Michael S. Dunlap, chairman of Nelnet/GreatLakes is the real villain behind deceptive lending practices and bribing members of congress to spike interest rates and soaring tuition costs Student Loans |
- Michael S. Dunlap, chairman of Nelnet/GreatLakes is the real villain behind deceptive lending practices and bribing members of congress to spike interest rates and soaring tuition costs
- IRS will no longer fax transcripts beginning February 4, 2019
- A debt collector is contacting me about a debt that I have with the now closed down school, but the only debt i have that I know of with the school is through the student loan service navient.
- Help! Trying to do my annual recertification of IBR plan and can't understand this check box
- Anyone who is doing PSLF and had myfedloan claim "paid ahead status" and eliminating payments towards PSLF have any updates?
- Jack Remondi is the man profiting from predatory student loans, aka the Devil Incarnate
- Is it possible to specify loans on different IBR plans?
- Question about grace period and in school deferment
- Unexpected 50k gift to use towards loans
- Capitalized Interest with PAYE
- Advice on finding student loans
- 70k in loans and stressed
- Getting Decent Rate Loans Quick?
- [USA] What are some lenders to refinance my federal loans?
- Best Loan Options?
- Student Loan Amount Keeps Changing?
- How is student loan debt calculated as part of the DTI ratio when someone is still enrolled as a student and not making payments?
| Posted: 22 Dec 2018 01:20 AM PST "In February 2007, New York Attorney General Andrew Cuomo launched an investigation into alleged deceptive lending practices by student loan providers, including The College Board, EduCap, Nelnet, Citibank, and Sallie Mae. The New York Times reported in August 2007 that Jon Bruning, Nebraska Attorney General, allowed Nelnet to be forgiven the $1 million settlement the company reached with Bruning in April 2007.[15][16] Nelnet was accused of industry wide kickbacks, improper inducements, and gifts from student loan providers to colleges and universities. Nelnet agreed to provide $1 million to the state in support of a national financial aid awareness campaign. Bruning decided in August 2007 to forgive Nelnet its $1 million obligation after the company announced that it had reached a separate $2 million settlement with New York State Attorney General Andrew Cuomo.[16] Nelnet has also made significant financial contributions to United States congressional campaigns, including a contribution from Nelnet and Union Bank & Trust Company of $16,100 to Jon Bruning, Nebraska Attorney General, for his Senate election campaign.[17] Nelnet spent approximately $200,000.00 in the 2015-2016 Election Cycle, per Federal Election Commission Records and have already spent an approximate $60,000 for the 2017-2018 Election Cycle.[18] A United States Department of Education audit revealed that from 1993 to 2007, Nelnet had utilized a loophole in federal tax legislation that allowed the company to receive a higher interest rate on specified loans, generating $278 million from taxpayers.[19] Nelnet disputed the findings of the audit through a letter written to the United States Department of Education letting them know of this loophole, and ultimately, U.S. Department of Education ruled that Nelnet would keep the $278 million. The Chronicle of Higher Education reported in August 2010, that Nelnet settled a case for $55 million. The suit was filed by a former Department of Education researcher named Dr. Jon Oberg. Nelnet and other lenders were accused of defrauding taxpayers of billions of dollars in student loan subsidies. The largest student lender in the country, Sallie Mae, is also listed as a defendant in the case." [link] [comments]  |
| IRS will no longer fax transcripts beginning February 4, 2019 Posted: 21 Dec 2018 10:43 AM PST Internal Revenue Service announced it would stop its tax transcript faxing service as of Feb. 4, 2019 for individuals and tax professionals. Individuals may still call the IRS to obtain a masked tax account transcript and one will be mailed to the last address of record. If a Taxpayer's address of record is no longer current, the representative will ask additional security questions, update the address on the contact, and mail the transcripts to the new address. From the order date, the normal delivery time frame is 5 to 10 days by USPS. For faster service, taxpayers may go to IRS.gov for Get Transcript Online, verify their identities and create an account. They can then view or download a copy of their tax transcript immediately. Or they can go to IRS.gov for Get Transcript by Mail and request a transcript be mailed to their last address of record. Taxpayers also may call 800-908-9946 for automated service to order a transcript by mail. IRS Form 4506-T can also be used to obtain all transcript types. Transcripts can also be provided at a local IRS Taxpayer Assistance Center by appointment only. The IRS TAC Appointment line is toll-free 1-844-545-5640 Monday through Friday 7am - 7pm local time. [link] [comments]  |
