Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Why are people so anti student loan forgiveness/credit?
- Here's what it looks like the final relief package will look like (probably)
- My Great Lakes COVID-19 Updates
- The Student Debt Emergency Relief Act: Credibility? How to support?
- Collections on defaulted loans to cease
- Why Don't I Qualify For 0% Interest - Covid-19 Relief
- After looking around, the cheapest school that is OOS with interest/ 3-5% increase in tuition each year, is around 400k, the avg being 450k. Please explain your strategy to conquering this enormous debt when the interest atm is reaching 8%.
- FedLoan updated their response to COVID-19, finally!
- I must say, I am beyond salty.
- Senate Voting Now
- I attended the Art Institute of California - Los Angeles and left before it was shut down. A lot of former AI/EDMC students had their loans forgiven after the Obama Admin. sued them. Any idea of how?
- Told that I reached my loan limit, but I have not. What do I do?
- After speaking with someone at Navient, they told me there is a third category of student loans. Originally, I thought loans were either Federal or Private, but they explained to me that this is not the case. My loans fall into a third category: Dept. of Education loans. What are these loans?
- Loan provider suggestions? (International student)
- Loans or Market?
- Changing Income-Driven Repayment Plan?
- Navient-confirming forbearance
- How do I get started with student loans for grad school? (Circumstances changed due to coronavirus)
- Should I dump as much money as possible into paying student loans while interest is 0%?
- Emergency forbearance
- Applied For Forbearance - Payment Due
- Student Loan Garnishment and New Stimulus
| Weekly Politics Discussion Megapost Posted: 25 Mar 2020 01:08 PM PDT /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Why are people so anti student loan forgiveness/credit? Posted: 25 Mar 2020 12:11 PM PDT This is a serious question and I'm not looking for left vs right debate but I am looking for some clarity. Recently there was discussions about the stimulus package and one of the many proposals was student loan forgiveness. It didn't pass ( with the exception of a no interest forbearance) But my question is why such opposition of at least partial student loan forgiveness or a credit? Not just on a government level, which is some what understandable (lack of government revenue) But I often here people say why should someone get a credit if others have already paid their loans back. Which is only really discussed with talking about student loans not about the literal hundreds of other credits we get as American taxpayers. If anyone opposes could I get a clear reason why? [link] [comments]  |
| Here's what it looks like the final relief package will look like (probably) Posted: 25 Mar 2020 06:18 PM PDT Based on recent draft language, we're looking at a six month suspension of payments on federally held loans with the 0% interest. That period of time will count towards PSLF. The suspension will include defaulted loans. No loan forgiveness - sorry kids Unclear on what will happen with non-federally held FFEL and Perkins Employers will be able to assist employees with student loans tax free through the end of the year I really can't answer any questions about this now until we see the final language. But I will of course update when i know anything new [link] [comments]  |
| My Great Lakes COVID-19 Updates Posted: 25 Mar 2020 04:29 PM PDT You can find updates from My Great Lakes here online, but here are all up the updates so far. For everyone complaining about the 0% interest rate not kicking in immediately, please read the update from 3/30. UPDATE 3/25/20Great Lakes is aware of the pending Coronavirus Aid, Relief, and Economic Security (CARES) Act. We're working closely with the U.S. Department of Education on next steps. Check back here for updates. UPDATE 3/24/20Federal Student Aid's coronavirus (COVID-19) information page is located at StudentAid.gov/coronavirus . The page includes information for students, borrowers, and parents about the interest rate waiver announced by President Trump and availability of an administrative forbearance authorized by Secretary DeVos to provide student loan relief to borrowers during the COVID-19 national emergency. Please visit the page regularly for updates. UPDATE 3/20/20The U.S. Department of Education (ED) is providing two types of assistance to help borrowers during the coronavirus pandemic national emergency. 1. Reducing Interest Rates to 0%ED is temporarily reducing the interest rate to 0% on all the Federal Direct and Federal Family Education Loan Program (FFELP) loans they own. As your servicer, we are working as quickly as possible to update the interest rate on your federal student loans with an effective date of March 13, 2020, the day the President announced the reduction. It could take up to four weeks to be reflected on your student loan account. 