NY Attorney General $9 Million Settlement with ACS (eligible borrowers to receive $100-$450) Student Loans |
- NY Attorney General $9 Million Settlement with ACS (eligible borrowers to receive $100-$450)
- Dad just cut me off. I have absolutely no idea how to get more loans or scholarships.
- PSLF vs Aggressive Repayment
- Shutdown's Effect on PSLF Qualifying Payments
- What happens to my payment after I pay one loan off
- Looking for a student loan
- Private student loans with Navient for about $70,000. If I were to die does my cosigner still have to pay?
- Federal Student Loan Rehabilitation (15% Formula)
- Firstmark charging me even though i'm going to grad school
- Advice about private loans?
- Two servicers think I should be paying my loans through them
- What Will Happen Now That I've Gone Past Due On My First Payment?
- Earnest Refinancing
- Myeddebt.gov is constantly down and so is my credit.
- Student loan I didn't go to school for?
- When you graduated, did you know how much you borrowed?
- ADVICE & TIPS/TRICKS FOR REFINANCING $96K+ ?
- I took out. 4K loan for UNT
- If a student takes out a Federal student loan, who actually pays the money to the school?
| NY Attorney General $9 Million Settlement with ACS (eligible borrowers to receive $100-$450) Posted: 05 Jan 2019 01:20 PM PST From the press release: "Attorney General Letitia James and Department of Financial Services Superintendent Maria T. Vullo today announced a $9 million settlement with the federal student loan servicer, ACS Education Services (currently known as Conduent Education Services). This settlement is the first in the country to address claims that a federal student loan servicer steered distressed borrowers away from available income-based repayment plans towards other, more expensive options, thus costing them money and increasing their risk of default. It also addresses for the first time claims that a federal student loan servicer deceived borrowers concerning the availability of Public Service Loan Forgiveness (PSLF), a program that, under certain circumstances, provides forgiveness of student loan debt after a borrower works for ten years in a public-service job..." ACS was my first servicer. Their representative told me years ago (almost as soon as PSLF was announced) that the income-based repayment plan was only for people who couldn't make their payments. Because I wasn't behind and could continue to make payments on the graduated payment plan, I didn't qualify for an income-based repayment plan or public student loan forgiveness. Clearly, they were wrong. I'm hopeful for TEPSLF and I suppose it does make me feel a little better to know (officially) that I wasn't the only person who got screwed by ACS. I don't know if I'll get the $100-$450 restitution, but it doesn't matter much anyway. It's such a small amount in the grande scheme of things. [link] [comments]  |
| Dad just cut me off. I have absolutely no idea how to get more loans or scholarships. Posted: 05 Jan 2019 10:36 PM PST So here's what's happening... TLDR: Totally clueless on everything involving loans & scholarships. Live at home. Not working. Little savings. Parents used to pay off the rest of my tuition.
Yes. I sound like a spoiled brat complaining about my dad suddenly cutting me off while others have been working while going to school. Go ahead. Say it. NOW...I applied for the loans offered to me on through the school already. It can cover me this semester, but it won't for following semesters & I have 4 more to go. I have absolutely no idea how to even look for more loans or apply for trust-worth scholarships. Would it all be through the Financial Student Aid site?? Are there other places I can trust? I'm literally a newborn infant in this department & I'm really worried. I don't know the best way to approach this at all. [link] [comments]  |
| Posted: 05 Jan 2019 08:10 PM PST Owe $71,500. 25 validated PSLF payments done. Married, 1 child, file jointly. My payment increased to the standard payment under PAYE due to income - so monthly payment is ~ $800. Trying to decide whether to aggressively pay off the loans or try to go for PSLF. If my calculations are correct, I would pay about $76,000 and I may get about $15,000 forgiven through PSLF. But that would stretch my payments out another ~8 years. Or, I could aggressively pay off the loans in ~5 years (or less, depending upon income changes, how much we can throw at the loans) and pay about $84,500. How to decide which option makes the most sense? [link] [comments]  |
| Shutdown's Effect on PSLF Qualifying Payments Posted: 05 Jan 2019 11:26 AM PST Thoughts on how the shutdown will impact furloughed fed. employees' PSLF qualifying payment count? Absent a mid-month end to the shutdown and the ability to work OT, won't it be difficult for a furloughed employee to argue that he/she worked an average of 40 hours per week in December and January? [link] [comments]  |
| What happens to my payment after I pay one loan off Posted: 05 Jan 2019 03:24 PM PST I'm about $100 from paying off one of my loans. What will happen to my overall payment at that point? Does the amount stay the same and get divided between fewer loans or do they automatically adjust the amount down? [link] [comments]  |
