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We still don't know if FFEL loans apply correct?
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Aug 24, 2022 22:09
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| # ¿ May 21, 2024 02:21 |
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According to this NYT article, FFEL loans are definitely not in the running for cancellation (which we had sort of assumed, but not directly known). Gonna consolidate I guess. edit: forgot link https://www.nytimes.com/2022/08/24/...lled%20F.F.E.L. BonoMan fucked around with this message at 02:46 on Aug 25, 2022 |
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Aug 25, 2022 02:28
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Leon Trotsky 2012 posted:Thanks for the link. Lots of good info in there. My FFEL definitely weren't eligible for the pause. I've been paying (very large) payments all through the pandemic. Oof.
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Aug 25, 2022 03:21
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Leon Trotsky 2012 posted:I think it likely would be eligible for the pause through January 1st, but if you didn't get it consolidated until after July 1st, 2022, then you wouldn't be eligible for forgiveness. Is there anything to document this yet? Because I'm trying to consolidate right now. I know if you got the loan after July 1st it doesn't count. But surely that doesn't take into account consolidation? My loans are from 20 years ago. About to hop on the phone with Mohela.
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Aug 25, 2022 15:48
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Leon Trotsky 2012 posted:Which part? I am 99% sure that if you get a consolidation loan, that it is considered "a new loan" and if you got it after July 2022, then it won't be eligible for forgiveness. Will do. There phone system isn't really working at the moment lol. To be expected. But my thought process is that you can still get into the new PSLF rules if you consolidate your FFEL loan to Direct before October 31st. So I'm hoping there is some sort of similar action for this. Because that would be really lovely to say "too late!" on the day of announcement and not give folks a chance. Especially since there is a "your FFEL loan ~*~*~*~*maaayyyyy*~*~*~*~ qualify" feature.
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Aug 25, 2022 16:03
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Leon Trotsky 2012 posted:
Can't read that article but I did just get off the phone with Mohela. The rep said "basically we have the same info you have at this point and don't know a clear answer. BUT I imagine you'll be good for forgiveness if I had to guess and if NOT there will be clear guidance on consolidation coming from the DOE in the coming days/weeks/months." Also he assumed that most forgiveness wouldn't happen before the end of the year. His general feeling though was "I can't imagine they'd leave you guys out in the cold since they gave specific guidance regarding FFELP and PSLF as well." So... it's back to who knows!
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Aug 25, 2022 17:30
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Here's something I wasn't aware of. When doing IBR, *even if your income doesn't qualify you for a payment reduction*, your payments still count towards forgiveness. I was a little confused and in 2019 when I reapplied I got a letter stating I wasn't available for reduction because of my income. So I stopped reapplying for IBR because... what's the point? Well when I was on the phone today he was like "no we're going to resign you up today... even if you aren't getting the reduction, being enrolled makes those payments still count towards forgiveness." And because of the new rules all of my past payments from 2019 to now will still count against that forgiveness even though I haven't been enrolled. So... yay? Now it's all moot because my loans are on the 25 year forgiveness plan (they old loans) and I'll have them paid off at my current rate before 2030. But still nice to know!
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Aug 25, 2022 18:52
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Crazy Joe Wilson posted:Will the loan forgiveness be automatically applied to the amounts one still owes on their loans, as in there's no application process to get it to happen? My loans were federal and have been traded between several different loan servicers. I don't know about the second part, but for the first part I believe if you've been diligently filing your taxes and the have all your info on file... then the forgiveness should happen automatically.
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Aug 26, 2022 14:59
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Borlorg posted:I'm all for people paying off their school debt. College is pricey and has been for a while... ThatsBait.gif
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Aug 27, 2022 13:46
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It's not just a bubble. It's an entire predatory system designed to keep people in financial servitude. Often unable to ever get out of repayment for decades. And they do it by preying on young kids who shouldn't be allowed to make such decisions that will set a nearly immovable course for their life. You're right that it's not the best way to deal with it. It should ALL be forgiven and college made free (except for private universities). Also I'd be interested to know what making your voice heard means. Voting for the side that would rather give trillions to corporations and demonize helping labor? If you feel that giving relief to people in a destructive predatory system doesn't align with your values then... Hoo boy.