2. ForbearanceWe're automatically applying a forbearance for loans that are 30 days or more past due. As your servicer, if your student loan is (or becomes) more than 30 days past due, we will automatically apply a non-interest capping forbearance effective 3/13/2020. There is no need to call or email us to request this forbearance. When viewing your online account, the forbearance will appear to run as long as 3/31/2021; however, ED may change the end date at any time. ED may evaluate the length of the coronavirus forbearance every 60 days. We will notify you prior to the end of the coronavirus forbearance. ED is providing the ability for all borrowers with a federally held loan to suspend payments for 60 days. If you would like to request a coronavirus forbearance, please log into your mygreatlakes.com account, go to our Contact Us page, to complete an email and fill out the required information. In the "Select a Topic" drop-down, be sure to select Coronavirus (COVID-19) and indicate that you are requesting an administrative forbearance. We will apply the forbearance and send you confirmation when it has been processed. Please allow us up to 30 days to send you confirmation due to the heavy volume of requests we are experiencing. During this forbearance no payments will be due. Until further notice from ED, interest will not accrue on your account. When we apply the coronavirus forbearance to any account, any unpaid interest that had accrued prior to the 0% interest rate reduction effective 3/13/20, may be added to your principal balance at the end of the forbearance. This is called capitalization, and it increases the overall amount you'll have to pay on your loan. You may cancel the coronavirus forbearance and resume your payments at any time by calling us. You will be notified when the coronavirus forbearance is about to expire and provided with instructions on how to resume payments. To save money in the long run, you can make payments anytime and for any amount during the forbearance. Log in to your mygreatlakes.com account to make a one-time payment or pay using the Great Lakes mobile app (available in the iTunes Store and on Google Play). Making a payment on your loan will not cause the forbearance to end and payments to become due again. IDR and PSLF considerationsNOTE: If your student loan is being repaid under an income-driven repayment (IDR) plan or under the Public Service Loan Forgiveness (PSLF) program, payments made during this forbearance will NOT count toward forgiveness. Please call us to cancel this forbearance if you want your payments to apply toward forgiveness. Remember, you can access your account 24/7 on our website, mobile app, or through our automated voice response system. For more information on how ED is supporting borrowers during the Coronavirus Pandemic National Emergency, go to StudentAid.gov/coronavirus . [link] [comments]  |
| The Student Debt Emergency Relief Act: Credibility? How to support? Posted: 25 Mar 2020 09:35 AM PDT I've been reading about this lately and I'm curious about where it is in the bill-passing pipeline, how credible it is, and how I can go about supporting it. The notes I have are: - Part of legislation for cov-19 relief from congresswoman ayanna pressley of MA - Would wipe $30k of student loan debt per borrower - Relief would be exempt from taxation - Relief would stop garnishments from occurring (not sure how that would work though) --- Needless to say, $30k is alot of money student loans or not but it'd be a tremendous help. And I want to do anything I can to have that happen, should I write my congress folks and tell them to support it? How can I track if it's close to being passed or being opposed? I've never gotten involved politically besides voting but I don't want to miss this chance to cut my payment time by a significant margin [link] [comments]  |
| Collections on defaulted loans to cease Posted: 25 Mar 2020 09:19 AM PDT This was just announced. I'm not clear if this only applies to direct loans or also FFEL. Note that AWG and SS garnishment will also cease - for 60 days https://content.govdelivery.com/accounts/USED/bulletins/2831e5c [link] [comments]  |
| Why Don't I Qualify For 0% Interest - Covid-19 Relief Posted: 25 Mar 2020 02:08 PM PDT I'm currently paying back via IBR through Nelnet. I thought IBR meant that I had a federally guaranteed loan, why is Nelnet telling me that I'm not eligible for the 0% interest relief? I was offered a 90 day non-interest capping forbearance, but that doesn't seem to be the same thing? Can anyone shed some light on this for me? Thanks. [link] [comments]  |
| Posted: 25 Mar 2020 10:20 PM PDT I have heard of many paths people have taken and the most prominent one sounds awful. Less known: NHSC and HPSP scholarships: can't rely on them as getting in is ultra cutthroat competitive even with a 4.0 gpa and a 25 DAT. Most prominent: paying around 4-5k per month of your 7k dental associate salary after taxes for 10 years. You would be living with around 2k to spare for living/gas/insurance/food/etc. Living with less to spend then a elementary school teacher after getting your dental degree is just a sad, humiliating thought, especially for 5-10 years. Daunting path: right after graduation or a couple years after, start your business by borrowing 500k on top of your ever growing 400k debt and hopefully pray that your business doesn't crash and you are not left without anything in the end. What other paths are there or is this really how terrible the dental students situation is after they graduate? Maybe go to europe for free dental school?? Can't find any information about it, so I assume it's not worth the effort. Also not to mention that the 450k avg doesn't include cost of living. And for those who are intrested, I am a CA resident, so the tuition here for in state is the same as most private out if state dental school within the US. I am a freshman in college atm and am deciding whether to go for MD/DO/PA/DMD. If not for the massive debt, I would have not been questioning this path. [link] [comments]  |
