Sign this Petition NOW! Forgive Student Loans for COVID19 Health Workers | We Risk Our Lives. Forgive Our Loans. Student Loans |
- Sign this Petition NOW! Forgive Student Loans for COVID19 Health Workers | We Risk Our Lives. Forgive Our Loans.
- Nelnet: They finally adjusted my status to "forbearance virus pandemic", but interest is still accruing
- Nelnet COVID-19 notice - don't panic if you see interest on your account if it starts with an E
- I put my loans into deferment this fall specifically because I was told interest would not be accruing during that time but when I checked it’s most definitely accruing.
- Total due vs. Scheduled monthly payment
- Navient "We currently have no loans in our records for you. If you feel this is in error, please call us so we can assist you. Contact Us"
- Insights/opinions needed on repaying my loans ?
- Can you still get federal financial aid (grants and loans) when only going to school part time?
- Updated guidance for defaulted FFEL loans - COVID
- Student Account - Santander
- Graduated payments
- CARES- Employer Student Loan Payment
- Entering repayment in June - or is it September?
- Did FedLoans cancel auto payments?
- Fiance currently on PAYE plan for $55,000 in loans. I am debt free with good income, hoping to knock out debt in the most efficient way possible.
- should i start paying my loan balance now?
- How important is the student balance to aid? Should I spend some of it before submitting the FAFSA?
- Help: I did not deposit my student loan check
- New guidance issued for Perkins - COVID
- 600k Student Loan Question
- Could Banks Hold Suspension of Payments Against Us?
- Graduating soon, what do I need to do to set myself up for the best situation? I have a lot of questions!
- Filing Taxes and IBR - Dependent Question
| Posted: 04 Apr 2020 10:53 PM PDT We live in extraordinary times. And we rise up to this challenge by risking our lives. The 2020 Novel Coronavirus (SARS-CoV-2) and the disease created by its spread (COVID-19) has ravaged the world and our home, the United States of America. As of early April 2020, the mortality rate borders on at least 20 times more deadly than the horrible 2017-2018 influenza season by US estimates. As healthcare workers, we suffer the horrible stain of student debt that prevents us from having stable financial lives. And why? Because we spent our youth learning how to protect our countrymen and countrywomen from plagues and scourges like COVID-19. We have recently lost many gifted nurses, practitioners, physician assistants, physician residents, healthcare workers and attending physicians to COVID-19. Many died with student debt while risking their lives and paying the ultimate sacrifice. This is not what we want for America; and this is a small price for America to pay to help show our gratitude and appreciation for those who risk themselves, their families and their loved ones everyday to make sure we feel the love of the US healthcare system. Please join us in petitioning the US government to forgive our student loans. It's the least we can do. [link] [comments]  |
| Posted: 04 Apr 2020 09:29 AM PDT You think they'd make these adjustments at the same time, no? I made a payment on the 30th because fortunately I am still able to, and it processed as going all toward interest that shouldn't have been accruing. Yet at the top of the page, it's also showing as 'processing' and I still have the button to cancel it. Anyone else with Nelnet having these confusing issues? [link] [comments]  |
| Nelnet COVID-19 notice - don't panic if you see interest on your account if it starts with an E Posted: 04 Apr 2020 02:31 PM PDT If you log in and click on the "Payments Postponed Due to Coronavirus (COVID-19)" notification banner you get this pop up:
Look at what your account number is, if it starts with an E then you have the forbearance and if it starts with a D or a J then you will not. Their online site is not currently reflecting the active/accurate information. I'm betting they have turned off the automated systems that handle the autodebit and generate the bills, but they're likely still implementing the code to reflect the 0% non-capitalizing forbearance. Code changes like that take time, but there is no need to panic over you E Nelnet account showing interest accrual. [link] [comments]  |
| Posted: 04 Apr 2020 09:56 PM PDT Is there anything I can do about this? Especially right now during Covid? [link] [comments]  |
| Total due vs. Scheduled monthly payment Posted: 04 Apr 2020 03:08 PM PDT My student loans are in repayment and when I get notifications for my payment the total due is only $120 but when I go pay, it says the monthly payment is $283. What's going on? Why the huge difference? Is that interest built up from the month prior? I feel like I'm chipping away at a mountain with a tea spoon. [link] [comments]  |
| Posted: 04 Apr 2020 09:14 AM PDT Went into my Navient account this morning and it said: "We currently have no loans in our records for you. If you feel this is in error, please call us so we can assist you. Contact Us" I have loans with them. They are closed so I will call on Monday but curious if the site is broken right now or something. I tried on both mobile and my laptop. Is anyone else having this issue? [link] [comments]  |
