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- Student debt map
- My Experience with Education Loan Finance (ELFI)
- Graduate School Loans
- 25 and Graduating the end of may with 64k debt. Want to pay it all off by 30. What's the best method?
- Conclusions of Law for Student Loan Bankruptcy Cases
- Question about Paying Off Loans Timing.
- Univ of Iowa too expensive
- Going in to university. Need help with private student loans.
- Student loan grace period and adjusting income
- Paying accrued interest before capitalization
- Tax return submitted after completing default rehabilitation program on my federal loans, but my tax refund was still offset. Did I miss a step?
- My loan balance is wrong
- Someone studying in the University of Twente,Netherlands?I have a few questions regarding the student loans.
| Posted: 11 Mar 2018 01:32 PM PDT I thought some of my fellow student loan nerds would find this of interest. It maps student debt by zip code including delinquency rates. http://www.mappingstudentdebt.org/#/map-2-race [link] [comments]  |
| My Experience with Education Loan Finance (ELFI) Posted: 11 Mar 2018 07:25 PM PDT I recently refinanced with ELFI and had a positive experience. This is my third time refinancing loans and it was much more efficient than the previous two (Wells Fargo and SoFI). It also offered a much better rate. I began the process on 2/21/18. My only disappointment was the variance between my original quoted fixed rate of 3.19% and my final rate of 3.64%. I didn't understand that large of variance as I correctly entered the amount I was planning on refinancing as well as my income. However, this rate was still much lower than any of the rates I was paying previously. The application itself was pretty painless and I was able to complete it all within an hour. I was pleasantly surprised that they were able use my credit report in order to list all of my current loans. It's a la carte--you just select the specific loans that you want to refinance (in my case, all of them). I received a call the following morning from an ELFI representative. She was pleasant and very responsive. She even offered the ability for future correspondences to be through text rather than email or phone which I appreciated. She only had a few follow-up documentation requests in order to support my income which I was able to resolve the same day. At this point, my information was forwarded to their actuarial team. I heard back from them two days later (2/23) and executed the final loan documents. It took six business days for the loan to be funded and my prior loans to be paid off. So, in all, it took about two hours of work and just over a week's worth of time to save thousands and thousands of dollars. I only wish I had done it sooner! Since then, I've successfully referred both of my sisters to refinance with ELFI--they received final fixed interest rates of 3.09% and 3.64%. They also offer a few incentives. They have a great referral program and a Fast Track Bonus. For a referral, the applicant receives a $100 bonus and the person referring receives $400. The Fast Track Bonus is $100 for accepting the terms of the final loan offer within 30 days of the initial application date. [link] [comments]  |
| Posted: 11 Mar 2018 09:42 PM PDT Hi! So I applied to graduate programs to get my PhD this year. I was denied from almost all the schools I applied to (due to a number of reasons, but mainly my research focus), including University of Chicago; however, UChicago offered me a position in their Masters program. They only offered me 1/3 off tuition, so I'll still have to pay around $38,000 in tuition for one year. I don't have any undergraduate student debt, but I don't have any saving so I'll need another $15,000 in loans for housing, books, etc. The program is fairly intensive so I'll only be able to work a minimal amount to maybe cover my food and general expenses cost. Once I get into a PhD program it'll be fully funded, but I'll be stuck with the loans for another 6 years while I'm working on my PhD. Should I take out ~$53,000 in loans for a very good master's program that puts 91% of their students in funded-PhD programs or should I wait to reapply? How would I be able to get that much money in loans (Stafford loans, Parents Plus, etc)? How much of a pain will it be down the road? [link] [comments]  |
