Confirmed that Navient has changed loans to 0% interest Student Loans |
- Confirmed that Navient has changed loans to 0% interest
- My Experience Requesting Emergency Forbearance with FedLoan Servicing (Updates to follow)
- Using 0% and forbearance to build emergency fund?
- Interest
- Do not refinance your loans
- Unable to Recertify Income Driven Repayment (IDR) Plan
- COVID-19 forbearance: will previously accrued interest be capitalized?
- AES
- Fedloan Servicing still charging me interest
- NYT: The fed says it'll buy as much debt as it needs to cushion the blow of the virus
- Is taking student loans out worth it for my BA
- Good time to initiate a loan?
- School I went to shut down before I graduated
- Great Lakes -- does consolidating reset the forbearance limit?
- Refinance now?
- Covid19 and Student Loans
- Do you think there will ever be a way to discharge or forgive private student loans in the future?
- Student loan refinance?
- Fedloan Payment not Posting
- MyFedLoans still accruing interest?!
- Refinancing with international job
- Does Joe Biden's Student Loan forgiveness plan cover graduate loans also?
- Has anyone gotten in touch with SallieMae or is it a lost cause?
| Confirmed that Navient has changed loans to 0% interest Posted: 23 Mar 2020 10:27 AM PDT I have consolidated loans with Navient from undergrad & grad school- I called Navient on Friday for a callback but never received it so I checked my loan details this afternoon and saw my interest rates have changed to 0% [link] [comments]  |
| My Experience Requesting Emergency Forbearance with FedLoan Servicing (Updates to follow) Posted: 23 Mar 2020 06:46 AM PDT I was able to reach the call center for FedLoan Servicing, in order to request the emergency administrative forbearance. Some info that I wanted to share:
After those inputs, I waited for about a half hour before I got connected to a call center representative. Keep in mind, I also happened to call right when it opened (~8am EST), so wait times could be longer. The rep gave me his first name and employee ID number. When I asked for emergency forbearance, the rep says that he will process it and apply this my account to last until March 2021 - a whole year as guided by the Department of Education. If anything changes with the situation within that time frame, he says, then the forbearance period will shorten and that we're supposed to be informed "as soon as possible". Depending on what communication method you set with your account, you'll receive an update about the submitted forbearance "within a few business days". For me, I'll be receiving this request update via email (and, in turn, the messages Inbox in my MyFedLoan online portal). I'll update this post once I hear back from FedLoan and the forbearance has been officially applied. The conversation with the representative, itself, lasted a few minutes, and luckily the person I talked to was competent enough that the requesting part wasn't tedious or frustrating. Info about the call center specifically:
Note: NelNet is being given the same guidance by the Department of Education to set the default emergency forbearance to last until March 2021, but that it could "change the end date at any time": https://www.nelnet.com/covid-19. [link] [comments]  |
| Using 0% and forbearance to build emergency fund? Posted: 23 Mar 2020 03:58 PM PDT I have two different federal student loans that I've been paying. Don't have an emergency fund. I have no problem paying my monthly payments and have a stable job, just don't have much money afterwards to save. Would it make sense to take advantage of this 0% interest for forbearance to stop paying my loans and using that money to build an emergency fund? At the same time it would be nice to use this period to pay down my loans faster. [link] [comments]  |
| Posted: 23 Mar 2020 10:06 PM PDT I paid off interest ($15) and applied it as refund. It said it went through but it has not been reflected on mygreatlakes account, interest accrued to $21 now. I paid it about last week and have emailed mygreatlakes but I never seem to get a response from them even from before this pandemic but I have only emailed them. Also does stafford subsidized and unsubsidized count as federal loans? It says on their website that the interest rate will be reduced to 0% on federally held student loans but my loan interest have still been accruing so I was wondering if I just did not qualify for it or if I have to submit something to get it. Sorry if it's a dumb question, these times are overwhelming. I'm planning to call them tomorrow, if not soon but just wanted to post here just in case anyone has experienced this as well. I am also currently still in school, but graduating in May if this helps. Thank you [link] [comments]  |
| Posted: 23 Mar 2020 02:17 PM PDT Private lenders are not waiving student loan interest, and any programs Congress is able to enact at this time will likely not be applicable to private loans. I have been in contact with my private lender about this, and it is unlikely that they will accept the request to waive interest because they are private lenders. Companies like Credible are doing their best to convince people to refinance now that interest rates are supposedly lower (they're not, when it comes to student loans). But this entire situation with the coronavirus has shown that refinancing is not worth it. [link] [comments]  |
| Unable to Recertify Income Driven Repayment (IDR) Plan Posted: 23 Mar 2020 04:55 PM PDT Hi all, My IDR deadline is coming up this Friday (03.27.20) and I recently completed my taxes (last week) When I try to link my taxes with the IRS to the MyFedLoan website, I get a notice on the IRS website saying it doesn't have my tax information (even though the IRS accepted my taxes when I submitted them) I try to call (both the IRS and the MyFedLoan people) and they say their offices are closed because of the Coronavirus. I'm also waiting to hear back for a message I sent I'm wondering what I should do. Should I use the forbearance they're offering, so that my payments don't increase? Anyone else having a similar experience? Any suggestions? Thank you in advance [link] [comments]  |
| COVID-19 forbearance: will previously accrued interest be capitalized? Posted: 23 Mar 2020 02:33 PM PDT I've seen this discussed a bit in a couple other threads, but I think it is critically important to enough people that a separate thread is warranted. Through IDR I have a significant amount of previously-accrued interest, so obviously it's important to be 100% clear on whether or not that will be added to principal as a result of taking the forbearance. I have a payment due in 4 days on 3/27, and I'm unclear on what consequences I may face if I'm late on that payment but end up not taking the forbearance.