| Insights/opinions needed on repaying my loans ? Posted: 04 Apr 2020 09:49 PM PDT Hey guys, I got a job this year and planning to start paying back my undergrad/grad school loans. I have ~68k in Stafford loans (where 3k is accrued interest and 65k is principal. I also have ~13k in Graduate Plus loans (where 1k is accrued interest and 12k is principal). Which one should I start paying first ? I am reading on the great lakes website, that they apply that payment to the highest interest loans first. Is that automatic or do I have to choose that option ? I am planning to set up automatic payments of 1k every month and maybe pay extra if I get more money from side jobs/tax refunds/family donations and such. Can I do that? Also I keep getting this tuition refinance letters in my mailbox from Sallie Mae and some other companies. Seems like interest rates are lower compared to the original lender. Should I switch to any of them ? What are some upsides and downsides of switching to Sallie Mare or the likes of it? From your own personal experience, what is a good way to pay student loans ? What strategy did you follow? I would love your insights and opinions. Thank you [link] [comments]  |
| Can you still get federal financial aid (grants and loans) when only going to school part time? Posted: 04 Apr 2020 05:37 PM PDT |
| Updated guidance for defaulted FFEL loans - COVID Posted: 04 Apr 2020 04:35 AM PDT I'll update the stickied post too but for visability I wanted to create a new one. The ED issued a new announcement around 2 AM. Most of it applies to schools but what they did do is give the non-federally held FFEL holders of defaulted loans guidance to cease all collections until 9/30 - just like they did for the federally held loans. The announcement is long and as I said most applies to schools so here's the relevant FFEL parts FFEL Program: Lenders and Guaranty Agencies and Loans held by the Department Satisfactory Repayment Arrangements (§ 682.200(b)) The FFEL loan holder should not treat any payment the borrower fails to make as a missed payment in the stream of six consecutive, on-time voluntary full monthly payments required to re-establish his or her eligibility for assistance under Title IV of the HEA. A FFEL loan holder should not treat any payment a borrower fails to make as a missed payment in the stream of three consecutive, on-time voluntary full monthly payments required to establish eligibility to consolidate a defaulted loan. Borrowers in In-School Loan Status (§ 682.209(a)) and In-School Deferment Status (§ 682.210) The loan holder should continue to report to NSLDS as "in-school" the loan status of each borrower who was in an "in-school" status on the date the borrower's attendance at the institution was interrupted due to the COVID-19 national emergency. The loan holder should continue the borrower in that loan status until the institution reports the borrower as withdrawn. Collection of Defaulted Loans (§ 682.410) Guaranty agencies must stop collection activities on defaulted loans until September 30, 2020, on all federally held loans. Collection activities must resume at the end of the period at the point at which they were discontinued. The guaranty agency must document in the loan file why it suspended collection activities on the loan and is not required to obtain evidence of the borrower's status while collection activities have been suspended. Payments to Rehabilitate Defaulted Loans (§ 682.405) The FFEL loan holder should not treat any payment the borrower fails to make as an interruption in the nine on-time voluntary full monthly payments within ten months for purposes of rehabilitating the defaulted loan. EDIT - there was another notice that came out early morning - it gives the non-federally held Perkins and FFEL holders the OPTION of offering 0% interest and the cessation of payments for six months mirroring the federally held loans. The notice instructs borrowers to contact their schools (for perkins) and loan holders (for non defaulted, non federally held FFEL) for more info. I am hearing chatter that at least one FFEL lender is considering doing the 0% interest but we'll have to see. [link] [comments]  |
| Posted: 04 Apr 2020 05:51 PM PDT I'm thinking about opening a student account, mainly for the 0% interest for overdraft which will put my mind at ease when living in London. I've looked at Santander's student account and it says to be eligible I have to pay £500 per term. Do I have to pay £500 per term to use overdraft? Here's the link: Santander [link] [comments]  |
| Posted: 04 Apr 2020 05:09 PM PDT Anyone know how this covid forbearance effects graduated payment increases? Do the dates stay the same or are they pushed back by the length of time interest and payments are paused? [link] [comments]  |
| CARES- Employer Student Loan Payment Posted: 04 Apr 2020 12:58 PM PDT I searched for this topic and saw a few posts mentioning it, but not really much information- I work for a small business. My employer recently mentioned that he had read the CARES Act includes a tax break for employers who pay student loans for their employees (up to ~$5000). I told him I had read that too (but didn't think my company would go for it). He told me to look into it and research the benefits to the company and to myself. First off, I pay like $12000 in student loans per year, so this would only cover part of it. Also, when doing my taxes this year, I did get some money back in the interest paid. He indicated that the employer would pay me a lower salary if we were to start this benefit. I already get paid a pretty low salary. I guess I'm just wondering if this would really make a difference for me and if anyone has any experience with employer payment of student loans generally or even any experience with this new law and whether it is difficult for employers to set up. I read the following article to get started: https://www.google.com/amp/s/fortune.com/2020/04/03/cares-act-student-loans-debt/amp/ [link] [comments]  |