| Posted: 21 Dec 2018 07:17 PM PST About 2 weeks ago I have been getting calls from a debt collector called Key2recovery. They called my job and asked for me, and that's when I got worried. I called them and they told me that I owe 2,000 and something dollars to the school Marinello. I did attend Marinello and I took out student loans from Sallie mae which is now navient. I have been putting off paying off the debt, I'm currently in forbearance with them. Now key2recovery is saying that the school is the one who gave me money and I need to pay the 2,000 dollars or else some legal action is going to be taken. I'm not too sure what to do and I'm really stressing out. I'm hoping I can get some form of advice. [link] [comments]  |
| Help! Trying to do my annual recertification of IBR plan and can't understand this check box Posted: 21 Dec 2018 07:07 PM PST I don't want to change my plan, just do my annual recertification. I can't understand what this box is asking. Should I check it or not? [link] [comments]  |
| Posted: 21 Dec 2018 03:08 PM PST This happened to me last year and they erroneously said I paid ahead and eliminated 34 payments that were already deemed qualified towards PSLF, dropping my payments down to 15. Was submitted for review, still in review and now they say it can take 1.5 years for review. At what point do I become nervous that they won't allow these payments that were properly made, never paid ahead, paid under IBR and at a qualifying 501c3? I am submitted my yearly ECF this week, so I am anxious about what it will come back with as far as qualifying payments. [link] [comments]  |
| Jack Remondi is the man profiting from predatory student loans, aka the Devil Incarnate Posted: 22 Dec 2018 12:56 AM PST Jack Remondi, CEO of Navient, needs to be arrested and prosecuted by the supreme court [link] [comments]  |
| Is it possible to specify loans on different IBR plans? Posted: 21 Dec 2018 08:57 PM PST Wife has a consolidation loan that wontyve eligible for PSLF until two years after all our others are forgiven. At that point, payment under REPAYE will stay the same as before forgiveness but now only on that one loan. Is it possible to have that loan only on IBR, and what is the easiest way to do so? [link] [comments]  |
| Question about grace period and in school deferment Posted: 21 Dec 2018 07:45 PM PST Here is my situation: I am taking spring 2019 semester off to work. I have 4 federal direct loans so far and their 6 month grace period ends in middle of june. I want to register in a class that begins end of may (which would put me at half time status) so that the grace period does not get used up. I talked to a person at my schools financial aid office and they said that summer is not a mandatory semester for enrollment purposes, and my loans will not automatically resume a deferment status because summer is optional. They said that I will want to get an in-school deferment form from my lender's website and provide it to the Registrar's Office to certify my enrollment for summer semester. Doing a search for in school deferement form, I find this https://ifap.ed.gov/dpcletters/attachments/GEN1602Attach18450011SCHFINAL.pdf I don't see anything in this form that refers to the sixth month grace period, other than in section 3 in the last check box, but I don't have any PLUS loans. Would this be the right form me or am I completely clueless and misinterpreting everything? I am worried that this form is just to stop payments only when I am in classes and after my summer class ends I would have to start paying them again. Thanks for any help. [link] [comments]  |
| Unexpected 50k gift to use towards loans Posted: 21 Dec 2018 01:18 PM PST Throwaway account for obvious reasons. This might also be better suited for PersonalFinance, but figured I'd try here first. I have about 100k in student loans. (About 10% fed and the rest private) Recently my parents offered to help pay my loans. To my absolute astonishment they've offered to pay about 50k. What's the best way for them to do this? If they log into my loan account and add their bank account and just do a large lump sum payment, will this still count as a 'gift'? I realize the tax limit on a gift is $15k a year, but my understanding is that's per parent. So they could each theoretically write me a 15k check on December 31st and again on January 1st. The simplest thing seems for them to pay the loans directly, instead of them writing me a personal check, but I'm not sure what is the best option for them. [link] [comments]  |
| Capitalized Interest with PAYE Posted: 21 Dec 2018 09:43 PM PST I have $72,000 in student loans with FedLoan. I was going for PSLF but it no longer makes sense due to income (Married with AGI of about $150k). I resubmitted my annual income certification and was denied. Because my income no longer qualifies for a partial financial hardship, my payments doubled from $400 to $800. This is fine - we are going to start aggressively pay off the loans now that it no longer makes sense to try for PSLF. What I was told today was that the interest will capitalize and be approximately 10% of what the original principle was. I'm guessing this will be about $8000 but they were unable to give me a hard number. So the interest is capitalizing because I no longer qualify for a partial financial hardship and I'm being moved from PAYE to "PAYE Alternative". Is this correct? Seems pretty crazy that, basically, the amount I've paid off to date will be added back to my loans and I basically have to start over. I can't seem to figure out any scenario to avoid this capitalization - if i ask to be moved to a different plan my payments would increase and the interest would capitalize anyway. [link] [comments]  |
