March refunds and FedLoan Student Loans |
- March refunds and FedLoan
- Non COVID related question - does anyone else plan on continuing to pay the minimum under IBR and pay the taxes at the end of 30 years?
- Is this a good plan to make the most out of the COVID-19 waiver?
- Emergency vs Administrative Forbearance
- Student Loans with Great Lakes
- National credit services claiming you still need to pay for loan rehab
- We made our last student loan payment(!) - now what?
- Covid-19 Forbearance
- Student Loan Implications from the CARES Act
- Nelnet and fedloan show past due amount issue
- CARES Act $5250 paid tax fee by employers; available to self-employed/independent contractors?
- Heartland ECSI and Perkins Loan
- Am I covered for the next semester?
- For those of you that have refinanced loans, did your private lender offer any help to postpone payments?
- My prospective student loan debt has me unable to decide where to go to college
- Paying off loan consolidation early to get clearance letter?
- Will administrative forbearance and not making payments under CARES ruin your credit score?
- University will not release official transcript with a collection hold on my account. I cannot get a transfer to another college and don't have a job to pay the collection hold without the official transcript.
- CARES act, unpaid interest, automatic forbearance --> capitalization after 6 months?
- Student Loans Not at 0% Interest ?
- If you have only a little bit of student loans, is it better to pay off student loans or get forgiveness after 20 years?
- Partial insolvency explained
- Federal consolidation loans and CARES Act?
- Navient Federal Loans and the CARES act questions
| Posted: 03 Apr 2020 11:10 AM PDT I called FedLoan today to request my March payment be refunded (as it was after the 13th), and I was completely shocked by how easy it was. I was on hold for less than 3 minutes, and they processed the refund on the line. All I had to do was ask. Just passing this along so other people know how easy it is. [link] [comments]  |
| Posted: 03 Apr 2020 07:39 AM PDT I have nearly $200k in debt from higher education, all govt loans serviced by My Great Lakes. I am single with no other debt. Under a normal plan, my monthly payments would be ~$2500. My take home is $5k/mo. Between paying rent in a high cost of living area, trying to save for retirement, saving for a home, a car, etc. that doesn't a lot left at the end of the month. So for the last few years I've been on IBR paying ~$700/mo. Common advice from r/personalfinance and others would say pay your debt first and then invest in your retirement. But if I were to follow that advice, 30 years later when I'm in my 60s I'll be debt free with no nest egg and with less upward mobility in my career. It seems to make more sense that I continue to pay the bare minimum and take the rest of it and invest in my Roth IRA, index funds, etc. And 30 years later when my loans are forgiven, I'll just pay taxes on the income bracket I'm bumped up into which I can also save for. Has anyone else thought of this plan? I'm looking for a sanity check and seeing if I'm missing anything. Thanks. [link] [comments]  |
| Is this a good plan to make the most out of the COVID-19 waiver? Posted: 03 Apr 2020 07:17 PM PDT Hi guys, my apologies if someone has already asked this. I'm trying to make the best out of the waiver situation, and not knowing much about how interest works etc. I want to make sure I'm going about it right. My plan is to stop payments on my federal loans (about 20k in loans, average 5.5% interest but a few are as high as 6.8%). I put about $480/month into my loans now. If I put that money in a savings account as an emergency fund and don't end up needing it, can I dump it all into my loans in Sept before the interest starts back up? Maybe even put it just towards the higher interest loans to try to knock those down? [link] [comments]  |
| Emergency vs Administrative Forbearance Posted: 03 Apr 2020 07:48 PM PDT Hi all, I called today to request a payment refund from a few days ago and the phone rep kept insisting that I request to add a forbearance to my account. I refused and am wondering why she would even say this. To my understanding manually adding the forbearance is not the same as the one that will be automatically added in terms of how it applies towards forgiveness. Any insight? [link] [comments]  |