| Entering repayment in June - or is it September? Posted: 04 Apr 2020 04:20 PM PDT I know I have to contact Navient to confirm but thought I would consult the oracle first. Planning on doing ibr for all federal loans, $51500 balance. Completed school December 2019. Should I submit my ibr application this month or June? [link] [comments]  |
| Did FedLoans cancel auto payments? Posted: 04 Apr 2020 03:52 PM PDT My account usually displays my upcoming auto payment. But now it just says that the loans are current. [link] [comments]  |
| Posted: 04 Apr 2020 03:41 PM PDT Some background: Current loan: 55K Loan forgiveness date: 2032 (8/20 years so far) Current monthly payment: $350 We can afford to spend more money on the loan, but am unsure if we should keep the PAYE plan and pay more every month or change to the standard plan. Changing to the standard plan would likely increase the monthly payment significantly as well as incur some interest capitalization. I tried using the calculator below, but the numbers didn't make sense or factor in how long my fiance has been in repayment. If I could figure out what a real monthly payment under standard plan, this would maybe be more straightforward. https://studentaid.gov/loan-simulator Options I see:
Should point out we have around 17K in credit cards we will pay off within a year prioritized above the student loan. Anyone have any advice on the two options pros/cons? Anything I'm missing> Thanks in advance. [link] [comments]  |
| should i start paying my loan balance now? Posted: 04 Apr 2020 09:58 AM PDT hello everyone, im about to be a junior in college and currently have about 15,500 in loans. i just recently got a secured credit card, my credit score is almost 700 thanks to it. my loans are federal and theyre all deferred to 6 months after i graduate, but i plan on getting a masters after i finish undergrad. can i defer my payments to after i get my masters? regardless of that, should i start making payments now? im getting a few thousand in refunds from my school and considering putting it towards my loans, by making monthly payments with my credit card so i can boost my credit as well. if i start now can it be a set amount for example $20 a month? should i start paying interest? i just looked at my loans and it says the interest rate is 0.000%. theyre all direct subsidized and unsubsidized loans. my financial situation just changed so im financially independent from my parents, i already refiled my FAFSA to show this. any advice at all would be appreciated! [link] [comments]  |
| How important is the student balance to aid? Should I spend some of it before submitting the FAFSA? Posted: 04 Apr 2020 01:32 PM PDT I have roughly 7k in the bank. I am planning on spending 1-2k within a few weeks but want to get my FAFSA in ASAP. Would it be worth it to make those purchases now so I can report a lower number in my bank account, or would it not make that much of a difference? Obviously I am trying to maximize the amount of aid I am eligible for. [link] [comments]  |
| Help: I did not deposit my student loan check Posted: 04 Apr 2020 01:30 PM PDT Am I screwed? I have it two predicaments right now. I haven't deposited the federal subsidized and unsubsidized loan checks that were mailed to me for the past three quarters before Spring. I don't know if these checks are still valid at this time. The school has a direct deposit option online, but I'm not sure if I can just have the amounts be sent directly to my bank account without depositing the checks. I've also borrowed way more than I need, as my parents are now paying for my housing every quarter. Is it possible for me to just return the recent deposit in spring and the one in winter? [link] [comments]  |
| New guidance issued for Perkins - COVID Posted: 04 Apr 2020 04:39 AM PDT In the late night April 4th guidance, the ED also provided for some relief for non-federally held Perkins loans. It is as follows: Federal Perkins Loan Program Borrowers in Repayment (§ 674.33) The Department authorizes institutions to grant forbearance, for a period not to exceed three months, to a Federal Perkins Loan borrower who is in repayment and who is unable to make payments due to a COVID-19 related interruption. For an institutionally held Perkins Loan, interest accrues during any period of forbearance. A borrower may request this forbearance orally or in writing and is not required to submit documentation to be considered eligible for this forbearance. An institution must document the forbearance in the borrower's file. To receive forbearance beyond the three-month period, the borrower must make a request to the institution and provide supporting documentation. (At the expiration of the three-month period, the institution should examine the borrower's situation to determine potential eligibility for an economic hardship deferment or unemployment deferment, as appropriate.) This period of forbearance is counted toward the three-year maximum limit on the number of years of forbearance that may be granted to a borrower. Collection of Defaulted Loans (Part 674, Subpart C—Due Diligence) The institution may stop collection activities through September 