I think my PSLF was granted... Student Loans |
- I think my PSLF was granted...
- My experience refinancing 85k in private loans with SoFi
- Navient just changed my payment term without any forewarning- help, please!!!
- Do you have a good experience with you Loan Servicer?
- Attention MA borrowers - you are invited to a press conference
- At a complete loss
- StudentLoanPlanner Works if you Know What You're Doing (And Here's How)
- Should you refinance during 6 month grace period or refinance after a few payments?
- FedLoans - interest capitalization occurred during administrative forbearance
- What’s the catch with PSLF
- How do I look up the details of old student loans (>5 years ago)?
- I think I've got a shot at qualifying for PSLF. I'm serviced by Nelnet, but I'm supposed to contact myFedLoan?
- Changing payment plan midway through PSLF
- Has anyone heard back about ITT bankruptcy settlement in Nov that was supposedly going to remove debt?
- Using RESP
- What can they actually do if you just don't pay student loans?!
- Accrued monthly interest is more than my monthly payment
- Paying only the interest on a loan - repercussions?
- Does SOFI check if you went to a Title IV school?
- Loan/amoritization calculators
| I think my PSLF was granted... Posted: 04 Mar 2019 02:49 PM PST Dealing with FedLoans and the PSLF process has been fairly disorienting, and I've been super interested in other people's accounts of their experiences on here as I've plodded along trying to figure out what the hell is going on. But now I believe that my PSLF application was just granted. Maybe. So here's how it worked for me, on the off chance that others are as curious as I was. Graduated law school in 07, started working a state government job in 08. Switched to another state agency in 13. I think I was in IBR or ICR first, then was switched to the standard plan after changing jobs. My first ECFs, filed about four years ago indicated a forgiveness date of November '18. After my '17 ECF, the forgiveness date jumped to July '19 without explanation. I repeatedly asked for a review, with increasing frequency as the November '18 date approached. I was promised one many times, but it never happened. Finally I gave up and applied for forgiveness the first week of January even though the FedLoans website said I was not yet eligible (customer service reps repeatedly encouraged me to apply, to their credit. They seemed to know that a review would likely drag on forever while a PSLF application would receive priority). I kept paying my loans out of fear of the usual SNAFU. On January 22, I was told my application was rejected via a FedLoans letter, for insufficient payments. On the same day, FedLoans sent a second letter saying the application was still under review. (Later, both of these letters would be sent to me in one envelope, causing some cognitive dissonance.) I called in, and an operator explained that a reviewer thought one of my two jobs didn't qualify, which triggered a rejection. But someone else noticed that the rejection was obviously faulty and the jobs clearly qualified and pushed the app along, almost immediately. The phone rep told me that the application had been approved and sent to the DoE on Jan. 26. Indeed, the FedLoans website once again said that my PSLF eligibility date was Nov. '18 and I had made 121 payments. But then I received an email from the DoE telling me that because my application had been rejected, I was eligible to apply for TEPSLF. It wasn't clear to me if the DoE had rejected the app or if the email was just triggered by the earlier, temporary rejection from FedLoans. I applied for TEPSLF just to be safe. I received an email from FedLoans saying I could not file for TEPSLF because I had never filed a PSLF application. I called in again. A FedLoans rep told me that my PSLF application was still under review. It had been sent to the DoE on Feb. 8. Not sure why FedLoans told me two different dates for when the app was sent over. At this point I had no clue if there even was a live application. I made a complaint with Federal Student Aid by email. I pretty quickly received the most encouraging email response from what seemed to be a well informed FedLoans rep, affirming that my app was in the DoE pending review. I turned off the internet for a weekend. When I came back, I loaded the FedLoans page. The summary said that my balance was a negative amount, reflecting the sum of the three payments I made since Nov. '18. There was no letter acknowledging forgiveness. The status for the loans was still marked "repayment." One day later (today), the letter showed up. It was labeled with the (hopefully inaccurate) subject: "A Portion of Your Loan Will Be Forgiven!" The letter says that my two loans have been satisfied. Phew. I guess now I just have to wait for a refund and the closing of my accounts. Still slightly nonplussed that the website does not say that the loans are paid and that the latest letter makes no mention of the DoE review. But still, I think I maybe made it.... [link] [comments]  |
