2/3 of the way through hell :) Student Loans |
- 2/3 of the way through hell :)
- Has anyone with Nelnet had their interest rate set to zero yet?
- My FedLoan account finally set interest rates to 0%!
- Has anyone had their loan payments paused yet?
- Mohela offers National Emergency Forbearance. Is this the same as the no payments for 6 months?
- Who should and should not be making payments with student loans suspended?
- Defaulted loans, consolidation and covid19 relief
- First time applicant need help making sense of FAFSA results
- Can someone comment with authority on this Disability Discharge question?
- PSLF but now forbearance, should I still pay?
- Bass & Associates - Missing paperwork, changing numbers
- Defaulted student loans I was about to begin rehabilitation on...what now?
- FFELP loan that does not qualify for the current 0% deferment.
- Change Payment Dates on Loans Instead of Suspending Autopayments
- Filling out parent financials in FAFSA as an independent student = less financial aid?
- Can you make payments during forbearance?
- IBR question
- Student Loan Advice at this time
- Refinance now? Or wait for possible pandemic-relief measures?
- studentaid.gov vs. great lakes
- Opportunity Cost and Best Decisions given CARES Act relief
- Are servicers required to apply payments in the way that pays of your loans for the least amount possible?
- Defer or not to defer..
- Help with the IRS Data Retrieval Tool
- Switched IDR plans and the process is DRAGGING out.
| 2/3 of the way through hell :) Posted: 28 Mar 2020 01:41 PM PDT Well guys. I can't believe the finish line is in sight. Last May I graduated with a masters degree from Duke and $60,000 in student loans. I began the degree right when I finished my undergrad, so this has been my first year of working. I feel like I knew what I was walking into and the education has paid off. I'd do it again. Anyhow, I have since paid back over $35,000 of my $60,000 debt. I now owe $25,000, but I am sitting on over $8,000 in cash for my rainy day fund. It's a little much for cash-savings, I know, but these are weird times. After I collect this months paycheck on Monday I'll pay down my debt to the $20,000 mark. This is a surreal point for me because I'm no longer terrified of my debt balance as I was when I first saw "$60,000". It's funny how in modern society $20,000 in debt is quite normalized. It's been a rough ride guys... it's been hard to see my colleagues/family/friends buy new houses, 2020 model cars, fancy international vacations, and brand name clothes. They probably think I either am insane or have some drug problem given I have so little to show despite making a pretty penny. By my current estimations, I may finish as early as August of this year. It's totally crazy to think. I mean, I've been intentionally working towards the goal of financial independence for the better part of a decade. I can't believe it's almost here... I am just trying to keep my head down from the distractions lol. [link] [comments]  |
| Has anyone with Nelnet had their interest rate set to zero yet? Posted: 28 Mar 2020 04:50 PM PDT I know these things take time but I've logged into my account each day and interest rates in each loan are still 6%+ and still accruing. They are Direct PLUS loans my father took out (I make all payments) and still have the Dept of Ed as the lender on statements. Just wondering if anyone has had theirs successfully updated yet; hoping to start being able to strategically pay down during this waiver sooner rather than later. Thanks! [link] [comments]  |
| My FedLoan account finally set interest rates to 0%! Posted: 28 Mar 2020 05:05 AM PDT I've been taking screenshots of my balance since the March 13th announcement, and it looks like they correctly 'backdated' the interest to what the statement was on March 13th (give-or-take a dollar or 2). All payments from March 13th was applied to principal. [link] [comments]  |
| Has anyone had their loan payments paused yet? Posted: 28 Mar 2020 04:28 PM PDT I logged onto my student loan 3 days ago and clicked on the "having your payments postponed" link and put in the information they asked for. I also called on the same day to ask about it and was told I'd have to wait? I logged on twice today and the same link was on my "alerts and messages" so I'm unsure if it actually went through or if payments will be paused. Has anyone gotten confirmation of it yet? or do we still have to wait on that? (My payment isnt due till the 10th of April.) [link] [comments]  |
| Mohela offers National Emergency Forbearance. Is this the same as the no payments for 6 months? Posted: 28 Mar 2020 12:36 PM PDT If so, it looks like you have to fill out an application. I thought this was automatic in the next 15 days? [link] [comments]  |
| Who should and should not be making payments with student loans suspended? Posted: 28 Mar 2020 10:28 AM PDT Specifically I'm wondering about people that have a payment normally due between now and whenever the loan companies get their poop in a group and put out bills of $0 and 0% interest. My April payment is due on the first so I'm considering suspending that payment and wondering if that is a good idea. [link] [comments]  |