This makes it seem pretty cut and dry that the IDR interest is *not* protected from capitalization, but I've been unable to corroborate it with any federal sources. The feds have called this a noncapitalizing forbearance, but I haven't seen them address previously-accrued interest specifically, and it seems like a pretty big thing to overlook, and a pretty bad trap that doesn't seem to fit the surrounding intentions. The closest thing I could find from the feds comes from an FAQ:
This does not apply to me because I'm not currently in forbearance, but could this be what GreatLakes is referring to? It seems really odd that they would take such care to explain this, but not bother to address IDR interest, if it were actually true that it will capitalize. [link] [comments]  |
| Posted: 23 Mar 2020 06:28 PM PDT Does anyone have them for your federal student loans? I cannot get a hold of them about the 0% forbearance. I've emailed them. Anyone having issues?? [link] [comments]  |
| Fedloan Servicing still charging me interest Posted: 23 Mar 2020 06:26 PM PDT Fedloan Servicing says interest was supposed to be suspended but my payments are still being charged interest. Do we need to do something additional? Or are they in inappropriately charging me interest during the pandemic? [link] [comments]  |
| NYT: The fed says it'll buy as much debt as it needs to cushion the blow of the virus Posted: 23 Mar 2020 06:32 AM PDT https://www.nytimes.com/2020/03/23/world/coronavirus-news.html#link-3b1f4345 Does this affect student loans in any way? [link] [comments]  |
| Is taking student loans out worth it for my BA Posted: 23 Mar 2020 09:55 AM PDT I am currently graduating in May 2020 from a local community college that I received a full scholarship from straight out of high school. I am so forever grateful to be graduating with zero debt. My career path is Information Technology. All my profs have talked to me about getting my BA; however, some of my current classmates are going straight into the work force after their 2 year degree. My prof have told me that a BA is just better because it holds more credibility in the long run, as certifications do not last forever. (They can you just have to retest, or take another advanced cert, etc). Anyway, I want to get my BA, I feel like it will be worth it, and plus the school I will be attending will have great opportunities for me like internships, and many hands on experiences I can get. As someone who is relying on small scholarships, grants, and fafsa, I am unfortunately left to take out student loans to pay for the rest. I have never taken out a loan before, I recently just got a credit card to build my credit (which is going good), and I am scared to take out a loan. What should I watch out for when it comes to student loans, and how do I know which loans are best? Are there different options for loans, etc. if YOU took out a student loan and completed school, was it worth it? I'm the first person to ever get more then a 2 year degree in my family, and I have nobody to ask for personally experiences with student loans. Thank you. [link] [comments]  |
| Posted: 23 Mar 2020 03:04 PM PDT I was wondering what your thoughts are if now is a good time to take out a loan? I am going to begin programming school full time in May and originally was planning to pay out of pocket and with a loan from family, but do you think now it might be more advantageous to take a loan out instead? Given the current situation it may be worth it to have the extra cash lying around, plus would there possibly be more favorable terms for loans available now? [link] [comments]  |
| School I went to shut down before I graduated Posted: 23 Mar 2020 01:15 PM PDT Went to ATI Career Training school 8 years ago. School was shut down, few months into semester, I never graduated. Have been getting calls and letters that said I need to pay my loan. I've never paid anything. Loan went into default. Now I'm trying to pay and can't find any information to contact school or who loaned me the money. Checked credit karma to see if I could find any information. They're showing I have no school loans. Whole thing seems fishy. Not sure what to do, can anyone help me or give any advice on what to do? Edit.. a year or more ago I talked to a collection agency and that's the last I heard about the loan. Have tried calling the last collection agency that sent me a letter but they're not returning my calls. My aunt went to the same school, same time as I did, she didn't graduate either but they're not making her pay back her loans. Something about becuase it was shutdown for scams she didn't have to pay. Filed taxes for the 1st time this year and was told I probably won't get anything back unless I get the loan out of default. So trying to get that done but can't find anything. [link] [comments]  |