30, 2020 upon notification by the borrower, a member of the borrower's family, or another reliable source that the borrower has been affected by the COVID-19 national emergency. Collection activities must resume when the period ends. The institution must document in the loan file why it suspended collection activities on the loan and is not required to obtain evidence of the borrower's status while collection activities have been suspended. Satisfactory Repayment Arrangements on Defaulted Loans (§ 674.2) An institution should not treat any scheduled payment the borrower fails to make as a missed payment in the stream of six on-time, consecutive, monthly payments required for the borrower to make satisfactory repayment arrangements on a defaulted Perkins Loan and to re-establish their eligibility for assistance under Title IV of the HEA. If the Department does not extend the effective period for the temporary relief provided by this guidance, the required sequence of qualifying payments resumes at the point at which it was discontinued. Payments to Rehabilitate Defaulted Loans (§ 674.39) An institution should not treat any scheduled payment the borrower fails to make as a missed payment in the stream of nine on-time, consecutive, monthly payments required for the borrower to rehabilitate the defaulted loan. If the Department does not extend the effective period for the temporary relief provided by this guidance, the required sequence of qualifying payments resumes at the point at which it was discontinued. [link] [comments]  |
| Posted: 04 Apr 2020 09:00 AM PDT Hi All! I'm graduating from dental school and the student debt is unfortunately racked me up to $600,000 at an average interest rate of 6.5% (Very daunting I know). I feel like REPAYE is my only option at this point, given the sizable debt that I'm in. I have a relatively good understanding of it, but I'm not understanding how the governmental interest subsidy plays into forgiveness after 25 years. From what I understand, the government subsidizes 50-100% of accrued interest on monthly payments for the time you are making REPAYE programs. But if the loan is not entirely paid for after 25 years and the loan is subsequently forgiven, are those 25 years of government-subsidized interest payments then tacked back onto the "income received" thereby making you responsible for the remaining balance AND 25 years of interest payment? Thanks for your help everyone! [link] [comments]  |
| Could Banks Hold Suspension of Payments Against Us? Posted: 04 Apr 2020 09:09 AM PDT Thinking further down the line when this is all over. Yes, federal loans have payments suspended for 6 months which is great. I'd love to take advantage and free up roughly $300 per month in cash flow to invest elsewhere. BUT... I can't help but be weary of bank mortgage practices. I can foresee a situation in the future in which I apply for a mortgage and either get denied or get an artificially high rate because of the lapse in payments in my student loan. Even though it is federally mandated. Anybody else fear this as well or am I being overly paranoid? [link] [comments]  |
| Posted: 04 Apr 2020 05:18 AM PDT I hear a lot about loan consolidation, what do I need to know about this? What are the pros and cons? I hear that it waives the 6 month grace period, is this true? Will my overall interest rate go down? My current loan officer is Oklahoma Student Loan Officer, are they good? If I consolidate should I switch to a different one? I also hear a lot about loan refinancing, what do I need to know about this? I have 12 loans all with interest rates between 6 and 7%, is this high? Is refinancing the way to go? Can I refinance before graduating next month? I know of a religious/charity based program that will pay off my loans for me so that I don't accrue interest, and then I just have to pay them off directly. However I think I would be required to pay them back within a short, set amount of years. Does this seem like a good option? If the gov ever got around to forgiving our loans, obviously I would no longer be eligible. What else do I need to consider? Any and a help is appreciated. I am trying to take advantage of this time to learn as much as possible. I owe a ton of money, I am finishing law school and I currently have a job offer for $80k per year. I am planning on moving my wife and I in to my parents house so we don't drown while she finished school. I just want to get a headstart. Thank you. [link] [comments]  |
| Filing Taxes and IBR - Dependent Question Posted: 04 Apr 2020 08:53 AM PDT Hello! My wife and I are working on filing our 2020 taxes. I am unsure as to whether or not I should claim her as a dependent with regards to the IBR plan. We are both graduating from college this May. I have been working full time for a few years now, and provide our income. My wife does not have a traditional job. I will be paying off my loans as quickly as possible, while my wife is intending to be on an IBR plan. We don't want my income being used towards her IBR plan. For this reason, I understand that we need to file our taxes separately. While filing my taxes, I got to a question asking if I intend to claim my wife as a dependent. She meets the requirements, as she is not filing for 2020. If I claim her as a dependent, will my income be considered for her IBR plan? Thanks for any help, I'm struggling to find an answer to this question. [link] [comments]  |
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