| Posted: 11 Mar 2018 06:39 PM PDT Hey redditors, I am 25 y.o.have 64k debt with a (3.76% to 7% fixed rate interest). I want to pay it off by 30 so I can get rid of that stress! Anyways, I will graduate the end of May with a degree in occupational therapy. I do not have any other major debt (paid off my credit card loan debt this jan, yay). I plan to pay at 5,000 dollars before I graduate ( working 2 jobs while finishing my degree). I do not have a job lined up since i need to take my boards, but Ill approximately start at 55 to 60k. Hopefully,Ill start a career by the end of summer. What should I do to tackle this fast? Thanks. [link] [comments]  |
| Conclusions of Law for Student Loan Bankruptcy Cases Posted: 11 Mar 2018 10:56 PM PDT CONCLUSION OF LAW Based on the above –stated uncontroverted facts, Plaintiff proposes the following as the warranted conclusion of law: NO. CONCLUSION OF LAW MATTERS OF LAW Summary Judgment Standard With respect to scheduling a hearing on a motion for summary judgment, Rule 56(b) of the Federal Rules of Civil Procedure states that, "[u]nless a different time is set by local rule or the court orders otherwise, a party may file a motion for summary judgment at any time until 30 days after the close of all discovery." However, section (d) states: "If a nonmovant shows by affidavit or declaration that, for specified reasons, it cannot present facts essential to justify its opposition, the court may: (1) defer considering the motion or deny it; (2) allow time to obtain affidavits or declarations or to take discovery; or (3) issue any other appropriate order." Fed. R. Civ. P. 56(b); Fed. R. Civ. P. 56(d). The moving party has the burden of establishing the absence of a genuine dispute of material fact Celotex Corp. v. Catrett, 477 U.S. 317, 323 (1986). Summary judgment is appropriate when there is no genuine dispute as to any material fact and the movant is entitled to judgment as a matter of law. Fed.R.Civ.P. 56(a); incorporated herein by Fed.R.Bankr.P. 7056; Leimbach v. Lane (In re Lane), 302 B.R. 75, 81, 03.4 I.B.C.R. 213, 215 (Bankr. D. Idaho 2003) (citing Far Out Prods., Inc. v. Oskar, 247 F.3d 986, 992 (9th Cir. 2001)) The apposing party may not rest on mere allegations or denials to their pleadings. Instead, the opposing party must go beyond the pleadings to designate specific facts showing the existence of genuine issues for trail. Anderson, 477 U.S. at 259; Celotex, 477 U.S. at 324-25. A genuine issue exists only when a reasonable jury could return a verdict for the non-moving party. Anderson, 477 U.S. 247-49. The moving party is entitled to judgment as a matter of law when the opposing party fails to make a sufficient showing on an essential element of their case. Celotex, 477 U.S. at 323, Nissan Fire and Marine, 210 F3.d at 1102. [C]ross‐motions for summary judgment must be considered separately and do not relieve the court of its responsibility to determine the appropriateness of a summary disposition." ("we evaluate each motion separately, giving the nonmoving party in each instance the benefit of all reasonable inferences.") Schaefer v. Deppe (In re Deppe), 217 B.R. 253, 259 (Bankr. D. Minn. 1998); ACLU of Nevada v. City of Las Vegas, 333 F.3d 1092, 1097 (9th Cir. 2003). Bankruptcy Uniformed laws on the subject of bankruptcies throughout the United States. The United States Constitution, Article 1, Section 8, Clause 4. The overarching purpose of the Bankruptcy Code is to provide a "fresh start" for the honest-but-unfortunate debtor. Wetmore v. Markoe, 196 U.S. 68, 77 (1904). FFELP and its implementing regulations explicitly provide for bankruptcy as an alternative ground for a student loan debt discharge In re Cagle, 462 B.R. 829, 831 (Bankr. D. Kan. 2011) (citing 20 U.S.C. § 1087(a) and 34 C.F.R. § 682.402(c); Gregory v. U.S. Dep't of Educ. (In re Gregory), 387 B.R. 182, 189 (Bankr. N.D. Ohio 2008)) (citing 20 U.S.C. § 1087(b) and 34 C.F.R. § 682.402(f)). The discharge in bankruptcy embodies the policy that relief should be granted to an individual who has ceased to be economically productive by virtue of burdensome debt obligations (the fresh start policy)." "The fresh start principle captures the notion that substantive relief should be afforded in the form of forgiveness of existing debt, with relinquishment by the debtor of either existing nonexempt assets or a portion of future income, in order to restore the debtor to economic productivity." "Any exception to discharge, of course, encroaches upon the fresh start principle . . . .". Rafael I. Pardo & Michelle R. Lacey, Undue Hardship in the Bankruptcy Courts: An Empirical Assessment of the Discharge of Educational Debt , 74 U. Cin. L. Rev. 405, 405 (2005) Id. at 414, Id. at 417–18. Undue Hardship If repayment of the student loan would prevent the debtor