Give them some time on the covid stuff folks Student Loans |
- Give them some time on the covid stuff folks
- I work for a Federal Student Loan Servicer. To give you guys an idea.
- Private loans - COVID19 - accepting any/all adivce
- How much do you owe and what’s your plan of attack?
- Will stopping my loan payment until September hurt my credit score?
- Nelnet - Update for Loans Starting with “E”
- Private loan discharged?
- Will I be able to get federal loans?
- Cares Act: Suspension of Student Loan Payments (Federal Loans)
- 2 FFELP loans through Navient that don't qualify for the 0% interest. Advice on next steps?
- Close to graduating, has anyone felt like they’d rather actually die than pay their loans?
- Fedloan payment due end of this week - suggestions?
- Payed in Full Letter to Remove a Delinquency (>90 days)
- FYI Emergency forbearance does NOT count towards PSLF.
- How long should I wait to file taxes and avoid offset?
- For those with federal loans, if we have payments due this week can we skip?
- PSLF and New Coronavirus Law
- Wage garnishment/consolidation
- Avalanche Method and COVID-19
- Student in School: Should I Refinance?
- What's the best course of actions during the COVID interest rate relief: Shift all payments to private loans, keep payments the same, or shift all payments to federal?
- How to pay off loans
- Great Lakes Loan Question
- FedLoan still accruing interest
- Sallie Mae Disaster Forbearance
| Give them some time on the covid stuff folks Posted: 30 Mar 2020 07:28 PM PDT I get that people are anxious..I really do..bit we need to give the feds and servicers some time to implement this stuff. Yes the websites mostly all still.reflect the march 13th language.. they will get updated. Yes some of the call center staff aren't fully trained yet on the new law...they will also get sorted. I'm sure we will.start seeing updates by the end of the week. Unless you have autopay due this week there's no reason to call. If your loans are eligible for the waivers they will be applied automatically and your autopay should stop. I will update as soon as things progress but no news does not mean bad news. [link] [comments]  |
| I work for a Federal Student Loan Servicer. To give you guys an idea. Posted: 30 Mar 2020 11:15 PM PDT It's all pretty chaotic. Here's what we know for a fact. All ED loan accounts, are eligible for a COVID forbearance to be placed on the account until September. ALL ED loan accounts will have a 100% interest subsidy that is backdated from 3/13/20 until 9/30/20. A few things that have been conveyed to us by FSA. Any and all payments made to student loan accounts AFTER 3/13/20 will be recalculated by our accounting teams once they backdate the interest to make it look like the payment was made on an account that accrued NO interest after 3/13/20. Meaning the only interest between your payment and principle balance will be interest from before that point. I can't speak for exact dates, but expect it not to show up for a majority of people until April. Again, it WILL backdate as of right now. That's been mandated by FSA and unless THEY change it, it will update. However, there are tens of millions of accounts and quite a few of these changes have to be done manually. Another thing to please keep in mind. FSA only just decided HOW it wanted this done, for us as servicers, last Friday. So in the midst of trying to get as many call center workers to work from home(which adds it's own troubles. Bad internet, tech problems, tech illiterate people, etc ) their trying to still keep our guys working as smoothly as possible to set this all up. As someone who also has student loans (fedloans/PHEAA) I know how frustrating this type of chaos can be, but please try to understand it's just as chaotic for the other side. Information is updating daily and it's all pretty break-neck speed for people. ESPECIALLY the call center new-hires who just started before this. I have some who report to me that I've spent hours trying to reinforce to make sure they can smoothly handle this, and it's caused a few to quit from the stress and frustration and tensions this entire thing is bringing. It's rough for everyone, so try to hang in there guys and stay safe and healthy as possible :x [link] [comments]  |
| Private loans - COVID19 - accepting any/all adivce Posted: 30 Mar 2020 12:54 PM PDT I don't know where to begin. My private loans have terribly high interest rates, like almost 8% on about 100k of principal, through wells fargo. I've been graduated a little over 3 years now, and thanks to my dad who's been subsidizing my payments when I come up short, I have never missed a single payment in almost 3 full years of paying. He was originally co-signed, and then his sig was dropped off after 2 years of perfect payments. After getting a brand new, higher paying job in January, I was making 60k, and my no-brainer goal for 2020 was to fix my credit score that had been sitting around 600, and then refinance my SLs and actually start making a dent. I have been throwing money at my debts, and on March 10th made my last credit card payment and my final payment on a collection. Woohoo, yay, my only debts now are my car (half paid) and student loans. Per credit karma, my score is already up 20pts since January, and hasn't even calculated in those final payments. Very legit progress for 3 months time imo. And then along came COVID19. Being the newest employee, I was the first laid off March 20th. My unemployment pay for the month will barely pay one SL payment, let alone rent and living expenses. I am scrambling for a new job, but so is everyone else. Being private loans, it doesn't seem like any bills passed are going to freeze these payments or give forbearance. My dad wants me to refinance since rates are at least much better than what I currently have, but my credit is still garbage by most lender standards, and now I don't have an actual income. Any advice on refinancing /getting forbearance during this time with a private lender / quickly getting myself to a credit worthy spot to improve anything? Any advice in general? [link] [comments]  |