| Posted: 05 Jan 2019 02:42 PM PST Hey guys, I'm starting back to school on Monday. Ive been trying everything to get either a student loan or a personal loan to help with my monthly payments. I'm afraid if I can't find anything, I'm going to have to drop and that's just not an option right now. I'm going for nursing and I know once clinical start, I'm hardly going to be able to work. I'm stressing so bad. Does anyone have any other options? My credit score is about 535. It's from my other student loans that it's so low. (I graduated with a bachelors in 2011). Or does anyone know of any scholarships? If this is the wrong sub, I'll delete. Thanks everyone. [link] [comments]  |
| Posted: 05 Jan 2019 12:19 PM PST I have about $70,000 in private student loans down from $95,000. My cosigner is on $30,000 of the remaining loans. If I die are they still liable? Also, what about the other non co-signed loans? Thank you. [link] [comments]  |
| Federal Student Loan Rehabilitation (15% Formula) Posted: 05 Jan 2019 01:00 PM PST Hello! My fiance just discovered that he has defaulted in $30,000 worth of federal student loans (FFEL). He is interested in loan rehabilitation through his provider. To my understanding, they use a "15% formula" which involves subtracting 150% of the current poverty level in our state (this totals to $18,210) from his gross income. They will then take 15% of this total as the monthly payments. Based off of his paychecks for the month of December, my calculations come out to nearly $400 a month. That seems to be a bit much! I understand that he can deny this offer and submit income and expense forms which breaks down bills/rent/other necessary expenses. This should help lower the payment, correct? Has anybody had experience with the 15% formula and/or asking for an even lower payment by providing all expenses? If so, how did it go? [link] [comments]  |
| Firstmark charging me even though i'm going to grad school Posted: 05 Jan 2019 09:35 AM PST I graduated in May and I'm doing grad school this January. However, my loan servicer firstmark is telling me that I still have to pay a 1000 dollars a month for December and January. I thought that when I enter grad school then those payments would get defered until months after I graduated from grad school. My other loan servicer nelnet understood and told me that I was all set. They're not going to charge me for this January payment. I don't understand firstmark. Other loan servicers usually wait until January to charge you in the first place if you graduate in May but not them, it was December. What can I do? Even if I do a deferrement with a promise to repay, they're saying I would still have to pay in June (not after I graduate from grad school). I don't have a job now. I'm looking for one. How am I supposed to make those 2 payments? Not too mention I have other loans coming up after grad school. What do I with this? [link] [comments]  |
| Posted: 05 Jan 2019 12:32 PM PST Hi all, I just graduated with my masters and am trying to decide what to do regarding finances and paying off student loans. I have A LOT of debt; 160K total with 110K in federal loans and 50K in private loans. I am eligible for PSLF which I plan to go for for my federal loans. My federal loan payments will be $435 a month and my private loans are $580 a month; both for 10 years for PSLF and private loans to be paid off in 10 years. This brings my monthly total to $1015 a month which is a lot but doable right now and about 25% of my take home each month (70K salary). I'm single and have no other debts. My private loan servicer discussed with me the option to do an extended repayment plan of 25 years with monthly payments being $325 and I will obviously be paying more in interest. I want to front load paying off my private loans now while I have fewer expenses and will be putting any additional/leftover finances towards my private loans. I'm worried about down the road the likelihood of affording $1000 a month in loans with other expenses as 10 years feels like a long time and I expect other life events to occur between now and then (i.e. kids, cars, etc). I also work a side job on weekends with all earnings going to loans right now, however not sure how likely that will be once I start a family, which is very important to me. My federal loan payments are as low as they can be in the PAYE plan and should be forgiven in 10 years as long as I stay in public service (which is has always been my plan regardless of PSLF). My question is for people out there with a lot of loans how do you manage? Would I be better off sticking to the 10 year plan for my private loans or should I lower my monthly payments so when future financial needs occur my loans won't be as burdensome? As I said, right now I plan to put as much as possible towards my private loans (while still saving for retirement and emergency funds) but I'm trying to think of the future. Any advice from anyone who has a lot of debt and experience with high monthly payments for student loans would be great. I want to be smart and reasonable. Thank you in advance! [link] [comments]  |