| Student Loans with Great Lakes Posted: 03 Apr 2020 04:18 AM PDT So, I requested a forbearance initially for the Coronavirus for the 2 month payment/interest suspension before the recent act was passed. I noticed on the website that it says my loans are in forbearance until 4/9 and that my loans are still accruing interest. Should I call Great Lakes? Will my accrued interest be reversed? [link] [comments]  |
| National credit services claiming you still need to pay for loan rehab Posted: 03 Apr 2020 06:01 PM PDT I spoke to national credit services who are my defaulted loan servicer and they claim to have some information from the d o e that means you still need to make payments to rehabilitate your loan though the d o e's website says different. Anyone else experience this? [link] [comments]  |
| We made our last student loan payment(!) - now what? Posted: 03 Apr 2020 11:40 AM PDT Pretty stoked about this - just made our final payment last week. Since the payment went through at the beginning of this week the account shows a negative $15 balance and we've been locked out of a lot of features (like looking at payment history, changing payment info, etc). So now we're expecting a $15 check in the mail and a letter confirming our loan is paid off. Is that correct? How long should we wait before getting in touch with FedLoan? Should we expect to hear from them by the end of April? I know we're living in weird times but I'm wondering, ballpark, whether this is a 15 day wait or a 90 day wait. (Paying off the loan is a relief but I feel like I won't truly breathe easy until we get a letter stating we're all finished and the account can be closed out) [link] [comments]  |
| Posted: 03 Apr 2020 03:28 PM PDT What are the chances that the 6 month forbearance period ending September 30th get extended? Pelosi wants a 4th stimulus package and I wonder if student loans will be a part of it. [link] [comments]  |
| Student Loan Implications from the CARES Act Posted: 03 Apr 2020 09:41 PM PDT Seems like the CARES Act actually did a lot of good things to temporarily relieve us beleaguered student loan borrowers. Especially me as I have $90k of student loan debt at about 6% interest. Right now
Seems like the CARES Act did us a solid on this one, to be honest. There's some more great information in the Forbes article, for anyone interested. https://www.forbes.com/sites/zackfriedman/2020/03/31/student-loans-coronavirus-advice/#2b20e80f6bb1 [link] [comments]  |
| Nelnet and fedloan show past due amount issue Posted: 03 Apr 2020 08:41 PM PDT Is anyone else having a problem where student loans are showing up as past due, despite them halting autopay and loan payments? They said payments aren't due because of Covid19, but my account still says a past due amount. [link] [comments]  |
| CARES Act $5250 paid tax fee by employers; available to self-employed/independent contractors? Posted: 03 Apr 2020 08:55 AM PDT https://finance.yahoo.com/news/student-loan-repayment-benefits-now-203700726.html Does anyone know if it's possible for self-employed persons/independent contractors to take advantage of this new rule to make student loan payments tax free via their business? [link] [comments]  |
| Heartland ECSI and Perkins Loan Posted: 03 Apr 2020 09:45 AM PDT I have a Perkins Loan being serviced by Heartland. I know that Perkins Loans are federal loans, but the disclaimer on their homepage makes it sound as if the interest freeze and forbearance won't apply here because they're not "directly held by the Department of Education." How does this work? Can someone tell me if I can still get an automatic interest freeze and forbearance if I request it because of my federal Perkins Loan, even if it's being serviced through Heartland? [link] [comments]  |
| Am I covered for the next semester? Posted: 03 Apr 2020 03:43 PM PDT I finished up my fall semester and plan on taking classes in summer. I got the fasfa for fall 2019 through summer 2020. However I'm unsure if I will be covered for the summer semester. Am I supposed to use my leftover fasfa money for my next semester? Or will they pay for my next semester as well? [link] [comments]  |
| Posted: 03 Apr 2020 09:44 AM PDT |
| My prospective student loan debt has me unable to decide where to go to college Posted: 03 Apr 2020 03:20 PM PDT Hello everyone, I'm not sure if this is the right place to post or if my posting will help me at all, but I feel like I just needed to write out what I'm going through right now. I'm making this post today because I'm currently a senior in high school whose having a difficult time picking a college due to financial reasons. Here is some key information about my situation:
