Oct 10, 2023 00:01
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killer_robot posted:Feds just announced today that backlogs on IDR are so insane they're automatically signing people up for forbearances while they straighten things out with their IDR. Yeah, you'll be fine. Can you link to that for me please? That sounds great.
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Oct 10, 2023 00:35
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Weirdly my IDR was like half what it said it would be.
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Oct 10, 2023 00:50
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Very weird that your IDR SAVE application is taking so long. I submitted to Aidvantage in September and got approved and notified with everything updated two days later. Might be something up with your paperwork.
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Oct 10, 2023 00:58
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I work at a student loan's processing center. The standard method of getting IDR set up is we give you paperwork, you return paperwork, we do our thing, eventually you get your results back. Since IDRs are so backed up likely going to have a pay date between those two dates so an administrative forbearance is being automatically applied for 2 months even if you'd otherwise not be eligible for it, instead of them being processed on a case by case basis with the assumption that the paperwork will be processed in a timely fashion. I'm not sure how long that's going to last. It's an emergency measure. Not finding any direct links to that thing about automatic forbearance applied to IDR. Something that came up at work and supes were "Yeah yeah, just tell them they're going to be automatically applied and don't worry about it. That's all done on the Back End." I have no idea why that IDR has been sitting idle since August. You really need to call your processor and ask wtf. killer_robot fucked around with this message at 03:10 on Oct 10, 2023 |
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Oct 10, 2023 01:04
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So there was the weirdness where I got a bill for $1100 that wasn’t due until 2040 and then I certified and applied for SAVE and yesterday my payment updated to be due in November and it was about $550. Today I got a notification I had a message (despite there being no inbox in the portal) and my payment is now $950. Uuuggghhh. Based on the posts here I really don’t want to call to figure it out right now.
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Oct 10, 2023 15:30
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BonoMan posted: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. Get that poo poo backdated. You’ve paid interest on that 1000 dollars where the payment did not get applied.
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Oct 11, 2023 18:24
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RoboBoogie posted:Get that poo poo backdated. You’ve paid interest on that 1000 dollars where the payment did not get applied. It was $4,000! But before I even brought it up she said "and because I know you're about to ask this question, any interest paid on that amount will get refunded as well."
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Oct 11, 2023 18:27
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So how exactly does the SAVE plan zeroing out the payment work in terms of interest? My brother applied and qualified for a payment of $0 but also got a notice about the interest. The interest benefit seems to work as long as you make a monthly payment but if the scheduled payment is nothing then uh….. what happens?
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Oct 11, 2023 18:34
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Happy Noodle Boy posted:So how exactly does the SAVE plan zeroing out the payment work in terms of interest? My brother applied and qualified for a payment of $0 but also got a notice about the interest. The interest benefit seems to work as long as you make a monthly payment but if the scheduled payment is nothing then uh….. what happens? If you are on SAVE and you have a $0 payment, then it covers your interest payment entirely. No interest will accrue.
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Oct 11, 2023 19:01
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I changed from IBR to SAVE and was expecting the outstanding interest to capitalize but MOHElLA sent a letter that any interest that would normally capitalize won't as part of payment restart. 1.5 years to go until PSLF forgiveness.
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Oct 11, 2023 20:15
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BonoMan posted:It was $4,000! sorry cant read I hope you gave that person a bigups for being proactive.
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Oct 12, 2023 17:53
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Applied for SAVE like 6 weeks ago and still haven't heard anything from MOHELA and they're expecting a payment over the weekend. I'm currently unemployed so now I'm trying to get on the phone to get them to do the administrative forbearance until my application gets processed and wait times are over 2 hours lol.
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Oct 13, 2023 19:39
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Yeah I was on the phone for over 5 hours when I was dealing with my situation above. Five literal hours (I took a screenshot of the call timer lol). And this was AFTER waiting 2 hours for a call back, then got on a hold for 30 minutes... then accidentally disconnected. Ridiculous.
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Oct 13, 2023 19:46
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Yeaah. Hold lines are crazy. And I feel them to everytime some client asks to be transfered to x department and I have to sit on the line with them as a warm transfer >_< (Which, of course, also ties me up as an agent who could be doing something constructive with their time. But Never Cold Transfer.) Execs made a big point of 'wishing we could have trained a bunch of noobs starting in August, but dontcha know the govt didn't give us funding/clearance to do that so here we are'. Take that with whatever amount of salt you prefer as a chaser.
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Oct 15, 2023 17:31
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I'm in an odd piece of limbo right now. I submitted a consolidation application for the few remaining loans I have left, and while studentaid.gov says that it is still in review, my servicer (EDFinancial) now shows all of my remaining loans as "consolidated" with a $0 balance. It also doesn't show the new consolidation loan. So it almost looks like everything is paid off. I'm waiting for the consolidation loan to show up so I can make sure I've got my auto pay set up for the right date and amount. Also, the consolidation hit my account 48 hours after they took the first payment for the loans after the payment pause ended. Hopefully that payment will go towards the new loan, since it doesn't seem that it lowered the balance of anything before that loan hit. I'm lucky enough to be in a good place financially so this isn't much more than a mild inconvenience as this all gets worked out. So I'm just going to sit back and trust the process, waiting for an email and not logging in every day in hopes that something has changed.