| Great Lakes -- does consolidating reset the forbearance limit? Posted: 23 Mar 2020 01:12 PM PDT NOTE: I do realize that a 60-day payment and interest deferral is being enacted, but this question relates to the timeframe after that. I will reach the forbearance limit on my Great Lakes-serviced federal student loans this summer. IDR/IBR won't be extremely helpful for me because my income is pretty high, but my cash flow is very poor because of other debt obligations (which I am working hard to address). I know I'm throwing away a lot of money while I let interest pile up with no payments, but my high interest credit card debt is eating me alive and I would like to continue throwing as much money towards that debt as I can at this stage since it is a greater threat to my financial security right now. I am planning on consolidating my loans regardless of this particular concern (and have already begun the process), but does consolidating them give me a new allotment of forbearance time since it is technically a new loan? [link] [comments]  |
| Posted: 23 Mar 2020 12:54 PM PDT Hey guys, This article may have been specific to me (currently an Ophthalmology resident), but did anyone see this Doctors without quarters article? http://dwoq.wpengine.com/trump-announces-student-loan-relief-for-coronavirus-crisis/ It essentially is just some info about Trump's new 0% interest for all government loans. At the end, they mention that if you have been considering refinancing, now may be a good time because " our two largest refinancing partners ticked rates up recently ". This seems like a bad call, given all of my loans just dropped to 0% per Trump's order. I was hoping to get some other folks advice on this. In case this is helpful, I have all government loans that are unsubsidized for medical school totaling almost exactly $200,000. Rates now show 0%, but prior to this they ranged from like 5.5-5.9% if I recall correctly. There's 0% chance I will qualify for PSLF because I will go into a private company once I'm done training, but am currently in an income-based repayment plan. Looking forward to your thoughts. TLDR: is now a good time to refinance government loans to lock-in current low interest rates even though Trump just ordered 0% interest for an unknown amount of time? [link] [comments]  |
| Posted: 23 Mar 2020 12:44 PM PDT Hello, I was hoping someone here could provide me with some information. I start PA school in the fall and will be taking out grad and grad plus federal student loans. How will this economic downturn likely affect my student loan interest rates come the next fall semester ( I start my program September 1, 2020) . Will the interest rate drop ? [link] [comments]  |
| Do you think there will ever be a way to discharge or forgive private student loans in the future? Posted: 23 Mar 2020 12:42 PM PDT I have over 70,000 in debt with Sallie Mae. On one of the loans I have an 11% interest rate, the other 12%. And I just have my bachelors degree, I have figured out I will never be able to pay back these loans. [link] [comments]  |
| Posted: 23 Mar 2020 12:32 PM PDT Are people seeing a significant drop in interest rates from the online lenders(ie sofi, Earnest)? [link] [comments]  |
| Posted: 23 Mar 2020 11:59 AM PDT Yesterday I made a payment to Fedloan. Today I got an email stating that my payment is due. Is this a thing now? Is anyone else having this problem? There is no customer service center because of the virus. I don't want to make an extra payment because I am on the debt forgiveness program. [link] [comments]  |
| MyFedLoans still accruing interest?! Posted: 23 Mar 2020 11:05 AM PDT Hi All, I pay my fedloan thru myfedloan.org. When I checked my balance, I saw that my loans are still accruing interest. I'm wondering if this is just an error they didn't get to fix. Is anyone else seeing their interest being accrued still? [link] [comments]  |
| Refinancing with international job Posted: 23 Mar 2020 11:01 AM PDT I'm not sure if this is a great time to be thinking of this or the worst time possible, but I have $60k of loans with Sallie Mae and my grace period to begin repayments ends in June. I have a job with a Canadian employer (I went to school and now live in Canada), but all of my student loans are from the states. When I initially looked at refinancing, none of the lenders I looked at would consider me, as they said they couldn't verify my employment. (I have my job offer letter, so I assume it's because they will only go off some data warehouse for verifications) I have very little faith that Sallie Mae will be offering much if any leeway for the current pandemic, so was hoping there were other expats that had gone through something similar that could share their experiences. (I have considered trying to refinance with a Canadian bank, but I'm not sure if I'd have any more luck, so I want to consider all my options so I can make the best financial decision for myself.) [link] [comments]  |
| Does Joe Biden's Student Loan forgiveness plan cover graduate loans also? Posted: 23 Mar 2020 11:00 AM PDT As far as I know seems like his plan covers all federal loans. I was curious if anyone knows more about this? Link for the 20 year plan: https://www.forbes.com/sites/zackfriedman/2020/03/01/student-loans-joe-biden-bernie-sanders/#22f0532d3189 The main takeaway is that it's not taxable income. But does this qualify for graduate loans also? [link] [comments]  |
| Has anyone gotten in touch with SallieMae or is it a lost cause? Posted: 23 Mar 2020 06:56 AM PDT With call centers closed and the in-app messaging feature giving an estimated wait time for a response of 4 days, has anyone had success in getting a hold of someone? I tried to message them last Thursday and still no response. [link] [comments]  |
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