I currently have three options for schools: School A is my cheapest option (in-state school), and my net cost is around $10,000 a year. School B is my most expensive option at $37,000 a year. I have not received my financial aid package from School C yet, but I predict my costs will be about $30,000 a year. At first glance, the answer seems obvious: School A. However, I was rejected from business and only accepted for general studies. It's notoriously difficult to transfer into the major you want, especially business. In order to be a competitive applicant, I'd have to get a near perfect GPA, be involved in 3 organizations, hold a leadership position, and take on an internship during a break, all while also doing my work study. As much as I'd like to believe that anything is possible with hard work, I can't help but think that I'm going to fail. I don't even know what else I'd want to do if I didn't get in. School A also has basically no relation to fashion, so I feel like I'd be giving up on my dream. I think if I went here, I would just be absolutely miserable. On the other hand, School B accepted me directly into their business school (a top ten 10 business school). I was also admitted to their honors college, as well as receiving benefits as a scholarship recipient. I've visited and loved the business program, and they even have an apparel merchandising minor I'd love to take. Additionally, even if fashion doesn't work out for me, I think a degree from this school would provide the best job prospects in other industries. However, even with a scholarship, I'm looking at almost $150,000 in loans by the time I'd graduate. All my friends have told me that School B seems like the best option, but I feel like they don't understand what the burden of such debt truly entails. Lastly, School C is probably my dream school. It's located in New York City, so I think that it would give me the best chance at making it in the fashion industry. They have a ton of organizations that sound really interesting to me, so I could see myself getting really involved and growing my passion. I'm also not a huge fan of big school culture (like tailgates, games, rushing, etc.), so I think School C would be ideal. However, job security seems less stable as its such a specialized school, and living expenses would be extremely high. After graduation, I'd probably be around $120,000 in debt. I'm going to call School B's financial aid office soon to see if they can offer me more aid, but I'm not counting on it. I'm also trying to find outside scholarships, but I don't know how much that is going to help either. I'm just completely devastated right now, and I feel like I'm stuck in a trap. Everyday I've been thinking of everything I regret. I should've applied for Questbridge, but I thought I wasn't good enough. I should've applied to more safeties, but I thought School A would take me for sure. I should've applied to private universities that give good aid, but I thought I wasn't good enough. I wish I could redo my senior year. I think I know that the best thing to do would be going to School A, but I just can't bring myself to accept it. If anyone has read this far, thank you for listening, and any advice would be greatly appreciated because I am so lost. [link] [comments]  |
| Paying off loan consolidation early to get clearance letter? Posted: 03 Apr 2020 03:14 PM PDT I have my 3rd payment due at the end of the month for my loan consolidation plan for my student loan default. If I paid that now, would I receive a clearance letter earlier? [link] [comments]  |
| Will administrative forbearance and not making payments under CARES ruin your credit score? Posted: 03 Apr 2020 02:22 PM PDT I am seeing a lot that it is fine to not pay and you will not be penalized by the federal loan provider but will this reflect negatively on your credit score in the mean time? Does a forbearance in this case have any other implications other than not having to pay currently? I am currently still able to afford my payments but want to stop in case I am no longer able to in the near future and am not sure if it is worth it. [link] [comments]  |
| Posted: 03 Apr 2020 02:04 PM PDT I messed up during my first year of college, I blame myself since I was going through a tough time. I didn't go to any of my classes. I take full responsibility. I then had to pay 1.2k out of pocket. I was then placed on academic probation, where I had to pass all of my 4 classes. I passed 3 out of the 4. I then was academically dismissed. I currently owe 2k, but I can't work since there is a hiring freeze for the time being. I want to pursue my education and go to a community college then transfer after I get a good GPA. But my transcript is on hold since I can't apply without giving them my transcript. Any next steps I can do? Thank you for your response. Things to know: FAFSA is what paid for my college. [link] [comments]  |
