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Giving you 20K isn't going to be the choice that breaks the senate deadlock on filibuster being a good idea.
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Nov 12, 2022 03:33
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| # ¿ May 21, 2024 06:19 |
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Oh lookie there: https://www.career.org/uploads/7/8/1/1/78110552/order_granting_appellant%E2%80%99s_opposed_motion_for_injunction_pending_appeal8-7-23.pdf
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Aug 8, 2023 18:09
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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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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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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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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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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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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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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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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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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.
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Dec 4, 2023 02:11
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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.
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May 15, 2024 21:53
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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 |
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May 16, 2024 04:02
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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 |
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May 16, 2024 16:09
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| # ¿ May 21, 2024 06:19 |
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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.
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May 16, 2024 18:48
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