| My experience refinancing 85k in private loans with SoFi Posted: 04 Mar 2019 10:02 AM PST This post is purely to share my experience so that it helps someone else. Quick background is that I am in just about 200k of student loan debt. After a comparatively small amount of federal loans, there's about a 50/50 split between a credit union loan and private loans, each about 85k. Yes, crazy amount of debt, made poor decisions as a youngin', etc etc. All I can say is I got a ton out of my college education and this debt has been a constant fire for me to stay motivated and work my ass off. I wanted to talk about the refi process I recently completed, because this reddit and others played a big part in how I approached it, so I hope my story will help inform others. I managed to refi 85k with SoFi. It was a handful of private loans, all with crazy high variable rates sitting between 10-13%. In the end, the refi brought my rates down to a FIXED 6.9 (with autopay, 7% without). This shaved off an estimated 40k lifetime and reduced my monthly payment by almost $450. As for the process: my credit score was being held back by a single collections item from years ago, an unpaid utilities bill from when I was unemployed. I was fortunate enough for my partner to help me build my credit via being an authorized user on their CC's. I had a 710 prior to that collections item being passed to a new company, then got bumped down to somewhere in the 650's I believe. During this time I also applied and was rejected for a CC of my own, so I'm not sure the exact floor of my credit score, but it wasn't ideal. Reading this sub you see a lot of people mention that SoFi expects a very high credit score. That does seem to be true in a lot of cases, but I read an article (I *think* from Nerd Wallet) that mentioned 680 as the lowest score that SoFi would consider. As a result, when my score got back up to 681 I figured I should wait another ~3mos or so and hope I got back closer to 700 before applying. My partner on the other hand encouraged me to apply right away, citing the fact that any kind of improvement in interest rate would see some immediate benefit, and worst case scenario I could just apply again later anyway if my score was too low now. Notes on the process:
So I was approved with a score of 681 when I applied. It's important to note that my gross income is 75k, and I believe that was a big factor in why I was approved (plus the fact that I've never defaulted on my loans). Still, given my high debt-to-income ratio, not amazing credit score, and one open collections account on my report, I was still pleasantly surprised that I got through. I'd also note that I skipped the step of shopping around for better rates. Given the large amount of principal, the gains I got from SoFi seemed very worth it and I plan to do a more comprehensive search for a new lender in the future when I refinance again. Lastly, the feeling of being approved for refi has been one of the highest points of this whole student loan experience. When I did this, I was largely focused on reducing interest and lifetime spend. The monthly savings was a welcome yet unexpected surprise. I am still holding onto a dream of one day owning a house, and this move has brought me one step closer to that dream. For those of us with staggering amounts of student loan debt, we have to take it very seriously but recognize that with smart moves it is manageable, it's just going to take a long time. There aren't a lot of resources out there inspiring hope, and once you're on the hook for that $$ there's no going back, only forward. [link] [comments]  |
| Navient just changed my payment term without any forewarning- help, please!!! Posted: 04 Mar 2019 07:23 PM PST I am badly in debt from student loans (~60,000) but recently finished a loan rehabilitation program paying $200/ month. It was a small step, but I was super proud of myself. When the loan transferred back to Navient in January they asked for the same monthly payment and I was happy to set up autopayment to make sure I didn't fall behind again. My payments have been on time. Just now I received an email from them saying my loan term has changed and my next payment due is $1000!! I went on the website to confirm and it now says I am more than $8000 overdue. What the hell happened? I make like $2500 a month, there is no way I can pay nearly half that to Navient. My last statement from February says I don't have anything past due. How did this happen? What can I do? [link] [comments]  |
| Do you have a good experience with you Loan Servicer? Posted: 04 Mar 2019 07:08 PM PST I was watching Patriot Act with Hasan Minaj on Netflix and the episode on Student Loans. I would definitely recommend watching the episode. I pretty much knew where the episode was going but I was absolutely shocked during the topics of Loan Servicers completely misinforming their lenders. He specifically cites Navient (which so happens to be my loan servicer.) And how they convince lenders to go through forebearance vs. an IBR repayment plan because the phone reps are offered incentives on keeping clients on the phone for as little time as possible ending up screwing over the lender in the long term. Also how despite being dilligent in your PSLF payments, when that 10 years finally comes you only find out you are ineligible. There were alot of other things revolving around loan servicers screwing over students but those topics specifically stood out to me and now I am scared. I just graduated with my Masters and currenlty in $100k in debt. I am currently in my grace period but I am wondering if Navient will screw me down the line, especially if I chose to pursue PLSF if I become eligible. What is everyone's experience with loan servicers? Any comment on Navient? [link] [comments]  |