| Advice on finding student loans Posted: 21 Dec 2018 04:23 PM PST I fucked up. And now I am ineligible to receive any financial aid. I don't know how to look for student loans or what to look for. And I'm still short 5.5 thousand dollars if I'm going to be able to pay off this semester and sign up for next semester. Can anyone point me in the right direction? [link] [comments]  |
| Posted: 21 Dec 2018 11:24 AM PST I recently graduated college and have 70k in student loans. I make around 43k a year before taxes. I feel like with my monthly payments, I am scraping by. I just don't know what to do. I work at a good company where there is room for growth which will help my pay but that may take some time. Right now my bills are as followed: Rent - 850 Phone - 77 Internet - 40 Insurance - 100 Loan - 791.77 Food - 400 Gas - 125 Total - 2383.77 I'm just extremely stressed/worried and any advice would be appreciated. [link] [comments]  |
| Getting Decent Rate Loans Quick? Posted: 21 Dec 2018 12:11 PM PST Hi all, Just finished finals week and now I have to look into how I'm going to pay my spring tuition, which is due 01/15. This is my first semester taking out private loans, so I am really at a loss as where to start, before this semester, I was using a combination of scholarship and federal loans, and my parents were filling in the small gaps. However, my scholarship period is over, my parents cannot assist me anymore, and my federal loans leave me with about $6k /semester left over, so I need to look to private options now as I don't make enough to cover that out of pocket. I have fairly good credit (750ish I believe) which I built through an auto-loan (still paying), credit cards I have had for about 3-4 years as well as my federal loans, which I contribute to on occasion despite still being in the deferment period. Ideally, I would like to find a provider where I would not need a cosigner, as my parents may not be in a position to cosign, that could provide me with an interest rate of around 5%. I will also, obviously, need a deferment period, but to my understanding most private lenders provide this. can someone point me in the right direction to some lenders? [link] [comments]  |
| [USA] What are some lenders to refinance my federal loans? Posted: 21 Dec 2018 01:42 PM PST Some of my federal loans have 4-6% in interest. I'd like to refinance. [link] [comments]  |
| Posted: 21 Dec 2018 07:42 AM PST For the past two years my wife and I have been paying toward her student loans we have a fedloan that is approx 23k and a private loan that has just 5k that we plan to pay off soon. My question is, what kind of options are out there for financing a federal loan? The two years we have been paying doesn't seem to be moving the principal much. We have good credit so I'd think we have several options but can't seem to get anywhere. And she just got a call from doc prep depot that wants her to pay 450 now and 450 in a month for processing and then her payment will be 88 bucks a month on a graduated repayment plan. Sounds fishy. i know I will need to do my own research, just want opinions and maybe a nudge in the right direction [link] [comments]  |
| Student Loan Amount Keeps Changing? Posted: 21 Dec 2018 03:33 AM PST I've been doing an aggressive paydown of my loans the last few months and so I've been tracking my total amount owed. On 11/29/18 my balance was 87,233.03. I made a large payment of $1500 after checking the balance so I expected that my amount owed would continue it's downward trend of about $1000/mo as it has been doing steadily since July. When I signed in yesterday to check my balance it read $87,513. Which is confusing as hell, given I have a trend since July of the balance dropping each month about $1000. What gives? I don't have any fees on my account and even if I had a late fee those are like $30 not $1300. How could my balance have increased by nearly $300 after a $1500 payment? I will call the loan servicer today to get some clarification because this is confusing as hell. Does anyone have any insights into how this is possible? In other news, I only have $265 to go on the loan group I have been working on since July! It will be fully paid off next month! I would have just bit the bullet this month but with holiday travels we are B R O K E. So next month it is. I am super excited to have my first paid off loan group! EDIT: So I called the loan servicer (Nelnet) to find out what was going on. I basically got no straight answer and every single number they gave me for a balance was inconsistent, even from the numbers that one rep would give me to another