I almost paid off my student loans! Glad I'm not in debt Student Loans |
- I almost paid off my student loans! Glad I'm not in debt
- ED Announces New PSLF Tool to be Released Next Week
- Just paid off a loan!
- What happens if my IDR application is late during PSLF?
- Trying to find where in my loan docs is their min monthly payment so I can calculate and budget
- Why don’t I qualify for PAYE?
- Am I Being Played? (Screenshot attached)
- IBR Recert --- new job, more money?
- First Loan Payment Went Through Today!!!
- IDR Recertification: used last year's tax return but my payment dropped?
- Was never advised of aggregate limit before having loans denied because of the limit
- I have been researching for a while now, with no luck. Question about Loan Rehabilitation.
- FedLoan servicing "received an incomplete IDR application." Has this happened to you?
- First time taking out student loans
- Is it possible to refinance my student loans for 13 years?
- Do I owe a payment?
- Financial Preparation Services
- Student Loan options
- Do I have any options for private loans?
- Re-entering PSLF - old time count?
- Parents are Filing Bankruptcy
| I almost paid off my student loans! Glad I'm not in debt Posted: 03 Dec 2018 01:22 PM PST I'm so happy that I will be done with my student loan soon! I just paid another $1000 on my loan.. $5000 remaining! Yippy! I'm glad I won't be swamped with my loan for a long time too. I started with $26,000 at 3.51% and a year out of college I've managed to pay off $18,000! I hope you guys are excited about your loan as I am. This rocks! [link] [comments]  |
| ED Announces New PSLF Tool to be Released Next Week Posted: 03 Dec 2018 10:20 AM PST TL/DR - the tool will help you pre-populate forms and help determine your eligibility for the program ATLANTA—The Department of Education (ED) on Tuesday announced that it will launch an online tool next month to help borrowers interested in applying for Public Service Loan Forgiveness (PSLF). During a session held at the annual Federal Student Aid Training Conference in Atlanta, ED officials said the tool will help borrowers better understand the PSLF program, inform them of any necessary or suggested actions to take in order to qualify, help them self-assess their eligibility using employment information, and help them decide which form to submit—an Employment Certification Form (ECF) or an application for loan forgiveness. The tool will not, however, assist borrowers in submitting either form. It will instead populate a fully-completed PDF that borrowers can save and have signed to submit on their own later on. The announcement comes as lawmakers, government agencies, and consumer advocates have criticized—and sued—both ED and its contracted servicer for the PSLF program, FedLoan Servicing, for allegedly causing borrowers to lose their benefits and for not clearly explaining the requirements to become eligible for loan forgiveness. Congress allocated $700 million over two years in the fiscal year 2018 omnibus spending bill for ED to reconsider denied PSLF applications on a first-come, first-served basis—an initiative dubbed Temporary Expanded PSLF (TEPSLF). The initiative would expand the list of qualifying repayment plans to include the Graduated Repayment Plan, Extended Repayment Plan, Consolidated Standard Repayment Plan, and Consolidated Graduated Repayment Plan. A borrower's application would be reconsidered, according to ED, if it was previously denied because "some or all of the payments were not made under a qualifying repayment plan for PSLF." ED will also reconsider pending applications for borrowers who made payments in a non-qualifying repayment plan. Lawmakers have also pressed ED to provide more detailed data on the implementation of the PSLF program, while other groups, including NASFAA, have asked for more information on exactly which borrowers may be able to benefit from the loan forgiveness program. ED officials on Tuesday said, however, that any data collected thus far might not give an accurate picture because borrowers are not required to submit ECFs. More than two-thirds of borrowers who have submitted at least one approved ECF, for example, have only submitted one form. Just 5 percent have submitted four or more. Of those borrowers who have only submitted one ECF, the average period of employment covered by the form is nearly five years, and borrowers take on average nearly a year and a half before submitting another ECF. "Borrowers are waiting to submit ECFs until they are further along in their PSLF journey than we would like, and they're not submitting these annually," an ED official said Tuesday, noting that the department has "far less insight than we would like" on applicants. Article from NASFAA [link] [comments]  |