| FedLoan updated their response to COVID-19, finally! Posted: 25 Mar 2020 08:56 PM PDT Hey everyone, just wanted to update this topic because I've been following it along here as well. I received an email tonight with their most updated response to everything that's happening on their end: https://myfedloan.org/borrowers/covid/ Looks like monthly payments will stay the same but it will all apply to the principal. They also listed ways to actually be able to call and request the forbearance. At this point I'm just looking forward to seeing my interest stop accruing! [link] [comments]  |
| I must say, I am beyond salty. Posted: 25 Mar 2020 08:21 PM PDT I refinanced through sofi and then TWO days later, Trump comes out saying no interest on student loans. Today I find out it's 6 months of no interest (correct me if im wrong). On top of all of this, I don't qualify for the $1200 checks. Just had to rant. [link] [comments]  |
| Posted: 25 Mar 2020 08:04 PM PDT Current bill - Student loan payments suspended: The Department of Education would suspend payments on student loan borrowers without penalty through September 30. [link] [comments]  |
| Posted: 25 Mar 2020 07:26 PM PDT I was enrolled in a film program at the for-profit Art Institute of California - Los Angeles. This was in 2005, when the Art Institutes were most definitely at their peak level of predatory recruitment. Before I could finish the degree program, I moved from Los Angeles to Oakland, and was assured that I could transfer to the San Francisco campus of the school and finish my degree. However, once I arrived, I was told that my loan program had been cancelled. I had to apply all over again. My co-signer was denied, as was a second co-signer. I was told that because of the loans I had already accrued - for a program that I had not yet completed - I could not take out any more loans... this despite the fact that those loans were not yet in a repayment period. I was not able to complete that program and earn a degree during the period when AI was accredited. The Art Institute's parent company EDMC has since been sued by the federal government for predatory recruitment practices and as of 2012 has lost all accreditation. I cannot use the units I earned there toward a degree at a state school. EDMC has now closed and sold off many campuses, including the one I attended. In early 2019, I was able to settle my private loans for about 14% of the balance (thanks to an inheritance that is now gone). I still have federal loans and they're still a ridiculous amount. I've applied for Borrower Defense to Repayment but it's sitting in limbo thanks to this administration. Does anyone know of any path to discharge or forgiveness of these? [link] [comments]  |
| Told that I reached my loan limit, but I have not. What do I do? Posted: 25 Mar 2020 07:13 PM PDT So I completed my FAFSA for my second and final year of graduate school. I received a notification from USF stating that I have reached my lifetime loan aggregate limit. My undergrad and first year of graduate school has me at $60,000 in student loans. I am so confused. Even if I take out loans again my total balance plus interest won't even hit $90,000 I thought the lifetime loan limit for undergrad and grad school combined is $135,000?????????? Did it change? Please help. I am so scared and confused. [link] [comments]  |
| Posted: 25 Mar 2020 12:56 PM PDT After speaking with someone at Navient, they told me there is a third category of student loans. Originally, I thought loans were either Federal or Private, but they explained to me that this is not the case. My loans fall into a third category: Dept. of Education loans. What are these loans? I just spoke with someone at Navient about getting a natural disaster forbearance for my federal loans, and he explained to me that I don't have any federal loans. He explained to me that I have 4 private loans (all signature student loans), and 2 dept. of education loans (both are direct loans, 1 consolidated - unsubsidized, and 1 consolidated - subsidized loan). He then went on to tell me that my dept. of education loans are not federal loans. So what are they? Where do they fall in the spectrum of future loan forgiveness programs? I assumed the dept. of education loans are federal since those loans are in the REPAYE program. For context, and if this helps at all, these loans were given to me for grad school and went into disbursement in 2013. [link] [comments]  |
| Loan provider suggestions? (International student) Posted: 25 Mar 2020 06:13 PM PDT I just got accepted to Columbia University yipee! I'm going to need roughly $40,000 loan for each year I've looked at mpower financing, does anyone have any experience with them? Thank you I appreciate any advice [link] [comments]  |
| Posted: 25 Mar 2020 06:10 PM PDT I've seen a few of these posts so I apologize for the redundancy. Long story short, wife and I are both health care professionals with pretty high salaries. Obviously the COVID-19 pandemic has kept our jobs secure. We have about $100k collectively left in student loans (wife recently began a MBA program). We also have a good deal in savings, max our 403B, and do some other market investments. Live in a low cost of living area, live on a budget and make good decisions overall. Should we dump any excess money into our student loans during the 0% interest period or do we pour more into our market manager? We understand these decisions are highly personal, just wanted to get some information from the group. [link] [comments]  |