and also in comparison to what is shown online. They kept telling me that this was all due to me accruing interest daily, despite my very careful eye regarding this. Since July, I pay the accrued interest listed on each loan group plus a few bucks or the minimum payment whatever is greater and I apply the remaining amount of my $1500 loan payment to one specific loan. So while I accrue interest, I am also paying off whatever has accrued completely within that billing cycle. I watch my principal balances and they are not increasing so I know that my balance did not increase due to unpaid interest accruing. Despite this, that is what they continued to tell me is the cause of my balance going up. I honestly still have no understanding of what they are talking about. They were giving me different figures such as total pay off amount, vs. principal balance amount and seemed to be using those inconsistently and interchangeably. They were also rattling off numbers from their screen that I have no access to so I can't check anything for myself. Additionally, I live in a location that was affected by the hurricanes and they put me into forbearance during that time. The letter did not explain that I would not be receiving a statement for the loans through Nelnet so I only received a statement for my Dept of Ed loans which made the situation more confusing as I was relying on different sources for my balance information. It was extremely frustrating to not be able to reference the information about how my payment and balance is being calculated. The rep I think got really sick of trying to explain it to me and transferred me over to a supervisor to lodge a complaint. After going around and around she was not able to more clearly explain to me or help me reference the information I needed to understand because it simply isn't available online. Some of it is contained in the payment history, but conveniently that does not contain any sort of running total balance information. The bottom line is that how this is all calculated should be crystal clear and readily available to me. She said that I can find a payoff balance on my home page, which is true, but this balance will fluctuate based on the daily interest and when a payment is applied so it's not reliable in order for me to track a trend or use to figure out what is going on in a situation like this. If I had my statements available then I would be able to do this, but those were also partially not available. The supervisor suggested that I request a full payment history so that I could see how all of it shakes out and then went on to say that I should request one every 3 months. My thoughts on that which I shared with her were that if pulling a complete payment history is what is needed to know what is happening with my accounts then it should either be available on the web or sent automatically as a statement. I should not have to struggle to get this information! So that was my complaint. I still don't understand how it is possible that my balance shows higher or why in just speaking with them I got totally inconsistent answers about what my balance is right now. I doubt the complaint will do anything but whatever, its in writing I guess. Another thing that came out from all of this is that some of my payment dates on my loans are different than others. This also makes no sense and I cannot understand why it would be this way. I requested that the payment date be changed to it's current date so I am completely unclear why they would change some but not all of them. I also requested that I always receive a statement regardless of my repayment status so at least I can have that consistent snaphot of my accounts in order to track the balances. In short, this was a huge unnecessary headache! And I still don't have my answers, other than this woman's reassurance that my balance is indeed going down. I'm still not convinced, since the trend has been for the balance to drop $1000 and even with the interest they claim is outstanding ($300) that is still a huge change in the trend that has been happening for a few months now. So that was a long ride to getting no answers. I will just have to watch my statements very diligently to know what the heck is going on. [link] [comments]  |
| Posted: 21 Dec 2018 03:58 AM PST The thread title basically sums up my question. I would like to apply for a personal loan to help pay for a medical procedure I'd like to have soon, but I'm afraid I won't be able to get approved by any lenders for a personal loan because of my high (six figures) student loan debt, which I won't start paying back on (most likely via REPAYE) until I graduate in 2020. I already was auto-rejected by several lenders (Avant, LendingClub, Discover) after I filled out and submitted pre-qualification applications for personal loans, and for each rejection, the reason was specified as my DTI ratio being too high. Does this mean that my student loans are already being factored in as a component of my DTI, even though I'm not actually making monthly payments on them yet? Thanks [link] [comments]  |
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