| Posted: 03 Dec 2018 01:03 PM PST I have no one to really share this with in real life except my husband but he's never had student debt. I just paid off another loan so my total loans are down to 5! That's down from 8 because I paid off 3 this year. My total balance is now at approx $21k! I have one more December payment to make which will bring my total amount paid to a little over $13k for the year. One year and 5months (or sooner, hopefully!!) until I am completely debt free and I have this sub (and personal finance and frugal) to thank for all of the information and support! I religiously use unbury.me and have recently started using the vertex42.com spreadsheet (I love it!) for tracking, motivation and also manipulating my payments to pay the least amount of interest for the remainder of my loans. [link] [comments]  |
| What happens if my IDR application is late during PSLF? Posted: 03 Dec 2018 05:30 PM PST So I just posted a specific question about my situation, which is on a slightly different topic. Now I'm wondering, let's say my IDR application is late. What will happen? I can afford the higher payment for ONE month, and one month only. Maybe 2 months but that would REALLY be cutting things close! but one or two months I can pay. I would not want to defer or go into forebearance or anything like that that might mess up my PSLF. If they finally process my IDR application, would it just begin again? If I make the regular payment during the interim of due to my belatedness, would that be the best option to ensure that I don't screw up PSLF? I see someone else posted a similar question a year ago: https://www.reddit.com/r/StudentLoans/comments/5j7pqa/late_renewal_of_ibr_idr_repayment_plan/ but I'm not interested in doing the things the answers suggested if that will mess things up. If they won't mess things up, I guess I would prefer to save thousands of dollars now and just pay 1 or 2 extra payments later on.. (like would that pause the 120 payments?). I'm too deep into the 120 to quit now...... let's just put it that way! THANKS in advance! [link] [comments]  |
| Trying to find where in my loan docs is their min monthly payment so I can calculate and budget Posted: 03 Dec 2018 09:08 PM PST I have ~11 different loans from 2 providers (CU and US gov provider) and in none of them can I find what percentage (or number) the min monthly payments will be. Ik that it's usually 1%-5% per month, but I just can't find it. Is there a standard section or document where this would be? E: I graduate in a couple weeks and am trying to figure out a budget going into my first job and calculate my snowball/avalanche. [link] [comments]  |
| Posted: 03 Dec 2018 07:56 PM PST Hello all, Long story short I am on REPAYE with two loans, one direct consolidated subsidized and the other direct consolidated unsubsidized for a grand total of about ~$36,000 all taken out originally between 2009 and 2012. I currently make about $36,000 a year. I plan on getting married within the next year and I know one difference between REPAYE and PAYE is REPAYE will include your spouses income in repayment even if you file taxes separately. I remember being told previously I did NOT qualify for PAYE for some reason, but why exactly is that again, because I don't understand why. One of my original loans was an FFEL Unsubsidized loan and I vaugley remember that being brought up as an issue perhaps? Is this accurate? Even though my loans are now all consolidated? Any feedback would be appreciated. I know I can call my servicer and ask them again but it's almost 11pm at night and on my mind. [link] [comments]  |
| Am I Being Played? (Screenshot attached) Posted: 03 Dec 2018 03:55 PM PST I'm looking for someone to explain to me what is happening with my student loans. I've called the company twice and both times they can't explain to me what is happening and have to make a request for them to research the problem. Attached is a screenshot of my student loan history for one of my loans. This is happening with the biggest 2 of my 5 loans. Here is the link to the payment history https://imgur.com/a/PBfqsqT As you'll see in the picture the principal and interest are being paid and the unpaid principal is going up. I was never good at math but something doesn't seem right. If anyone could explain to me what is happening I'd appreciate it. Thanks [link] [comments]  |
| IBR Recert --- new job, more money? Posted: 03 Dec 2018 06:55 PM PST Hello! I scratched $11,000 income in 2017. This made my payments $0 on my IBR. In 2018, my boss bumped up my hours and I made about $24,000 this year. Yet when I gave my studentloans.gov my IRS information for recertification, it asked for my 2017 returns. It also asked if I had any change in income, like losing a job or losing hours. I said No, dumbly, thinking I didn't lose my job / lost hours. At 11,000 the calculator gave me 0 - $25 a month. I'd much prefer this, as I have two surgeries coming in 2019 and I need all the money I can get. Will I be penalized for this? My boss is planning on raising my hours again at the end of this year, so I'll have a full time. FINALLY. Which means more money. Thanks! [link] [comments]  |