| Defaulted loans, consolidation and covid19 relief Posted: 28 Mar 2020 10:34 PM PDT Someone I know who hasn't made payments in a while and is currently in default wanted to consolidate their loans but was told some loans were eligible for consolidation but if they wanted to consolidate everything they had to make 3 income based payments prior to consolidation due to type of loan. No websites mention anything regarding this situation. Some sites say you can consolidate even while in default but the default will stay on credit record, but if you make 3 payments first then the default comes off the credit record. I'm not sure if this is true or not. [link] [comments]  |
| First time applicant need help making sense of FAFSA results Posted: 28 Mar 2020 05:04 PM PDT I can't tell if this is good news or not, it says: "Based on the eligibility criteria you may be eligible for the following: Pell Grant Estimate - $6,345.00 Direct Stafford Loan Estimate - $9,500.00 You may also be eligible to receive other federal, state, or institutional grants, scholarships, and/or work-study." Does this mean I that's all the help I'm getting from FAFSA? Do I have to choose between the Pell Grant and the Stafford Loan? The out-of-state tuition for the school I want to attend is $27,000 — so now I'm exceedingly nervous that it won't be feasible... I have no one to help me so I would need to depend entirely on federal aid and student loans, which I'm unsure I'll get approved for with a 645 credit score... This is a nerve wrecking process. [link] [comments]  |
| Can someone comment with authority on this Disability Discharge question? Posted: 28 Mar 2020 08:22 PM PDT (asking for a family member) On the NelNet Disability Discharge website — it says that during the 3 year monitoring period after the initial discharge application was accepted —- If the person either (A has anything shorter than a 5 to 7 year review with Social Security or B)you receive notice that you are not totally and permanently disabled .. we will reinstate your obligation to repay I am slightly paraphrasing from here https://www.disabilitydischarge.com/faqs **When this family member was in between year 2 and 3 of the post discharge monitoring, they actually went off of SSDI. They became "un - disabled" federally speaking by working. She reached out to NelNet and was very honest and asked about the loans being reinstated. The NelNet employee (probably lower level) said —- it doesnt matter. As long as you were disabled when you applied for the discharge its all that matters However this contradicts the official language on the website. At this point, the 3 year monitoring is over and the loans are fully discharged. Should my cousin be worried? Should she proactively reach out to NelNet and ask for a supervisor? Thanks. EDIT: Just to clarify. SSDI was ended between the year 2 and 3 review. The year 3 review was done and income was still under the 2x poverty guidelines limit but at that point she was no longer on Disability. [link] [comments]  |
| PSLF but now forbearance, should I still pay? Posted: 28 Mar 2020 06:45 PM PDT I know it's 120 months, so skipping during this forbearance time is a bad idea, right? [link] [comments]  |
| Bass & Associates - Missing paperwork, changing numbers Posted: 28 Mar 2020 05:59 PM PDT About 3 1/2 weeks ago, I called Bass & Associates and started rehab for my defaulted loans. First phone call- set everything up but the guy kept getting info wrong (ex. I would spell my street 4 times and he would still read it back as something totally crazy), had to call back to talk to someone else. Gave my info, made my first payment of $235, and since there's a 20 day grace period for payments, he back dated it so it counted as Feb. payment. Said after I uploaded two pay stubs and a form, I'd get a rehab letter in the mail. I immediately uploaded pay stubs and form. Got confirmation from their online portal. No letter came. I called again. The woman said they have my pay stubs but not the form and to upload again. Then she went over numbers again and said my payment would only be $198. Tells me to upload form and wait for letter to officially start rehab. Uploaded. Still no letter. Called again. Talked to a guy who said he'd "request" a letter be sent. I got frustrated and ended the convo. I looked on my eddebt.gov and they say my payment is $244. Still no letter. Today's the due date and have been given 3 different payment amounts. What's happening- should I be concerned? Without the actual rehab letter are my payments going to count towards the rehab? [link] [comments]  |
| Defaulted student loans I was about to begin rehabilitation on...what now? Posted: 28 Mar 2020 05:17 PM PDT I defaulted on my student loans immediately after college. I have worked for the past year, and have apparently been getting paid in ways that they cannot garnish (deposit to pay card). I now have around 5000 cash and have just began a new job where I believe they will be able to garnish so am tackling this thing now. I see that they will not be garnishing for the next six months. My question is, what is my best course of action? I am in a position to begin paying this down, but I am unsure how things will develop and whether I should just do nothing for 6 months, and have a plan for after this freeze ends. My frustration at the moment is with trying to open a checking account, and continuing to get denied. [link] [comments]  |