| How much do you owe and what’s your plan of attack? Posted: 30 Mar 2020 02:13 PM PDT |
| Will stopping my loan payment until September hurt my credit score? Posted: 30 Mar 2020 02:08 PM PDT I'd love to pause from paying my student loans for a few months while we're stuck at home. Does anyone know if pausing payments will hurt my credit score? I'm so used to paying and like seeing that all my payments were on time. I apologize if this has been asked before. My loans are through Great Lakes if that matters.. thanks [link] [comments]  |
| Nelnet - Update for Loans Starting with “E” Posted: 30 Mar 2020 01:53 PM PDT Hey all, Just got off the phone with Nelnet and here is what I was able to do/find out for my loans starting with "E":
Please be kind to any customer service folks, they are super overwhelmed! [link] [comments]  |
| Posted: 30 Mar 2020 07:49 AM PDT Hi folks! So back in January I got a letter from Aspire, the servicer of my private loan through Iowa Student Loans. I had not made payments nor acknowledged the loan since 2009. The letter included a 1099-C tax form, saying that my debt with them had been discharged, and that I owed taxes on it due to discharged debt counting as income (which I get). I figured it was probably legit since it had the last four of my social on it, but was still skeptical, since out of the blue I had 41k in debt just cancelled. Then, a couple weeks ago, I get another letter from them. It included the original promissory notes marked cancelled, and advised I keep them for my records. Oddly, it only included the notes for the first two of my three years at college. My question is, why? Anyone have any idea why they would cancel the debt out of nowhere? Has anyone heard of ISL or Aspire doing this before? [link] [comments]  |
| Will I be able to get federal loans? Posted: 30 Mar 2020 11:26 PM PDT I'm filling a dependency override, so I won't have to use my parents' info. I make $1,100 per month from a rental property that I own. Will I be able to get federal loans, or will they not accept me because I have a rental property? [link] [comments]  |
| Cares Act: Suspension of Student Loan Payments (Federal Loans) Posted: 30 Mar 2020 08:03 AM PDT In section 3513 of the Cares Act, signed into law on March 27, the Secretary of Education is required to "suspend all payments due" for federally held student loans until September 30. The same section provides that interest shall not accrue on any loan for which payments are suspended. The law supersedes the prior Education Department administrative action suspending interest for 60 days. Note the third subsection provides that "The Secretary shall deem each month for which a loan payment was suspended under this section as if the borrower of the loan had made a payment for the purpose of any loan forgiveness program or loan rehabilitation program." The law also mandates zero interest for the next 6 months. Borrowers in IDR payment plans are entitled to have their servicer recalculate their monthly payment based on current income if they lose a job or have reduced income. Does anyone know whether payments will be automatically suspended or whether borrowers will need to apply to request that payments be suspended? [link] [comments]  |
| 2 FFELP loans through Navient that don't qualify for the 0% interest. Advice on next steps? Posted: 30 Mar 2020 09:05 PM PDT The 2 FFELP loans with NAVIENT FEDERAL LOAN TRUST are: 1-01 Stafford Subsidized Unpaid Principal $2,599.04 Unpaid Interest (as of 3/30/2020) $2.43 Current Balance $2,601.47 Interest Rate 6.300% 1-02 Stafford Unsubsidized Unpaid Principal $7,526.22 Unpaid Interest (as of 3/30/2020) $393.42 Unpaid Late Fee $12.89 Current Balance $7,932.53 Interest Rate 6.300% The rest of my loans are with MyFedLoan (under PSLF) and all of them qualified for the 0% interest and I am not worried about them at the moment. ~$48k if that is important. $0 monthly payment prior to COVID-19 shutdown etc. (about a month prior). I was following the Avalanche method. Paid off about 10k total. That got rid of all of the loans that had an 6.55% interest. Hence the next loans for me to attack would be the above listed that are left. Problem is I only have an part time position at this time, as it is part of a essential industry (healthcare area, scribe), but the pay is not great and hours are being cut here and there too. Considering that I live in a small town/area in NYS, finding a full time job that won't put me in more risk for COVID-19 and/or that doesn't require a car is very small (public transportation is effected too due to COVID-19), more so since a recession was already occurring about a month before COVID-19 hit. I'm trying to figure out what to do with these loans with everything that is going on... I am under an IDR plan already, for about 2.5 years I believe. My current monthly payments is $42.49 (autopay) and won't be lowered to, likely/hopefully, $0 payments until after 4/27/20 (IDR renewal). This won't put me in a financial bind cause