| Attention MA borrowers - you are invited to a press conference Posted: 04 Mar 2019 05:27 AM PST Senator Lesser's office is holding a press conference Wednesday to promote the Student Loan Bill of Rights. He would like as many borrowers there as possible. Here's the RSVP https://actionnetwork.org/events/pack-the-student-loan-bill-of-rights-press-conference/ This bill would create added protections to MA borrowers to help ensure their loans are being serviced correctly. [link] [comments]  |
| Posted: 04 Mar 2019 07:15 PM PST Hello all! I am at a complete loss at what to do here-- the loans give me extreme anxieties. These are from my undergraduate loans. I recently graduated from nursing school (without additional loans) and am in a residency in a town where I don't really know anyone. My rent is approximately $1100/month, which is also the amount of my loan payment. The only other bills I have are electric/internet (about $120/mo) and car insurance ($60). I do not have a cell phone bill. My credit is not that great, a little below 700. Should I just refinance? Continue paying and struggling to make it month to month? Any advice would be appreciated because this gives me so much anxiety that I often freeze and can't make sense of these things. See the loan listing below: Currently serviced by Navient: [link] [comments]  |
| StudentLoanPlanner Works if you Know What You're Doing (And Here's How) Posted: 04 Mar 2019 07:34 PM PST You need a certain amount of financial literacy to understand the StudentLoanPlanner(.com) tool/Excel. I made a post about this a few days ago saying it was misleading and I was too harsh, so I want to try and right set the record straight. It is misleading if you look at the nominal value of the loans between 20 year and 10 year fixed, which I did. This will make it seem like refinancing ALWAYS makes sense, because you will save a LOT of money (nominal value) on a ten year fixed vs. a twenty-year that allows you to negative amortize and charges you a tax bomb at the end. If you compare the nominal values you will get a misrepresentation of the savings. But if you compare the net present values, you can get a fair comparison of options because NPV takes into account the time-value of the money (ten extra years). I would advise you set your risk free rate ("Investment Return" M5 on Main Page) to 0% when comparing loans unless you have some way to guarantee a return. I'm not an investment advisor but I know that most young adults with crippling debt aren't pursuing agressive investment strategies. If your money is sitting in a bank account accruing next-to-nothing, 0% might be the most accurate comparison. *Quick Rant* At the end of the day, it is a broken system. Congress has legislated competition out of the marketplace and the result is 500% rising cost of secondary education when compared to inflation. It makes me sick. But, in speaking with the founder of StudentLoanPlanner, I believe that he shares my (our) views and he is really trying to help. Charging for it doesn't make it wrong. So, at the very least, check out the Excel (Tool) they offer, it's free. All my best. [link] [comments]  |
| Should you refinance during 6 month grace period or refinance after a few payments? Posted: 04 Mar 2019 05:51 PM PST As the title says, I am unsure if it is better to refinance my 11% monster now or wait till I have paid a few months in? If i were to refinance now, can't i just refinance again for a better rate down the road? Also, can you refinance three separate loans within the same lender? [link] [comments]  |
| FedLoans - interest capitalization occurred during administrative forbearance Posted: 04 Mar 2019 05:32 PM PST I switched to FedLoans earlier this year from another loan servicer after I sent a PSLF certification form in to them. -FedLoans then put me on an administrative forbearance for my paperwork/information to transfer. -During this period, they hit me with a interest capitalization on my loans even though I had a recurring REPAYE payment set up with my previous servicer. -I appealed the capitalization with them and they denied my appeal stating that interest capitalization for forbearance was OK. How are they allowed to make an interest capitalization like this? Is this normal and does anyone have experience with resolving the issue? [link] [comments]  |
| Posted: 04 Mar 2019 11:29 AM PST I'll be graduating this year with 250k debt and an expected >100k income, so obviously PSLF looks very appealing to me. But a lot of people I know with high debt aren't trying to do this and some even recommend against it so I'm curious why. I'm aware you have to make 120 payments while working at a non profit or public derive job. But other than that, why do those who could qualify seem to be not interested in this as an option for dealing with loans? [link] [comments]  |