from satisfying ordinary and necessary living expenses so that the debtor could not effectively "make ends meet," this would be an undue hardship. In re Skaggs, 196 B.R. 865, 868 (Bankr. W.D. Okla 1996). "[w]here a family earns a modest income and the family budget, which shows no unnecessary or frivolous expenditures, is still unbalanced, a hardship exists from which a debtor may be discharged of his student loan obligations." (Correll v. Union Nat'l Bank of Pittsburgh (In re Correll), 105 B.R. 302, 306 (Bankr.W.D.Pa.1989)). …it shall be presumed that such an agreement is an undue hardship on the debtor if the debtor's monthly income less the debtor's monthly expenses as shown on the debtor's completed and signed statement in support of such agreement required under subsection (k)(6)(A) is less than the scheduled payments on the reaffirmation debt. 11 U.S.C. § 524(m)(1); 11 U.S.C. § 524(mk)(6)(A). In order to determine whether nondischargeability of the debt will impose an "undue hardship" on the debtor, the rate and amount of his future resources should be estimated reasonably in terms of ability to obtain, retain, and continue employment and the rate of pay that can be expected. Any unearned income or other wealth which the debtor can be expected to receive should also be taken into account. The total amount of income, its reliability, and the periodicity of its receipt should be adequate to maintain the debtor and his dependents, at a minimal standard of living within their management capability, as well as to pay the education debt. ECME v. Polleys, 356 F.3d 1302, 1306 (10th Cir. 2004); Report of the Comm'n on the Bankr. H.R. Doc. No. 93-137, Pt. II § 4-506 (1973). Current Ninth Circuit Directive In Determining Undue Hardship As America's experience in the recent "mortgage crisis" should have taught us, employing an undue hardship discharge test [Brunner] that requires those who cannot repay educational loans, most of which are government-backed, to attempt to do so creates problems for all. Under § 523(a)(8), Congress did not draw bright lines, but instead presumably intended that bankruptcy courts have the flexibility to make fact-based decisions in individual cases about the need for student loan debt relief. Pena/Brunner restricts the bankruptcy courts' ability to do so, and its application in the Ninth Circuit should be reconsidered. Roth v. Educ. Credit Mgmt. Corp. (In re Roth), 490 B.R. 908 (B.A.P. 9th Cir. 2013). The judge, Jim D. Pappas, in his concurring opinion for the bankruptcy appellate panel decision in the United States Court of Appeals for the Ninth Circuit, said the analysis used [Brunner] "to determine the existence of an undue hardship is too narrow, no longer reflects reality and should be revised." Opinion: Hon. Judge Jim D. Pappas: Roth v. Educ. Credit Mgmt. Corp. (In re Roth), 490 B.R. 908 (B.A.P. 9th Cir. 2013). Totality of Circumstances Instead of forcing the debtor to climb the Brunner mountain, the Long court provided a more lenient path, analyzing the totality of the circumstances, including (1) the debtor's past, present and likely future financial circumstances; (2) his/her reasonably necessary living expenses; and (3) any other relevant facts and circumstances. Long v. Educ. Credit Mgmt. Corp. (In re Long), 322 F.3d 549 (8th Cir. 2003). Expressing its concerns with the Brunner test: "We are convinced that requiring our bankruptcy courts to adhere to the strict parameters of a particular test would diminish the inherent discretion contained in § 523. Therefore, we continue-as we first did in Andrews-to embrace a totality-of-the-circumstances approach to the 'undue hardship' inquiry. We believe that fairness and equity require each undue hardship case to be examined on the unique facts and circumstances that surround the particular bankruptcy Long v. Educ. Credit Mgmt. Corp (In re Long), 322 F.3d 549, 554 (8th Cir. 2003) Brunner Test Good faith is measured by the debtor's efforts to obtain employment, maximize income, and minimize expenses. Mason, 464 F.3d at 884. Failure to negotiate or accept an alternative repayment plan is not dispositive [of good faith]. Educ. Credit Mgmt. Corp. v. Jorgensen (In re Jorgensen), 479 B.R. 79, 89 n.4 (9th Cir. BAP 2012). debtor's failure to accept ECMC's "Graduate Repayment Option" is not de facto evidence of a lack of good faith). Any offered repayment plan's terms, duration, and consequences need to be examined; these consequences include future tax liability and negative credit ratings. Carnduff, 367 B.R. at 136-37. Whether the debtor has made any payments