I luckily have a eFund, though I want to avoid using it as much as possible especially with all of this uncertainty going on for who knows how long. Is there a way to make them federal? If so, how? Do I consolidate these 2 loans to do that? If I do that, would it be the best move for me personally? I did go to studentaid.gov to try to consolidate them (didn't know that was a thing till earlier today), but the possible rate changed to 6.8% interest, and hence I did not complete it because that's worst and more then the ones I paid off, and makes me cry. Could be because my AGI is very low/crap currently because I only have a part time job where I will likely make <~$12k by the end of the year compared to last year's AGI. IDK what to do really. I could be overthinking it all. Any advise or insights would be really appreciated. I'll do my best to answer any questions or give more info if needed/asked. [link] [comments]  |
| Close to graduating, has anyone felt like they’d rather actually die than pay their loans? Posted: 30 Mar 2020 09:00 PM PDT Dealing with some personal problems but in addition to seeing how soon and how much I'll have to start paying back, I literally just want to disappear from this planet. [link] [comments]  |
| Fedloan payment due end of this week - suggestions? Posted: 30 Mar 2020 08:37 PM PDT In PSLF. Payment due end of this week. Recommend waiting past due date (isn't there a grace period of a few days?) or just paying it off? It's a decent chunk of $$ and would rather avoid paying if I could.. as it seems Fedloan isn't completely up to speed with the CARES act. [link] [comments]  |
| Payed in Full Letter to Remove a Delinquency (>90 days) Posted: 30 Mar 2020 08:31 PM PDT Has anyone ever tried to remove a delinquency by paying the debt in full? The amount is not that much (4,600). What are the chances of sending a letter to the credit agency to fight for this delinquency off of my record by paying in full? I had a follow up question, should I contact both the three credit agencies and the agency responsible for the loan? I had some medical issues that made it impossible to pay the amount, and I also changed my bank account information stopping the auto payments on the loan for over three months. The loan is very easy and possible to pay, I feel this decision was rather stupid. Thank you in advance for any responses. [link] [comments]  |
| FYI Emergency forbearance does NOT count towards PSLF. Posted: 30 Mar 2020 07:21 PM PDT "Special Considerations for Borrowers Pursuing Public Service Loan Forgiveness or Loan Forgiveness Through an Income-Driven Repayment (IDR) Plan The time spent on the emergency administrative forbearance will not count toward your required payment count. If your income has changed as a result of COVID-19 you may be eligible for a new lower IDR plan repayment amount. Find out if you qualify for a lower payment at StudentAid.gov/idr.' [link] [comments]  |
| How long should I wait to file taxes and avoid offset? Posted: 30 Mar 2020 01:06 PM PDT My loans defaulted and I started a rehab program with coast professionals (DoE collection agency). I'm on month 3 of rehab so I was going to wait to file taxes until I completed the required number of months of rehab for my offset to be decertified but then came Coronavirus. My taxes are ready to file and I'm ready for my refund but when I call BFS, it still says I have an offset and for more info call the DoE. I called them last Thursday and they said that since there was a suspension of wage garnishment and offsets, I could go ahead and file. So, why am I here? Because the law hadn't even passed yet when the lady told me that and she didn't seem too confident in her answer. Also because of the horror stories on here of people being told they won't be offset, then being offset anyway and not getting their money back! Help!? [link] [comments]  |
| For those with federal loans, if we have payments due this week can we skip? Posted: 30 Mar 2020 07:58 AM PDT I have PSLF loans and my payment is due Friday. I would really like to skip paying this and just save the money. I tried calling them, to ask but the call centers are slammed. I also don't want to ruin my credit by skipping a payment. Is it ok for me to just skip the payment? Will it retroactively apply the Covid relief? [link] [comments]  |
| Posted: 30 Mar 2020 07:16 AM PDT If you're on PSLF, do suspended payments count towards loan forgiveness? Previous posts say yes but this is from studentaid.gov Is there any reason why I would not want to suspend my payments? If you are pursuing Public Service Loan Forgiveness or Income-Driven Repayment (IDR) forgiveness, you may not want to go into an administrative forbearance because the time spent in an administrative forbearance does not count toward the required payments. However, if your income has changed, you may qualify for a lower monthly payment in an IDR plan—a payment that could be as low as zero dollars. A zero-dollar IDR payment counts toward the required 120 payments. If you are on an IDR plan and your income has changed significantly, you can update your information and get a new payment amount. To do so, visit StudentAid.gov/idr, click on "Apply Now," and then start the application by clicking on the button next to "Recalculate my monthly payment." If you can afford to make your loan payments during the COVID-19 national emergency, you may want to continue to do so to pay off as much of your loan as possible while there is a 0% interest rate. So, to count towards PSLF, you must continue making payments? If this is posted in the wrong place, let me know and I'll remove it. Thanks! [link] [comments]  |