| FFELP loan that does not qualify for the current 0% deferment. Posted: 28 Mar 2020 10:51 AM PDT So I have a Stafford FFELP loans that are through NAVIENT FEDERAL LOAN TRUST. As a result, I can't take advantage of the 0% interest rates and other help that is going on now. Is there anyway to move/consolidate loans to DE backed loan so I can qualify? [link] [comments]  |
| Change Payment Dates on Loans Instead of Suspending Autopayments Posted: 28 Mar 2020 10:50 AM PDT I'm seeing many posts from people with early April payment dates concerned about the timing of implementation of the new legislation that suspends payments for 6 months. They have 15 days to process the suspension, which could mean that accounts on autopay might still make those early April payments. Instead of suspending automatic payments, why not take the opportunity to change the payment date to a later date in the month (especially since there is now no interest accumulating)? I know Great Lakes and FedLoan offer this feature under the Manage Payments sections, probably others do, too. When the suspension is lifted, you will have the extra time to resume payments the following month as well. As a side note, I did not do this yet for my PSLF loan because I'm worried it could affect payment counts, but for other loans, it seems like it could work out well. [link] [comments]  |
| Filling out parent financials in FAFSA as an independent student = less financial aid? Posted: 28 Mar 2020 04:32 PM PDT I'm a 27 year old planning to attend college for the first time this fall, and as I understand it, that makes me an independent student in terms of how FAFSA views me. I've already filled out and submitted my form, and though it was optional for me, I chose to fill out my parents financials. So, I'm basically wondering if I screwed myself out of larger financial aid by doing so. [link] [comments]  |
| Can you make payments during forbearance? Posted: 28 Mar 2020 05:51 AM PDT I apologize if this has been asked on here already but can you still make payments during forbearance? I know you are not required to but just wondering if I can. [link] [comments]  |
| Posted: 28 Mar 2020 03:28 PM PDT When I was doing my taxes I saw my student loans were still on IBR and the company says you have to reapply every year, well I haven't done that in 4 or 5 years but yet I'm still on that plan. Is this some common shady tactic? [link] [comments]  |
| Student Loan Advice at this time Posted: 28 Mar 2020 03:05 PM PDT I currently have 82k in loans and 1,134k in interest on my student loans in total. Last year I applied for IDR and am on the Revised Pay As You Earn Plan because my payments were just way too high. My plan was to apply every year for RPAYE and go on the 25 year forgiveness plan. I work in healthcare and am currently working and can make payments at this time, but with CVID-19 getting worse and my caseload lightening up, I may be furloughed. I'm looking for advice to see if It makes sense just to make higher monthly payments given 0% interest rates or stick with the 25 year forgiveness plan. Do people have any experience with doing that? Should I take advantage of 0% interest and continue my monthly payments? I'm also conflicted as I am looking to save to buy a house with my gf next year. Trying to foresee finances can be overwhelming. Any advice would be much appreciated! Thank you! Here are my current loans and interest rates: Two DLPGB loans at 7.9% interest Five DLSTFD loans at 6.8% Two DLSTFD at 6.0% Five DLUNST loans at 6.0% One DLUNST at 5.4%. tl;dr: Should I stick with 25 year forgiveness RPAYE plan and let interest accumulate or make higher payments and take advantage of 0% interest for 6 months? [link] [comments]  |
| Refinance now? Or wait for possible pandemic-relief measures? Posted: 28 Mar 2020 02:28 PM PDT Hi, I get it this is probably not an uncommon question in this sub. But I'm asking it now because of what an unusual time we are living through, so here goes: Is right now - March 28th, 2020 - a good time to refi? Or is the general consensus that the government will continue to unveil weapons in its fight to keep the economy moving along, so it might make more sense to wait for a while? I would say I have a decent understanding of the tools the Fed can use, but with rates dropped as low as they are I'm not sure there's anything left in their stockpile that would affect student loan refi rates at this point... My refi amount: $14k. Current rate: 6.5% LendKey (best rate for me): 3.39% on a soft pull Thanks for your input! -T [link] [comments]  |
| studentaid.gov vs. great lakes Posted: 28 Mar 2020 02:26 PM PDT Hi all, I'm a fourth year student about to graduate in June and wanted to see how my loans are looking. I checked Great Lakes which tells me I have $21k and then I checked studentaid.gov which tells me I have $25k which also included Perkins Loan of $6k which wasn't included on Great Lakes. I double checked the numbers and some of them aren't matching up correctly. I'm lost as to what to do next. Has anyone else had this problem? [link] [comments]  |