on the loan prior to filing for discharge; "Although a history of making or not making payments is, by itself, not dispositive of [good faith]". Jorgensen, 479 B.R. at 89; Mason, 464 F.3d at 884. Whether the debtor has sought deferments or forbearances. East v. Educ. Credit Mgmt. Corp. (In re East), 270 B.R. 485, 495 (Bankr. E.D. Cal. 2001). Whether the debtor's financial condition resulted from factors beyond her reasonable control, as a debtor may not willfully or negligently cause his/her own default. Birrane, 287 B.R. at 500. "[A] determination of income for § 523(a)(8) purposes must be based on current income." Likewise, a debtor's expenses are examined, as they currently exist. In re Pena, 155 F.3d at 1111 (emphasis added); Twitchell v. Educ. Credit Mgmt. Corp. (In re Twitchell), 04.2 I.B.C.R. 66, 67 (Bankr. D. Idaho 2004); In re Pena, 155 F.3d at 1111. Instead, as the case law instructs, the Court must consider Plaintiff's standard of living as it currently exists, based on current income and expenses. 11 U.S.C. § 523(a)(8). I agree that Debtor's accessing [the Ford Program] would be evidence of his good faith. However, [defendant] cites no authority for the contrary proposition, nor do I find that such an 'exhaustion of administrative remedies' is required under Brunner's good faith prong." In re Waterston, No. 01-1060, 2002 WL 31856714, at *8 (Bankr. E.D. Pa. Nov. 26, 2002). Additional Circumstances Plaintiff has shown that circumstances beyond his control exist, indicating that his current state of affairs is likely to persist. Brunner, 831F.2d at 396 Plaintiffs income, throughout his adult life has been inconsistent, having earned below the Federal Poverty limit for the majority of his life, even after earning academic degrees, and it is reasonable to expect that such trends will continue making it impossible for him to repay his student loans – based solely on his potential financial future. In re Nys, 446 F.3d 938, 946 (9th Cir. 2006). Plaintiff has clinically diagnosed medical conditions that factor into the additional circumstances, and the evidence shows that not only do the conditions exist, but that the conditions do present obstacles to the Plaintiffs ability to work; condition and prognosis are presented in the facts. In re Brightful, 267 F.3d 324, 330 (3d Cir. 2001); In re Traversa, No. 3:10-cv-876 JCH, 2010 WL 4683920 at *5 (D. Conn. 2010), aff'd 444 Fed. Appx. 472 (2d Cir. 2011). Plaintiff has presented substantiating evidence to his allegations regarding his adverse medical conditions with corroborating medical evidence related to prognosis and the impacts if will have on his ability to generate income, and he has produced sufficient evidence that his financial situation will likely not greatly improve. In re Burton, 339 B.R. 856. 874 (Bankr. E.D. Va. 2006); Shilling v. Sallie Mae Serving Corp., 333 B.R. 716, 723 (Bankr. W.D. Pa. 2005); In re Congdon, 365 B.R. 433, 440 (Bankr. D. Vt. 2007). Plaintiff has provided a preponderance of evidence with clinical evidence suggesting that his medical conditions will persist for a significant period of time. In re Burton, 339 B.R. 856. 874 (Bankr. E.D. Va. 2006); Shilling v. Sallie Mae Serving Corp., 333 B.R. 716, 723 (Bankr. W.D. Pa. 2005); In re Congdon, 365 B.R. 433, 440 (Bankr. D. Vt. 2007). Plaintiff has provided a preponderance of medical evidence to show that his medical conditions present obstacle to his ability to work; his future earning potential has been reduced due to his injuries. In re Brightful, 267 F.3d 324, 330 (3d Cir. 2001); In re Goforth, 466, B.R. 328; In re Blake, 377 B.R. 502, 508; In re Lowe, 321 B.R. 852, 859. Plaintiff requests that this court issue the conclusions of law identified above. To the extent that any of the conclusions of law identified above are deemed to be uncontroverted facts, Plaintiff requests that the Court issue such as findings of fact. [link] [comments]  |
| Question about Paying Off Loans Timing. Posted: 11 Mar 2018 04:25 PM PDT My wife and I have about $20,500 left in student loans. Our total net worth is about $31,000. We're on the plan to finish paying off loans by 2025. Our two biggest loans (around 5,500 each) have a 6.5% interest rate. is it worth spending 1/3 of our total savings on paying off those two loans to save $4500 in interest and reduce our worth to 20k? or is that generally considered too less for a married couple to be worth? we have no mortgage payments or any other sort of regular expense at this point. Thanks for any help/advice. Just trying to think through what's wisest! [link] [comments]  |