| Wage garnishment/consolidation Posted: 30 Mar 2020 01:04 PM PDT My federal loans were under garnishment. I'm now on unemployment. With the recent bill, does this mean I can now consolidate? I haven't entered into rehabilitation and am having a hard time finding information on my options. [link] [comments]  |
| Posted: 30 Mar 2020 11:39 AM PDT My wife and I use the avalanche method when paying her student loans. She has both federal and private loans, with her federal loans having the higher interest rates. With federal loans not accruing interest over the next several months, should we switch our focus to the private loan while still making our minimums on the federal loans? [link] [comments]  |
| Student in School: Should I Refinance? Posted: 30 Mar 2020 07:18 AM PDT I've never posted here before so I guess here we go. For some background I go to a private university and I study Aerospace Engineering and because of internships and general struggles, I'll hopefully be graduating in May 2022. My first year of school I had to take out a private loan for $25K and being an 18 year old who knew nothing about loans I took the variable interest rate (right now it's at about 6.4% with a little over $4K in accumulated interest). My second year I took out another one for $16.5K on a variable again (right now it's at about 8.24% with about $1.5k in accumulated interest). This past semester I took out another for $7k on a fixed at 9.25% with $25 payments each month while in school. I keep seeing how the interest rates are diving and people are refinancing like crazy with their private loans and mortgages. I just want to know if it's even worth it to look into refinancing any of these loans together or individually. I just get worried because I can't exactly afford to start making REAL loan payments right now as I'm instead choosing to make as much money on my internships as possible to pay for school out of pocket (with Fed Unsub and Sub maxed) instead of taking out more private loans. If anyone could offer me some advice or guidance I would be very grateful. I don't want to graduate and have a great engineering job only for almost every cent of my paychecks to have to go to my payments each month on my loans. [link] [comments]  |
| Posted: 30 Mar 2020 10:48 AM PDT This is my current loan breakdown: Currently, I've been paying $3,000 a month towards private and the minimum towards federal. I have about $20,000 in savings, and $13,000 in a CD. My plan right now is to keep the payments I currently am, putting everything from my CD into private loans when I can in May, and living off savings. I live at home and don't have many expenses besides food, gas, entertainment, etc. Excluding these loans, my monthly expenses are probably around ~$500, which should drop significantly for the next month or two at least since I'm not traveling or going out. With my current plan, I would have private loans paid off in October and private in June 2021. Now that federal loan student interest and payments have been deferred for 6 months, I was wondering if it would make sense to change up how I'm attaching these loans. These are what I've considered:
[link] [comments]  |
| Posted: 30 Mar 2020 01:58 PM PDT Hello. I was recently awarded at $10k grant for students loans, which after taxes is about $6.2k. I have about 10 different federal loans totalling $50k. All are current I pay monthly through fedloanservicing. My question is, is there a way to use this money strategically to pay off aome loans? Some of my loans are for like $900 others are like $15k. Do I pay the smaller ones first? How do I factor in loan interest when deciding which loans to pay off? Edit: Here are my loans with interest listed: <blockquote class="imgur-embed-pub" lang="en" data-id="a/s0qFLuJ"><a href="//imgur.com/a/s0qFLuJ"></a></blockquote><script async src="//s.imgur.com/min/embed.js" charset="utf-8"></script> [link] [comments]  |
| Posted: 30 Mar 2020 10:06 AM PDT Greetings, I was wondering about my loans and entering forbearance because of the current events. At the moment I have autopay and recieve the .25% interest rate reduction. When I start paying again and sign back up for auto payments will I receive that interest rate reduction again? Or is it like a one time deal? Thanks in advance... just trying to save money in the long run! [link] [comments]  |
| FedLoan still accruing interest Posted: 30 Mar 2020 01:37 PM PDT So FedLoan has actually updated my interest rates and for my loans they all say 0% interest right now but for some reason it says that I still an gaining $1 each day and that doesn't make any sense. Loans are also updated saying they're in forbearance and doesn't say I have a scheduled payment coming up but I have no idea why I'm still gaining interest each day when every loan is at 0% right now. [link] [comments]  |
| Sallie Mae Disaster Forbearance Posted: 30 Mar 2020 01:25 PM PDT Hello, I just requested the 3-month disaster forbearance with Sallie Mae and got approved. Other than the accrued interest being capitalized, does anyone have any information on other negatives that come a long with it, if any? I was not able to find any information online. My current concerns are: 1) It will affect my ability to consolidate and refinance through SoFi in May. 2) It will delay/affect my ability to remove my cos-signer on my loans. Any and all help would be appreciated. [link] [comments]  |
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