| First Loan Payment Went Through Today!!! Posted: 03 Dec 2018 02:47 PM PST Guys, guys, guys! I meade my first student loan payment the other day, several days ahead so it would be on time!!!! Yayyy! I'm thinking of using this as an exscuse not to be a dumbass and spend all my money all the time like I do. Now, I don't know if I'll be able to pay it every month, and in that case, I'm going to work on applying for an IDR plan. Better late than never, I guess, right? I'll still make payments, but yeah. I've made a lot of mistakes already as far as not paying on my loans while I was still in school and pushing them off, but this will force me to do better with my budgeting, spending wisely, and spending well. I'm already used to dollar store food, lol, so I think I'm good in that department. $50-$75 a month should cover that. I need to cut stuff I don't need, like Spotify premium, netflix, a seasons pass to busch gardens, JustFab, etc. Stick to my card payments, and stick to my student loan payments, and stick to food. I don't need new clothes, I have plenty, and should have already sold some when I went over my clothes in the summer. I have an outstanding medical bill, but that's another issue I jeed to put inna different thread. Anyway, first student loan payment under way, wooohooo!!!!! [link] [comments]  |
| IDR Recertification: used last year's tax return but my payment dropped? Posted: 03 Dec 2018 01:42 PM PST When I signed up for IDR around this time last year, I submitted a copy of my paystub. I just started a new job a month before I signed up. They gave me $x as my monthly minimum and all was good. Most recently, I submitted my IDR recertification. I didn't indicate that I had a significant change in income because I was assuming they meant since I signed up for IDR last year because I thought that's the only comparison they could make. I didn't realize they meant an increase in income since my last tax return. Doi, the income on that isn't going to be significant because of my fresh job at the time. I just got a notification that my new monthly minimum is 0. How should I proceed? Should I let them know? Will I be penalized for this misunderstanding? [link] [comments]  |
| Was never advised of aggregate limit before having loans denied because of the limit Posted: 03 Dec 2018 11:27 AM PST Basically, my private student loan provider has an aggregate limit that was never disclosed in any of the paperwork, it wasn't disclosed on the website other than saying that an aggregate limit may apply, and I was never advised of the limit when I was dealing with any of their employees. They denied the loan application for my senior year on the basis that it would put me past their aggregate limit. I have talked with them multiple times about where I would have needed to go to find this information and they have straight up told me that they don't disclose this information anywhere because it is proprietary credit criteria. They have also referred me to my school to check what their limit was but the school doesn't impose a limit on private loans and sent me right back to my provider about the issue. I don't understand how I was supposed to know about it. It would have been all I needed to know in order to determine that I would have never been able to attend the school I went to. Simple math would have been enough to tell me that four years at my cost of tuition would have put me well past that limit and I would have looked at another school and degree program instead. Basically, I'm trying to figure out if there's any legal course I can go through to get these loans either dismissed or if there's something else I can do. They've ballooned to just shy of $200,000 because of interest. I'm paying them an absurd amount of money every month because I've had to do a forbearance, a deferment, and the reduced payments until I was in a position to repay them, but it still puts me in a very tight financial situation each month. I just feel like I was misled and didn't have all the information available to me initially. If I had that information, then it would have been obvious it was never going to work out. Instead, I sunk myself under a mountain of debt to go to school for three years when I was never going to be able to finish. Any thoughts or am I just SOL? [link] [comments]  |
| I have been researching for a while now, with no luck. Question about Loan Rehabilitation. Posted: 03 Dec 2018 01:07 PM PST Ok! So, my Federal Loans are in rehabilitation. I will still be paying until March, which will possibly put me in the time frame of wage garnishment of my Income taxes. Is there a way to not have my wages offset for the 2019 filing? I looked in to hardship, but do not qualify. I have called the IRS and have not been able to speak to a live person, and Google isn't showing anything helpful. Anyone have any experience or knowledge to pass on? Thanks :) [link] [comments]  |