| Changing Income-Driven Repayment Plan? Posted: 25 Mar 2020 05:32 PM PDT So currently I have $22,000 in student loans left. I've been paying on them since the beginning of 2016 when I graduated school. I originally had a loan payment of 400 a month. Since 2019 I brought a house and got married. In 2018 I was able to do Income-Driven Repayment Plan to help buy the house and my monthly payments dropped to 200 a month. After a year I had to resubmit information that I shouldn't have done. If I didn't submit the information the payments would have gone to 250 but now they are 300. Last year (2019) I had almost 10,000 more money that I got due to a christmas bonus (the company was giving money away like water last year, so we got bonus' every couple of months due to the tax cuts and how much profit the company made). The only change that happened between when I submitted the information was I got married. My wife has no income that comes in (she has money, but it is in banks from a inherence she got in 2017 and her parents give her money) However, with the virus going on, the company has started to hold back on money (the company is considered essential at this time, so the government hasn't shut us down yet but that may change if construction work stops) however they have said that we aren't giving away money as much anymore. I still have my bi-weekly income at the same amount but if I don't get a bonus it will be the same as it was in 2018. I'm not sure if I should submit the information right now to put it down to 2019's level with being married or wait until later? I'm worried that it will go up again if I submit the information right now. [link] [comments]  |
| Navient-confirming forbearance Posted: 25 Mar 2020 05:13 PM PDT Hi, I emailed Navient requesting forbearance. I never received a response, but my balance is $0 for next month and I received an alert that "your auto pay payments will no longer be treated as overpayments" (my auto payments weren't overpayments). Additionally, in the loan details, the "schedule begin date" is next month on my normal payment day. So. I'm not sure if I'm in forbearance. Has anyone else had this experience? PS. I emailed instead of called because I figured their call centers are swamped and my situation is not urgent. This is also why I'm avoiding calling. [link] [comments]  |
| How do I get started with student loans for grad school? (Circumstances changed due to coronavirus) Posted: 25 Mar 2020 08:21 AM PDT Coronavirus hit my family like a tank- between the financial losses (both past and still to come) and my family members in the hospital, it has been a lot. Recently, I was very lucky to get into a masters program that will help me tremendously in my future career. I was planning to fund the program between a merit scholarship from my school and my parent's contribution. However, because of their financial situation, I'm now realizing that I do not want to rely on my parents for basically any contribution. I have no experience with financial aid/loans, so I've been reading everything I could. I'm about to turn 25, so I think I can apply to Grad Plus loans without my parents' income information and just my own? However, I'm not sure if that would be the best option for me, or what else I should consider. I'm looking to take out probably $40-50k. So, Reddit, I was hoping you could help me navigate this world of financial aid/loans and point me in the right direction. What loans could I apply for without using my parents' financial information? Are there any other sources you would recommend to learn about this? Any advice would be really appreciated. [link] [comments]  |
| Should I dump as much money as possible into paying student loans while interest is 0%? Posted: 25 Mar 2020 12:36 PM PDT My student loan balance is about $19k. My savings has about $10k in it. It's the same account as my emergency fund, I just store any savings there. 3 months expenses is about 5k for me. Should I dump thousands into student loans while interest is 0%? The interest on my stafford loans ranges from 3% - 6.5%. I know there was talk of discharging loans up to $10k but the dems failed to get that into the stimulus bill. Should I hold off and see if they do it? I doubt they will [link] [comments]  |
| Posted: 25 Mar 2020 03:26 PM PDT Hello! I was interested in taking advantage of the emergency forbearance related to COVID-19. I would like to use the money I usually pay to my federal student loans and put it on my credit card instead. So I suspended my autopay and from what I can tell this should automatically put me into that status but since I cant get someone on the phone in a timely manner and nothing I'm doing on the website is being reflected quickly I'm looking for some reassurance I guess. Is there anything else we are supposed to do? [link] [comments]  |
| Applied For Forbearance - Payment Due Posted: 25 Mar 2020 07:29 AM PDT I am on REPAYE/IDR through Fedloan. I called and applied for forbearance for Covid 19 through the 1800 number 2 days ago. However, my payment is due tomorrow. Should I not worry about it? I have never missed a payment and do not want to screw anything up and, as you all know, have a good reason to not completely trust them if I don't make a payment. Thoughts? UPDATE: Ended up calling Fedloan and spoke to a human after about 30 mins of holding. He said forbearance would be applied retroactively and not to worry about my payment tomorrow although it will still show as delinquent, they will go back and retroactively fix everything eventually. [link] [comments]  |
| Student Loan Garnishment and New Stimulus Posted: 25 Mar 2020 02:46 PM PDT My wife is unemployed and the Dept of Treasury garnished are income taxes. I am currently working on that. My question is can they do this again with the new stimulus coming out? [link] [comments]  |
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