| Two servicers think I should be paying my loans through them Posted: 05 Jan 2019 10:47 AM PST I have student loans for undergrad and graduate school, and I am only about a year into repayment. All my loans were from Federal Student Aid, so after I graduated from graduate school, I consolidated all my loans with them and are with one service provider, MyFedLoans, to which I've been paying regularly and am on track with. My dad, however, has been getting emails from Nelnet saying that he is past due in his payments. I believe Nelnet was the original servicer Fed Student Aid assigned me back when I ended undergrad, and was where I had my in-school deferment while I was in graduate school (I attended graduate school right after undergrad, so my loans were never actually in repayment with Nelnet). My dad originally was the one who helped me with FAFSA/student loans when I was 18 trying to figure it all out, but he hasn't really been involved since. When I graduated from graduate school and went to consolidate all of my loans in my account with Federal Student Aid, they assigned MyFedLoans, so that is where I have been paying ever since, and they are still only showing to be the only servicer from the government's perspective attached to me. Nelnet, however, is showing a balance of about $150k, which is roughly the total amount for my undergrad + grad student loans, but that's also the balance I'm paying with MyFedLoans and in my Fed Student Aid account. The Nelnet account is all under my dad's name/DOB/SSN, however, and they are saying he's past due. But they are my loans and the payments would be going to the same bucket with the US Dept of Education, which I am already paying through the MyFedLoans servicer. I have tried contacting Nelnet (so has my dad), the Fed Student Aid office, and my current servicer, and I basically keep getting told to contact the other party to get it resolved. I guess... where do I go from here? My dad is extremely concerned his wages are going to start being garnished or something of that nature. [link] [comments]  |
| What Will Happen Now That I've Gone Past Due On My First Payment? Posted: 05 Jan 2019 03:18 PM PST I had the first charge due December 26th and my payment got cancelled because of misinformation with my bank account. I had a new debit card sent to me and the billing address was incorrect that they had for the new card, as well as I believe I made a mistake on entering my routing/account numbers for the student loan payment, thus all of these things lead to me being past due on my first payment. I am assuming there's no way to fight this? I'd like to believe the world is forgiving but in this particular situation I'm guessing no one is going to be nice enough to revoke my penalties because of a flub on the account info? Regardless, I now owe the past due payment ($276.54) and my January payment is now $553.08 (doubled?!) Is the amount I owe now going to be doubled for the rest of the loan repayment, or is that a one time thing that is to make up for lost time of the missed payment? I'd like to get better at managing my finances because while I have a good situation financially for the present period of time, I have horrible finance skills and don't put in time to understand different things to keep money better... [link] [comments]  |
| Posted: 05 Jan 2019 09:48 AM PST Anybody have experience with refinancing their loans through Earnest? Good company or anything unexpected? [link] [comments]  |
| Myeddebt.gov is constantly down and so is my credit. Posted: 05 Jan 2019 02:32 PM PST For the past couple days now I've tried making payments to my federal loan on myeddebt.gov. The website is constantly down and I have experience issues with it before. My parents failed to tell me that they took out a federal loan for me and I ended up in default despite landing a well-paying job after graduating. I applied for a rehabilitation plan to restore my credit and I had to make 9 monthly payments as part of the agreement. I found out that I've made 14 monthly payments and the DOE will not take you out of default unless you call them. I ended up calling the DOE and the lady on the phone said that she would send me some paperwork in the mail that I was out of default on the loan and I'd be forwarded to a company like Nelnets. Two weeks go by and I never received anything in the mail. I called the DOE again on 12/31/18 and was told by another operator that I never "authorized" the rehabilitation plan. I was told that they have my rehab plan application but I never authorized it. I told the lady that is absurd because I sent the paperwork approximately 14 months ago and I have been paying double my monthly payments. The operator told me that she would send me the plan authorization paper work within 10 business days. The sound advice from the operator was to not make my next monthly payment due on 1/12/19 and to wait to send back my authorization because there is a payment grace period of 20 days. That's probably the worst advice she could give because if I potentially miss a payment before they receive my rehab plan authorization I have to start the 9 month plan over again. That's a close call if it takes almost upwards of 10 business days to receive the authorization and then another 10 days to have the DOE receive it. The operator also said that I need to constantly call to make sure the DOE received the authorization paperwork since there is no outgoing contact from the DOE. This has been a painful experience. All I want to do is restore my credit. End rant. [link] [comments]  |