| FedLoan servicing "received an incomplete IDR application." Has this happened to you? Posted: 03 Dec 2018 04:45 PM PST On Friday, I uploaded my IDR application, along with my 1040EZ (one page); and earnings statements, on which I wrote how frequently I am paid. I also did the IRS thing where they transfer the tax info electronically. I should note: 1. the earning statements were scanned, so it's slightly hard to read what I wrote. I mean I can read it, but I guess arguably it could be better quality; and 2. my deadline was actually TUESDAY! I was late, but I was told that I still could submit the documents within 10 days. So admittedly, it was late. But I submitted everything simultanously. Meanwhile, I spent $25 to overnight everything to them, which was delivered to their PO box this morning. (after I got the following email...) This morning (12/3/2018) at 6am, I got an email this morning saying "We received an incomplete IDR application." It says: We received your request for an Income-Driven Repayment (IDR) plan. Unfortunately, we are unable to process your form at this time because your request was not complete. You still need to provide complete income documentation. If you have already submitted your documentation, you may disregard this notice. If you have not, please follow up on this request to take advantage of this repayment option. IDR plans may be a great way to reduce your monthly payment amount because they take your income and family size into consideration!" The reason this was alarming to me is that I submitted everything on Friday simultaneously (the stuff I uploaded), so it wasn't a situation where I just submitted the request form and then mailed the documentation separately. As far as I knew, they should have gotten everything. So after I got that email, I uploaded the PDF version of the earnings statements and typed out on them how often I am paid. The quality is much better than the scans I had previously sent. And this evening I called and the woman basically had no clue why it's incomplete. (she wasn't very helpful whatsoever and seemed impatient and not understanding). But she did comment that my tax return being one page. I Responded that it's the "EZ" form so that's the entire thing. When I look at my homepage it says they are going to send me a follow up letter explaining whether my request will be placed "on hold" or not. So it's not "on hold" yet. I've seen other people's posts where they say they've been put on hold. But has anybody received this email, and were NOT placed on hold? Anybody else turn it in late? but still within 10 days of the due date? I called them on Friday and they said it was fine if within 10 days.Anyways, just wondering what other people's experiences are. Luckily I am fortunate enough to be able to pay one month of it if my bill goes up, but ONLY one month. I cannot afford more than that! I am hoping I don't have to do that, but I understand it's my fault that I was late by 3 days to begin with... so if it's because I was late, ok that's my fault. but I have no idea what the problem is because the email doesn't really explain WHAT is insufficient about what I sent. I am of course mad at myself. the thing is I didnt see the email they sent out a few months ago, which went into my electronic inbox. So I didnt see this until the end of November when they sent another email where they actually wrote in the email that the due date was coming up. anyways, I understand im late and there's no excuses for that... but I do hope I get to go back on the IDR program. Anyone's personal experiences with this are much appreciated! [link] [comments]  |
| First time taking out student loans Posted: 03 Dec 2018 02:46 PM PST I'm currently a junior in undergrad. I recently transferred from community college where my classes and books were 100% paid for. I have a lot of bills due to helping my family and don't make enough money leading me to rack up my credit card bills. The next 2 semesters financial aid won't cover all of my classes so I was already considering student loans for the remaining costs. I also would like to pay off my credit cards with the loans if that is possible. Any advice? Thank you! [link] [comments]  |
| Is it possible to refinance my student loans for 13 years? Posted: 03 Dec 2018 09:49 AM PST Right now I'm in the process of finding the best company to refinance my student loans. At the moment I have private loans trough Wells Fargo and Federal Loans through FedLoan. With Wells Fargo I have 4 separate loans with 4 separate interest rates. They won't let me consolidate into one loan with one interest rate without filling out an application and telling me there is no guarantee that my interest rate would be better or that my monthly payment would go down. I have a co-signer on my Wells Fargo Loans, but they let you release your co-signer after 24 months of on time payments. This December is my 24th payment, and I would love to drop him from the loans to help take some debt off of his plate. My question that I hope you can all help with is now that I've been paying loans for 2 years, is there any place that will let me choose the length of the new loan? I would hate to go back to 15 years, even if my new payments were lower. The only place I have found that seems to do terms like that is Credible, but after reading on here about the problems they have been having because of Navient, I'm a little wary to go that route. Hopefully someone can help out! [link] [comments]  |
| Posted: 03 Dec 2018 01:22 PM PST Per my understanding, my grace period ended in November. According to a letter I received mid october, my payment start date is 12/25/2018. For some reason Fedloan is listing me with no payments due and both my payment due date and amount due are blank. Does this mean my first payment is due 12/25 or the first period begins 12/25 and the first payment is 1/25? [link] [comments]  |