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Aug 28, 2022 00:47
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Borlorg posted:1. Higher education is not a right. Nor is it a basic human requirement for survival like food, water, and shelter. Plenty of successful people never spent a single day in a college classroom and have done quite well for themselves. Moreover, no one is holding a gun to anyone's head demanding they go to college and sign on the dotted line. College education is 100% optional. If young kids are not capable of recognizing the financial peril they're getting themselves into, then perhaps a financial literacy and/or an age requirement may need to be implemented in order to take out over a certain amount of school debt. If something is too expensive, then the very first logical instinct should be not to buy it. Yes financial literacy should be taught. And what does higher education being a right have to do with anything? I don’t care if anybody considers it a “right” or not. It can and should be provided. And just to skip to #3 because this will answer that too: Our taxes pay for it. Thanks for your InternetArgument101 nonsense of “you do realize it’s not free right?” Yeah no poo poo. Our taxes pay for it. And I’m ok with that because I’m not a selfish shithead. I want my taxes to pay for services and policies that will be a tide that raises all boats. quote:
“Law-abiding” …why include that? Only people I know that needlessly through that into a conversation as a descriptor for themselves are boomer chuds complaining about crap on Nextdoor. quote:3. I understand you are willing to double down on the loan forgiveness notion and decided to go even further by wanting to forgive all of it, not just the $10k. I hope you also understand that there is no such thing as "free college". There is no "free" service of any kind for that matter. Just because the student isn't the one paying, it does not mean said service is free. Tell me who you would like to pay for it instead, how they benefit from it, and why it should be their legal responsibility. Then we can have a discussion. Otherwise, it's just a socialist utopia not rooted in rea Our taxes pay for it. Other nations can do it and so should we. Bing bong so simple. I’m assuming since you’re so vocal about this you have a super itemized list of literally everything your taxes pay for that you don’t approve of and an itemized list of only the things you want to pay for?
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Aug 28, 2022 02:05
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Borlorg posted:Not true. Every voter's voice is heard in the election even if you don't agree with them and regardless of the election's outcome. Also, as recent years have shown, the poll data are far from a sure way of predicting which way the pendulum will swing this time. I could give very specific examples, but it will then probably turn this thread into a different discussion. So let's stay on topic instead. Actually speaking of. This thread is probably not the right spot for this discussion anyway (meaning it seems to be more technical oriented rather than opinionated discussion) Let’s take it over to the US Current Events discussion. Repost your initial post there and let’s continue there.
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Aug 28, 2022 02:08
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Borlorg posted:I stated my opinion, I do not like socialism and things that resemble it. Forgiving school debt reeks of socialism to me. You are free to have any opinion you like even if I don't agree with it. So you join two months ago. Barely have posted except to spew some clearly right wing talking points. And you won't even take it into the main USPOL thread because you know you're coming from a super weak stance. If you're so sure of your stance then by all means take it in there and see how much it holds up to scrutiny. I'll gladly stay out of it. And as an aside do you just hate taxes in general since most of it is likely spent on things you don't take advantage of?
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Aug 28, 2022 02:40
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You don't even have to call them to consolidate it. You can do it yourself via studentaid.gov
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Aug 28, 2022 22:17
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Leon Trotsky 2012 posted:Mississippi is one of the 19 states whose laws require the Department of Revenue to determine if forgiven student loan debt is tax free or not. So glad I left that loving hell hole of a state goddamn
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Sep 1, 2022 21:57
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zimbomonkey posted:From what I understand NC is going to tax it as well. gently caress me I guess We'll Christ that's where I moved to! Womp womp
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Sep 2, 2022 12:21
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I am currently in a little bit of limbo. Went ahead and started the consolidation process to Direct. However, since my income changed drastically from my last tax filing (my wife isn't currently working), I had to submit a paper application for IBR. I sent that off to the ether a few weeks ago and have heard nothing from anybody. Mohela is my current provider for my FFELP loan, but I also picked them as my provider for my new Direct loan.