| Opportunity Cost and Best Decisions given CARES Act relief Posted: 28 Mar 2020 08:05 AM PDT Hi everybody, with the opportunity to skip payments for six months, I've been rethinking how to go about planning my financing over the next several months. Here's my situation, followed by how I might take this on: Checking account cash: $15,000 (I don't have a specific emergency fund, but stable cash reserves and high job security) Federal Student loan debt: ~$20,000, 3.5-4.5 interest rates (No private loans left) Car loan: ~$11,000, 3.6 interest rate Here's what I think the best course of action is: I'm thinking I will stop paying student loans for the next six months, because there is now minimal benefit to paying. I pay ~$300/month, and I'd rather stack $1800 away temporarily. At the end of the six months, before interest kicks back in, I'll make a decision whether to pay that $1800 toward student loans, or keep it for a different purpose. This strategy would not hurt my principle and would allow me to take advantage of attacking my principle if I choose. If I ended up choosing not to make the payment at the end, my debt would take six months longer to pay off than I expected, however, this approach allows me to make that choice. I think this logic holds for all payers, no matter what your situation is. Now I'll add another wrinkle: I am planning on going to law school in the Fall. So I'll need all the cash I can muster to avoid taking out additional grad school loans. Since the interest rate on GradPLUS loans is higher than my undergrad interest rate, I think it makes sense to stop payments during the 0% period and hold on to the cash and use it fund law school, rather than paying down my undergrad only to need more loans for law school. Am I correct on these two things? I know you guys will think of plenty of things that haven't occurred to me yet, so thank you in advance for telling me why I'm wrong! [link] [comments]  |
| Posted: 28 Mar 2020 01:28 PM PDT In other words, are servicers required to apply payments towards the higher interest loans first? Thereby reducing the total amount you pay during the life of the loans? I have loans at rates of 5.2%, 5.5%, and 5.8%. Wouldn't it be least costly to me if all of my payments went towards the 5.8% loan first until it's paid off, then the 5.5% until it's paid off, then the 5.2%? Right now my payments are being applied to all three loans, which seems to increase the amount and time it takes me to pay off my loans. Am I missing something here? [link] [comments]  |
| Posted: 28 Mar 2020 01:21 PM PDT Hi guys, current situation: $46,900 in student loan balance all with Navient and all eligible for 0% interest/6 month forbearance. My IDR monthly payments are ~$480 USD (I'm currently living in Canada making CAD). Debating whether or not I should skip payments for up to 6 months and put that money away towards an emergency savings with potential to put a large lump sum on my loans before payments are required again, or if I should just continue making regular payments. I also have a large expense coming up in February 2021 so I'm leaning towards deferring payments until October but wanted to see if anyone had any advice as to why I shouldn't. Thanks in advance! [link] [comments]  |
| Help with the IRS Data Retrieval Tool Posted: 28 Mar 2020 12:57 PM PDT Hello! I am attempting to complete the FAFSA. During the process, I am trying to use the IRS Retrieval Tool but it does not recognize my FAFSA account information. I am certain it is correct as I can log into other parts of the FAFSA website. Even when I use Forget Password to get a new password it still doesn't work! Any advice? [link] [comments]  |
| Switched IDR plans and the process is DRAGGING out. Posted: 28 Mar 2020 12:49 PM PDT I was on an IBR plan. I got the email in November that it would soon be time to recertify. Even though they (MyFedLoan or whatever the fresh hell it's called) never notified me that the application was open and available for submission, I submitted my forms on Jan 6. I wanted to switch to a REPAYE plan (I sorely regret it now). The deadline was end of Jan. After submission, I got an email saying they would notify me by Feb 10 if they needed anything else. Then dead silence. At the end of February, I got a letter saying my IBR plan had expired, and my next payment would be over $800. I called them twice and was reassured it's part of the "recalculating process." My online account never updated to show that the application was in process or completed. The representative said I didn't have to pay the $800, I could pay a smaller $5 forbearance payment. After that, my new REPAYE amounts would be calculated. Yesterday, I received my new billing statement: $814. It doesn't say anywhere that it's part of a payment plan. I intend to give them a call on Monday (fully expecting that there will be a monstrous wait time) to get this sorted out. Has anyone else had this problem switching plans? Is this normal? [link] [comments]  |
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