| Posted: 11 Mar 2018 07:16 PM PDT My one nephew got into Univ of Iowa and he cannot go. My other nephew got into Michigan — both his parents are alums — and he can't go. They are both too expensive for middle class families. This is fucked up! These kids worked hard in high school and their school of choice is a luxury. [link] [comments]  |
| Going in to university. Need help with private student loans. Posted: 11 Mar 2018 06:11 AM PDT I'm going to be attending a local private college come this fall (Alma College). I'm going for a four year degree, my parents are separated, never married, and they both make between 34-39,000 dollars. I can provide any other information if you need it to help, I'm just worried out of my mind. My award letter came and after the Pell Grant, federal loans, scholarships, and the aid they give me, I have to come up with 7k each year. I know I'll have to take out loans, since I have three siblings and my mom has to provide for them as well. I guess my question is; where should I borrow student loans from? I can't get a co-signer, since both my parents have massive student debt as well, any help would be appreciated. I'm confused because the best numbers look like they come from Sallie Mae, but I've only ever heard horror stories from my mom about them. [link] [comments]  |
| Student loan grace period and adjusting income Posted: 11 Mar 2018 07:04 PM PDT So my student loan grace period was up in Jan 2018. In October 2017, I applied for income adjustment, and based on my income they extended my grace period to Jan 2018. Since then I've gotten a job which more than doubles that income (started end of Nov 2017). My question is, if I submit the change in my income, will that cause them to shorten my grace period? If not, are they not able to see that my income has drastically increased? What would the ramifications of that be? With all of my current bills it would be a stretch for me to make those payments. [link] [comments]  |
| Paying accrued interest before capitalization Posted: 11 Mar 2018 06:29 PM PDT This sub has been amazing in helping me navigate student loans. I'll be graduating from a medical school in May. I have about $58k in federal students loans at average 6.3%. On these loans, I've accrued $12k interests that will capitalize in November 2018. I also have $32k in disadvantaged student loans that will be in subsidized deferment till 2023 and 5% thereafter. I'll be doing 3 years of residency and 3 years of fellowship, which both are qualified for PSLF. And I intend to stay in academic medicine after my training, so I'll likely to be qualified for PSLF. *My question is: should I pay accrued interest? Or not pay and let it capitalize as I'll be taking advantage of PSLF down the road. * My current plan is to pay as little as possible on federal loans and put aside money in an investment account to repay disadvantaged student loans when they are out of deferment in 2023. Appreciate the help. ****edited to add the second loans and clarify my plan [link] [comments]  |
| Posted: 11 Mar 2018 09:36 AM PDT Bad cross post from r/taxes so bear with me. Ok, so the title explains it but here are details. I defaulted on my fed student loans in 2017 and had to go through rehabilitation to get everything fixed. I knew that my tax refund would be offset so I delayed filing my 2016 taxes until I could resolve everything and complete the rehab program, which was done in January and my loans returned back to the Dept. of Education in February. I'm back on a regular payment plan as of this month. When I completed the rehab, I asked if the offset would be removed and was told yes, so I filed my 2017 taxes first since those can be filed electronically while the 2016 return will have to be filed by mail. Today I received confirmation that my return has been approved but it's been offset, by how much yet, I'm not sure. Calling the TOP revealed that the Dept. of Ed is the agency holding the offset. Did I miss a step? Was there additional paperwork that I should have filed to remove the offset before filing my return? I have read online that I can appeal the offset and get my refund back but I want to file my 2016 taxes and be done, and don't want to see that money vanish too. Advice? [link] [comments]  |
| Posted: 11 Mar 2018 10:26 AM PDT Have you guys ever come across a loan balance that is way off? My serviced is fedloan and I've calculated it multiple times and each time it's off by thousands of dollars? [link] [comments]  |
| Posted: 11 Mar 2018 05:17 AM PDT |
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