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Sep 29, 2022 17:00
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Happy Noodle Boy posted:https://twitter.com/athertonkd/status/1575547491847585792?s=21&t=EhNnbaqXI5QYoZQG2JOrvA Holy poo poo I'm glad I went ahead and went through with the process anyway. I was thinking of holding off "just to see" as well. Basically everyone kept assuring me "there's no way they'd just spring an impossible to meet cutoff date without giving everyone some heads up first!" Bull-loving-poo poo.
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Sep 29, 2022 19:28
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TheArtist 314 posted:Well ain’t that a bitch. My wife’s loans have been on the COVID pause and switched from Navient to Aidvantage, still paused, but it seems like with this change she’s no longer eligible for the forgiveness. I can’t complain too much, I received my huge PSLF forgiveness in November after the DoE updates to qualified payments, but still what a lovely pullback. Are you sure they're FFEL loans? If they were eligible for the COVID pause, they might not be.
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Sep 29, 2022 19:35
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TheArtist 314 posted:I had checked hers quite a few times while I was going crazy working on my own PSLF, I’m pretty sure they said FFEL but don’t have the login info right now. Now I’m not so sure. Dr. VooDoo posted:Mine are FFEL loans but the DOE purchased a big chunk of FFEL loans back before discontinuing the program so I guess not all FFEL loans are private loans? Either way the government student aid website has been updated and says if your loans qualifies for the pause, they qualify for the forgiveness now Yeah it's a little confusing. I kept hearing "a small amount of FFEL loans may apply for forgiveness" but never got clear guidance on that. From what I could tell the litmus test to whether your FFEL would be forgiven was "is it eligible for the COVID pause? Then it should be eligible." I don't know what that means in regards to today's news, but I wouldn't lose hope yet.
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Sep 29, 2022 19:48
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mastershakeman posted:I'm really confused on this - I believe prior to today the delineation was: Sorry that's my fault, I was still going on the old info from when the relief was first announced and it was a little unclear. Today's update (and the update prior) both state that if it was eligible for the pause, it'll be eligible for forgiveness. You're good to go.
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Sep 29, 2022 20:51
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mastershakeman posted:That can't be right though? I was never eligible for the pause , so never eligible for forgiveness/clawback on my FFEL payments. This announcement doesn't affect anyone in that boat at all. It's people who had paused FFEL that aren't being forgiven, isn't it? loving hell I thought I was responding to TheArtist who was talking about their wife's loans that WERE eligible for the pause. Getting my posters mixed up. The rule is: If you had an FFEL loan that was eligible for pause - you WILL get forgiveness. If you had an FFEL loan that was not eligible for pause - you WILL NOT get forgiveness. Edit: It's on this page: https://studentaid.gov/debt-relief-announcement/one-time-cancellation
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Sep 29, 2022 21:11
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Really pissed with Mohela. I just want to check on my consolidation (I chose them as my provider since I already use them for my FFELP stuff and had to submit a paper IDR application b/c of income change). But the phone system is completely borked and has been for months. Rarely works and then I get put on endless hold for hours (so clearly it's not even working). At this point I just have to feel like it's on purpose.
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Oct 6, 2022 20:38
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Huh. This is a bit unsettling. I've applied for Consolidation to a Direct Loan. Did so back in August. Ever since then the completed documents have show up in the correct spot under "Completed Documents." Now nothing shows up there. (edit: I'm referring to the StudentAid.gov site) (edit 2: also looks like there's some planned maintenance so maybe that's it) BonoMan fucked around with this message at 22:21 on Oct 17, 2022 |
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Oct 17, 2022 22:14
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Man, I applied for consolidation back in August. I just called Aidvantage and it's still in the pipeline. Good grief.
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Nov 21, 2022 20:34
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Awwww yeah got my relief application approval email today!
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Nov 22, 2022 16:42
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GSV gently caress Your God posted:Update: I filed mine despite not believing it would work and received a "Your Student Loan Debt Relief Application Has Been Approved" notice this morning. Maybe in the end I won't receive it but there's some good news at least. Yeah my consolidation hasn't even gone through yet and mine got approved so... I'm not sure the DOE application looks past "ok we see your income info from the IRS" for an approval.