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Oct 15, 2023 18:18
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Nelnet I guess doesn't want to use the IRS access I signed for and now wants to to upload income from 2017 to now. Why what I made in 2017 is relevant is beyond me.
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Oct 19, 2023 22:45
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Xinlum posted:Nelnet I guess doesn't want to use the IRS access I signed for and now wants to to upload income from 2017 to now. What, exactly, are you trying to do?
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Oct 20, 2023 03:10
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Question, I've seen that PAYE email about applying and seeing if it can lower my monthly rate. Can it raise how much you have to pay if you make a decent amount (Regardless of your current debt amounts)? Or will it just say "sorry, you don't qualify for a reduced rate"?
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Oct 23, 2023 16:45
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It's absolutely baked into the math for the program for an IDR that that can happen, yes. I had to advise a single with no dependents that his income of 80k meant his IDR was going to increase his rates the other day.. Keep in mind with any IDR you're trading a (hopefully) smaller sum to be paid off in 20 years rather than 10, with interest kicking in all that time. Even if an IDR does cut your rates, you might be better off dealing with your student loans and just paying them off, rather than paying 10 more years at a 'reduced' rate. Also, you might want to play with the loan calculators at studentaid.gov and see if consolidating into a save plan is better for you, keeping in mind it resets the payments made on your account. killer_robot fucked around with this message at 21:05 on Oct 23, 2023 |
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Oct 23, 2023 18:32
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LanceHunter posted:I'm in an odd piece of limbo right now. I submitted a consolidation application for the few remaining loans I have left, and while studentaid.gov says that it is still in review, my servicer (EDFinancial) now shows all of my remaining loans as "consolidated" with a $0 balance. It also doesn't show the new consolidation loan. So it almost looks like everything is paid off. I'm waiting for the consolidation loan to show up so I can make sure I've got my auto pay set up for the right date and amount. Also, the consolidation hit my account 48 hours after they took the first payment for the loans after the payment pause ended. Hopefully that payment will go towards the new loan, since it doesn't seem that it lowered the balance of anything before that loan hit. Well, my consolidation loans are finally showing up for my servicer. There's a new wrinkle, though: They are currently showing as needing a payment of $1 each, on a 180 payment plan. Don't know how that happened. I certainly wouldn't mind having essentially no payments and everything vanishing in 15 years. That amount wasn't anywhere near what SAVE or IDR payments were going to be for me, though. I'll give it another couple of weeks to sort out, and presumably there will be a more accurate payment amount happening soon. Also, the previous payment that was taken out for October still seems to be missing (it didn't go towards the old loans before they were cancelled and it hasn't gone towards the consolidation loans either). Maybe they're gonna cut a check back to me?
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Oct 25, 2023 15:24
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This new swing at student loans: https://www.cbsnews.com/newyork/news/biden-administration-proposes-new-student-debt-relief-plan-who-can-qualify/quote:
I know the details are still iffy, but the first point is intriguing. Does that mean people whose current outstanding bill is greater than what they borrowed, or people who already paid back more than the value of their principal?
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Nov 7, 2023 14:17
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man i really hoped the second attempt might affect more than just fringe cases but if this is the best we can hope for I guess that's it for the majority of us.
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Nov 8, 2023 23:46
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T Zero posted:This new swing at student loans: https://www.cbsnews.com/newyork/news/biden-administration-proposes-new-student-debt-relief-plan-who-can-qualify/ the first way would have to be time capped to some extent, probably 10-15 years? Everyone's balance gets higher at first, you start collecting interest immediately but don't have to pay for 6 months. My sincere guess is that it's B.
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Nov 8, 2023 23:49
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My wife’s payment last month was $300 and this month it’s $900. Meanwhile I filled out the SAVE application and my payment was initially listed at $500, then the next day it was $900, and then 10/31 it changed to $1,800. So I think at this point I need to call.
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Nov 15, 2023 00:15
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so around august or september i set up the payment plan with mohela to start in october. but i check in october and the payments are set at 0?? so i end up going back to the federal loan and i guess they considered my application as not done. so i do the application, by which i mean i select the new idr plan. no response back. not sure what i should do. mayne see if i can just start dumping payments regardless?
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Nov 19, 2023 07:57
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FREEDOM!!!!!! My wife's PSLF forgiveness kicked in and over $100,000 in debt gone! That sword is no longer dangling over our heads.
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Nov 20, 2023 15:42
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Liquid Chicken posted:FREEDOM!!!!!! Congrats!
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Nov 20, 2023 23:39
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Liquid Chicken posted:FREEDOM!!!!!! Good job goon! I think that calls for a fancy dinner.
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Nov 21, 2023 01:24
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Liquid Chicken posted:FREEDOM!!!!!! This is awesome and I am sure feels amazing.
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Nov 21, 2023 15:06
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Liquid Chicken posted:FREEDOM!!!!!! Congrats! 
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Nov 21, 2023 16:15
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| # ? Apr 30, 2024 05:43 |
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Meanwhile I actually ADDED $10K to my loan. I consolidated to a federal loan, hoping for the $10K in relief. That didn't happen and $10K of interest actualized and was added to my principal. 
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Nov 21, 2023 20:55
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