| How do I look up the details of old student loans (>5 years ago)? Posted: 04 Mar 2019 09:15 AM PST This community is always so helpful to its posters and I'm hoping I can find some help. I'm looking for some information on old student loans that have been paid off >5 years ago. Some of these loans were paid off by my parents and some I paid off myself while I was still in undergrad. I'm attempting to make a spreadsheet where I can visualize every detail/transaction of each of my student loans. I would like to be able to see how much money I've taken out since I started college back in 2009. These are all federal loans, btw. Credit Karma tells me I have 9 closed accounts, all with the US Department of Education. I have looked at the National Student Loan Data System, but it only lists my current loans that I'm repaying. My federal loans are serviced through Navient. I've explored every part of their website, but again, can only find the history on my current loans. Any idea where I can find information (e.g., original principal, accrued interest, interest rate) on these 9 old loans? I have not called Navient yet--that may be my next step. Thank you! [link] [comments]  |
| Posted: 04 Mar 2019 02:30 PM PST I think I've got a shot at qualifying for PSLF. I'm serviced by Nelnet, and I had my employment certification forms filled out. But the forms direct me to call or visit MyFedLoan.com According to their website, I don't have an account with them, nor can I create one. Has anyone experience this and know what steps are missing in this procedure? [link] [comments]  |
| Changing payment plan midway through PSLF Posted: 04 Mar 2019 01:11 PM PST Has anyone done this or have any idea if this would throw a wrench into current PSLF progress? Short story, I'm 65 payments in and have been considering changing from IBR to PAYE or REPAYE. Napkin math tells me that PAYE would be the best option. I know that your PSLF progress resets if you reconsolidate/finance your loans midway through the process, but is the same true with changing the payment plan? [link] [comments]  |
| Posted: 04 Mar 2019 01:08 PM PST Related to this article: https://www.bankrate.com/loans/student-loans/itt-tech-settlement/ This would apply to me, but I haven't heard anything from anyone about it, yet, and I absolutely don't want to miss the boat, somehow, if this is a real thing. Has anyone heard anything on this? Thanks! [link] [comments]  |
| Posted: 04 Mar 2019 09:17 AM PST I've saved a little for my children's secondary education in an RESP. It is not nearly enough but every little bit helps. What I'm wondering, should I empty the RESP on year one or only take a portion of it. I intend to continue putting money in as well as helping with any loans . Just looking for some insight. [link] [comments]  |
| What can they actually do if you just don't pay student loans?! Posted: 04 Mar 2019 05:16 AM PST I reconsildated my loans from Sallie Mae to Citizens Bank. I also have some Federal Loans through Navient. What hypothetically would happen if I just stopped paying my student loans. What can they do to me? Kill my credit? Affect my ability to take out other loans? Take money from my paychecks? What can they actually do? [link] [comments]  |
| Accrued monthly interest is more than my monthly payment Posted: 04 Mar 2019 08:08 AM PST Right now I'm accuring about $380 a month in interest on my student loans and my monthly payment is $272. I'm not in a position to pay more than the minimum right now (I'm a teacher and I'm stretched very thin). I'm trying to get this under control to be able to pay $1000-1300 a month on my student loans, but now I'm feeling even more discouraged. Any tips or is it a lost cause? [link] [comments]  |
| Paying only the interest on a loan - repercussions? Posted: 04 Mar 2019 08:03 AM PST What happens if I only pay the interest on a loan, and not pay the minimum amount my bill says? Situation: I have 2 loans (or groups as Nelnet calls them), one with higher interest than the other. Each month my bill says pay X for group A and pay Y for group B. Both of these amounts are higher than the interest accrued each month. What I want to do is pay off of the interest on one loan (lower interest rate) and put the rest toward the principal on the other loan, paying it off faster. I called Nelnet and they say I can't do this, that I have to pay the minimum for each loan group. What would happen if I made payments the way I want to: paying only interest on one loan, but not minimum, while paying off the other loan faster? *edit: spelling. *edit 2: Thanks for the info. It'd be nice to be able to put more towards one loan and pay it off faster (which I'm sure is exactly what they don't want). [link] [comments]  |
| Does SOFI check if you went to a Title IV school? Posted: 04 Mar 2019 07:54 AM PST The application for loan refinance asks if you went to a Title IV school. I am wondering if they actually check [link] [comments]  |
| Loan/amoritization calculators Posted: 04 Mar 2019 06:30 AM PST Do any of you know of any student loan amoritization calculators that allow you to input uncapitalized interest when trying to determine the impact of extra payments? [link] [comments]  |
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