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Nov 23, 2022 16:57
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Aidvantage handles the consolidation for MOHELA so that part checks out. I'm guessing your info will slowly update as it all gets into the system. For what it's worth I consolidated in August and mine still hasn't made it to Aidvantage... But I called them and they confirmed it's in the pipeline
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Dec 5, 2022 02:55
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Framboise posted:Well, that's one piece of the puzzle explained, so that's good. I'll file that away under "watch and wait". I don't have anything yet but I think it's just because mine has been much slower to go through the process than most people for.... Reasons that are unclear to me.
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Dec 5, 2022 16:38
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Just got an email (as we all probably have) about the status of my loan relief application. Essentially they are not allowed to actually say you're approved due to the litigation.quote:Due to a vendor error, you recently received an email with a subject line indicating your application for the one-time Student Loan Debt Relief Plan had been approved. The subject line was inaccurate. The body of the previous email was accurate.
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Dec 13, 2022 15:52
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TheScott2K posted:We paid off the remaining $25K in 2021, so this appears to be the $10,000 refund from that. It's from the Department of Treasury. I used their authenticity checker on their website and it's legit, real check. I wasn't part of any settlement. I had just thought they weren't issuing any of these until after the court case, if they won. Honestly I'd written the whole thing off at this point. I'm not sure what the check is, but it's not part of the $10k relief program. That's still in flux.
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Jan 28, 2023 01:45
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TheScott2K posted:"this refund is being sent due to customer refund req of payment due to covid 19 cares act" I'm pretty sure it's a student loan refund. We haven't applied for anything else. Right that is different from the $10k relief act that is currently held up in courts. If you made payments during the COVID emergency pause, you are eligible to get those payments back as a refund (but technically you'll still have to repay that amount back when the emergency pause ends). That is totally separate from the relief act held up in court. BonoMan fucked around with this message at 02:39 on Jan 28, 2023 |
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Jan 28, 2023 02:33
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TheScott2K posted:LoL rolling straight into the kids' college fund Technically you still owe that money btw. You've just been granted a temporary relief from it. Just want to make sure you're aware. This is *not* the forgiveness part!!
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Jan 28, 2023 03:36
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TheScott2K posted:I really don't get the sense you know what you're talking about You kinda sound like you're trolling, but not sure why you'd troll the Student Loan thread. Anyway, in case you're not - what you received was a refund request for loans you paid during the pandemic pause. I mean, you said it yourself: "this refund is being sent due to customer refund req of payment due to covid 19 cares act" That is *not* a forgiveness of that amount. You will still owe it back once the pandemic pause ends. The $10,000 (or $20,000 if you have Pell Grant) *forgiveness* is still tied up in the courts and has not been doled out yet. The CARES act from which you received *temporary* relief is NOT the Biden forgiveness plan.
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Jan 28, 2023 03:44
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TheScott2K posted:No troll here. It *does* seem a little counter-intuitive at first, but yes anybody that made payments during the CARES pause (which is still ongoing) can ask for it back. Even if they have paid down to $0! But that is not free money. You're getting it back and it's put back on your balance. But I mean you have to apply for it and it sounds like from what you quoted you did actually apply for it. Some people probably underwent some serious hardship thinking they had to make payments and getting the refund could provide some financial relief to them (and kick the can down the road of payment). Who knows. But that's what happened. I just don't want you to be surprised. That was *not* the $10,000 Biden Forgiveness plan. That has not actually happened. You will owe that $10K back. Now, hopefully Biden's relief plan goes into effect eventually and that $10K balance will be wiped and you can't leave it in your kids savings account! But just be prepared for it not happening.
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Jan 28, 2023 04:09
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T Zero posted:I made a few loan payments during the pause and now I'm wondering if I should ask for a refund and just park the money in a high-yield savings account until the forgiveness is sorted one way or the other. Lots of people doing things like this.
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Jan 28, 2023 04:09
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So my consolidation I applied for in August.... Just went through. Jesus.
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Feb 4, 2023 17:00
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It's not going to be anything more than "oh well we tried" and some pandering about "keep fighting" or whatever.
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Jun 30, 2023 16:11
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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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| # ¿ May 21, 2024 02:21 |
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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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