| Financial Preparation Services Posted: 03 Dec 2018 01:11 PM PST I've read some posts about this, but it hasn't set me at ease yet. Long story short, I called them today in regards to my 40k+ loan debt. They said I qualified and that I would only have to pay 10k and the difference would be paid off. After 6 months of paying $200/month ($1200 fee essentially), my payments would be $40/month for 20 years. The only way I'd be able to see that in a legit contract though is if I give my payment information and say I want to move forward with the process...which I did not do. Seems too good to be true and sketchy at the same time. [link] [comments]  |
| Posted: 03 Dec 2018 08:51 AM PST I am a 20 year old Hispanic woman trying to find ways to pay for college. I got accepted into the University of Houston (I live in Texas). I have to move to Houston because I cannot commute there, making the total cost for one semester around $13,000. I applied for fafsa but they determined that my parents made too much money and that my estimated family contribution is 11,000 a year. My parents aren't giving me any money but even if they did that wouldn't be enough for a semester. I tried applying for a loan but I can't do it without a co-signer. The co-signer must have good credit and both of my parents do not have good credit. I couldn't find many loans that didn't require a co-signer but the ones that I did find, were a limited amount. I found a few scholarships I could apply for but the amounts are not enough. I would rather take out a loan because I have to sign a lease and if I don't have enough in scholarships I would be stuck in a lease agreement without enough money. Are there other options for me? [link] [comments]  |
| Do I have any options for private loans? Posted: 03 Dec 2018 10:44 AM PST So a little background: I'm a transfer student from community college, I attended a really expensive flight school my first semester, before realizing it wasn't worth it and left. The cosigner I had unfortunately has poor credit now due to unforeseen circumstances and can no longer cosign for me. My parents also have abysmal credit. My credit is around 640, but I don't make enough a year to be able to take out a loan without a cosigner from any of the loans I looked into. Not as if my credit is very good anyway. So I was accepted into two schools. One of them, the topic public school in my state, is charging me around 18k a year to attend. I can take out 7.5k in government loans, and I assume my parents will be denied for the PLUS loan, giving me an extra 5k. That still leaves me a bit short. The other school I was accepted to was a private school. I'm not optimistic it'll be much better, but I'd rather go there, as long as the price difference isn't huge. My family's EFC is very low, so I'm hoping that'll give me a good sticker price there. So anyway, do I have any options to take out a private loan? My grades have been excellent, if that makes a difference. I haven't tried to take out a loan from Sallie Mae (where I took out my first loan), but would I be able to take a loan from them since I did so previously? Is there anyway I can see if I'm eligible for a private loan without a cosigner? If it's just a few thousand a year more I need to pay, I would rather takeout a small private loan instead of working to pay it off. The job field I want to get into requires a masters, and it's a very competitive field. I would rather focus on grades, if possible. [link] [comments]  |
| Re-entering PSLF - old time count? Posted: 03 Dec 2018 05:29 AM PST I worked for the government for 3 years - left for 2 years to the private sector- and am now considering returning to a gov job. If I do - can I get credit for the 3 years of old payments I did originally? Or does the 10 year clock start over? [link] [comments]  |
| Posted: 03 Dec 2018 01:49 AM PST As the title says, my parents are filing bankruptcy. As a result of this a large number of expenses, including a lawyer to oversee the process, have come up and we are having difficulties coming up with money for my education expenses. I'm aware that if my parents have filed bankruptcy, I can apply for a Direct Plus Loan, get denied, and then be approved for higher federal loan amounts. The problem is that the process of filing the bankruptcy will take months. By the time that the bankruptcy is filed away, I will be halway through the semester. I've gone over the criteria for Direct Plus Loan approval, and besides the impending bankruptcy we have no other circumstances that would disqualify us. The change in finances has been sudden, and as such we are not delinquent as of yet. As such we cant chance a Direct Plus Loan application until after the bankruptcy has been filed, as getting approved would complicate filing the bankruptcy. This is why i've come to ask; is there any to way verify to a school that you have a bankruptcy in progress, and if so would it be possible to qualify for higher loan amounts before the filing is complete? [link] [comments]  |
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