| CARES act, unpaid interest, automatic forbearance --> capitalization after 6 months? Posted: 03 Apr 2020 01:46 PM PDT CARES act introduced and backdated to 3/13/20 to help borrowers for student loan debt relief. My take on it is that all borrowers will have automatic forbearance x6 months. 0% interest during this time. Great right? But doesn't end of forbearance typically trigger capitalization? Example: Some of us have principal (let's say 100k for this example) and unpaid interest (let's say 33k) 100k (principal) + 33k (unpaid interest) -------> x6 months of 0% interest (from 3/13/20) At the end of the forbearance (~9/13/20) if capitalization were to occur: the loan becomes 133k (new principal) which derives interest from a higher principal (the 33k of interest now starts accumulating more interest). Seems very unfair if forbearance is mandatory if this does trigger a capitalization event. Any comments? [link] [comments]  |
| Student Loans Not at 0% Interest ? Posted: 03 Apr 2020 12:54 PM PDT Can someone explain to me why my student loans are not set to 0% interest? I have Navient loans, they are a mix of Stafford subsidized and un-subsidized loans. Is there something I'm missing because these are federal loans as far as I know. [link] [comments]  |
| Posted: 03 Apr 2020 04:30 PM PDT By the time I graduate, I'll have between 15k to 30k dollars in direct federal loans. I expect to have a salary after school of about 60k, and to have a salary of 100k to 120k a decade later. It seems as if my discretionary income after taxes at the higher end would be 80k with 8k of that going towards the loan So I doubt that the debt would even last the 20 years needed for forgiveness. I don't know whether to plan on paying it back fully or to plan on paying minimum payments and getting it forgiven. If it's better to bank on forgiveness then I'll borrow as many direct loans as I can but otherwise I'll do whatever I can to avoid taking loans. Edit: I'm sorry if this post sounded insensitive. I have other loans that can't be forgiven and was just wondering if there was a way to make those loans easier to pay by having my student loans forgiven. I realise that other people need to borrow much higher amounts of loans and can't get as high of income, and I didn't mean to come across as mean about it. [link] [comments]  |
| Posted: 03 Apr 2020 12:33 PM PDT Hi all, could someone lay out the implications of claiming partial insolvency? I have been researching possible outcomes if my student loans are forgiven after 25 years on an income-based repayment plan (REPAYE), and if that were to occur, I'd likely have to claim partial insolvency. Can anyone walk me through what it looks like? [link] [comments]  |
| Federal consolidation loans and CARES Act? Posted: 03 Apr 2020 06:28 AM PDT Hi all, I have direct consolidation loans, held by DOE and serviced by FedLoan Servicing. I believe those will be covered by the CARES Act suspension of payments through September 30th, but can't seem to confirm that. After all, they're technically "direct" loans issued under (I believe) the relevant title. Have any of you figured out how consolidation loans are covered? Thank you in advance! [link] [comments]  |
| Navient Federal Loans and the CARES act questions Posted: 03 Apr 2020 03:36 AM PDT Hey everyone, so I currently have a big loan ($55,000) with Navient, and I'm trying to figure out if I qualify for the disaster forbearance that was just passed. Navient says that any loans that are Direct and owned by the ED qualify. I haven't gotten an email yet that my loan has qualified and my account hasn't updated. It has just been updated to 0.00% interest. My loan title is DL Consolidated-Unsubsidized and the type is Direct and current owner is US Department if Education. It was originally three parent plus loans that were consolidated into one but it's still a federal loan and I qualify for the other federal repayment plans. But since it's been consolidated, would that mean that I don't qualify for it? I just lost my job due to the virus and have other private loans so it'd be a major help if it was. I live in Germany and don't have international minutes so can't call them, and figured I'd ask on here! Sorry if this has already been asked, I just couldn't find it :/ [link] [comments]  |
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