| Student loan I didn't go to school for? Posted: 05 Jan 2019 05:42 PM PST So long story short, my wife and I have recently gotten a divorce and in the divorce she was supposed to take her loans. I received a call at work that one of the loans hasnt received a payment, and they are going to garnish my wages. Here's the thing, I never attended this school, yet my name is the only one on the loan. I never co-signed for one either. How do I go about disputing it? [link] [comments]  |
| When you graduated, did you know how much you borrowed? Posted: 05 Jan 2019 12:54 PM PST I wonder if we could get an honest representation of how many folks are blindly signing and going to class, along with their parents, vs. how many people understand the amount of money they're actively borrowing. It's fascinating to see the amount of questions about people who "have loans at another servicer they didn't think they took out," "thought they were already consolidated," or "didn't realize they were a loan and not a grant until I saw my credit score/didn't get my taxes." This is not an attempt to be rude. It appears the willful naivety/ignorance to the balances is a scarier problem than I originally would've thought for when I went to school. [link] [comments]  |
| ADVICE & TIPS/TRICKS FOR REFINANCING $96K+ ? Posted: 05 Jan 2019 12:54 PM PST Very first post on Reddit - apologize in advance if I am not posting correctly! I was very naive and immature as a kid and enrolled at the best school I could get into (Private University), and my career has thus far not had the success I initially planned (same company since graduation, doing inside sales/support/marketing for approx. 5 years). Looking for any advice that can help me refinance, as the $1,500/month payments are eating my savings alive and making it impossible to move forward in my life. Currently also paying $550 in rent (1 roommate), and cannot move back home due to personal/family issues. I am looking to move, buy/rent a new car, and possibly change careers but it is starting to seem like I cannot proceed in any way unless I get these loan payments lowered. I have already abandoned my social life and hobbies other than Netflix/gaming in order to try and stay afloat. Relevant details below: 10 loans total: 5x Federal Loans balance $3,710.38 Subsidized $5,926.29 Unsubsidized $2,142.39 Unubsidized $4,454.03 Subsidized $1,977.74 Unsubsidized 5x Private Loan balance (through Sallie Mae /Smart Option) - $14,058.89 - $29,288.33 - $12,053.98 - $14,641.55 - $8,029.60 My credit score is pretty low (620-630), so I have been turned down this month by both SOFI and LAUREL ROAD. I do have the benefit of a willing cosigner (Father) to help with the refinancing but I did not see an option in the application process on their sites to include cosigner information. Are there any similar companies that offer realistic refinancing options that I may have missed? In addition, I was behind on payments around September 2017 - December 2017 but have been current since then. My initial efforts / communication with SOFI led me to believe I had a better chance once I paid on time for a long period, but now I think that my debt/income ratio ($50K-$55K salary) is the reason. Is there something I may be missing ? - Do I have any shot of refinancing? I am hoping that there is some advice to be had from those that have made it through. I have seen some success stories in this group so I am trying to get all the information I can while trying not to lose hope. I need a new car in the next 90 days, and if I cannot refinance I fear I may be officially out of luck. [link] [comments]  |
| Posted: 05 Jan 2019 09:24 AM PST I need my classes to be payed for by Monday at 5 pm how long will take to it to be in my account. I took out the loan on Friday [link] [comments]  |
| If a student takes out a Federal student loan, who actually pays the money to the school? Posted: 05 Jan 2019 09:02 AM PST My wife told me the other day she thinks the money comes from the Federal government. Everything I've read shows the loans are guaranteed by the federal government but you would think $100 billion in student loans every year would mean $100 billion in the US budget for education if that were the case. My assumption is that someone loans the money on the Fed's terms, and a servicer will try to collect money based on guidelines established by the loan program. If someone dies, does the person holding the note write it off and take the risk? Or does the federal government have to pay them under that guarantee? Has anyone seen the actual regs or laws for this crap or are we just blindly trusting our government with administering these programs? [link] [comments]  |
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