Some additional information for those in default re: CARES Act Student Loans |
- Some additional information for those in default re: CARES Act
- Happy to help!
- Wage Garnishes
- Update on timing of cares act waivers
- Automatic forbearance from the COVID-19 stimulus?
- AMA today on education related cares act provisions
- What Actions to Take to Keep Federal Refund of 1200? Student Debt Collectors seem to be after it. Please help!
- Has anyone gotten confirmation that it's ok to suspend Autopayments if they are due before 4/11/2020?
- Not sure if this is actually a loan or just a payment agreement, but I have a question about it
- Looking for advice on my next move
- Is this the best payment approach to my large student loan balance?
- Repayment and suspending
- Payment processed while in forbearance
- Just Need Pros and Cons
- 529 to pay off student loans -Maryland
- Settle student loan during COVID-19
- My partner (American) and I (Canadian) both got emails about our student loans this week
- Housing Refunds paid with student loans
- Parents think that they can transfer Parent Plus Loans to me, the student.
- Is it possible to get Financial Aid from two different schools throughout the year?
- Parent Plus Ve
- Deferment
- Question about the interest rate on my federal student loan
- Received phone call about my Federal Student Loans, is it a SCAM?
| Some additional information for those in default re: CARES Act Posted: 02 Apr 2020 04:06 AM PDT The CARES Act appears to allow those currently in a loan rehabilitation program to not only stop making payments during the wavier but also to have those months count as payments made towards rehab. I have a lot of questions around this and hope to see further guidance in the coming weeks but my read is that say you are three months into rehab as of March 13th, you'd essentially get your loan out of default by October without having to make a single additional payment. This is HUGE. What I don't know - which is a lot for this particular provision - is whether you can enter rehab now and still get that benefit and essentially only have to make three payments starting in October. [link] [comments]  |
| Posted: 01 Apr 2020 09:21 AM PDT I can't believe I wasn't aware of /StudentLoans sooner! I'm a student financial aid administrator at a university in Denver and I specialize in student loan repayment, including income driven repayment options, and forgiveness opportunities. I'm also tasked with developing financial wellness on my campus. I wanted to offer assistance here for those of you who may have questions about your options, especially where the implications of COVID-19 and the CARES Act is concerned. The Department of Education is still sorting out guidance, however part of my job is to pick up the slack when loan servicers fail to deliver accurate info in a timely manner and I think that may be of value to some of you here. Additionally, there has been an explosion of scams and robocalls about student loan repayment options in the days since the CARES Act passed and if you take just one thing away from my post, please let it be this: your servicer is almost certainly NOT calling you right now. They're still working with ED to sort this all out and have been told they have until mid-April to communicate with borrowers. Those communications will almost certainly be digital. If you're not sure who your servicer is, you can look them up at student aid. gov. If you're looking for more info on how to protect yourself and your finances during COVID, both the FTC and CFPB webpages have great info! [link] [comments]  |
| Posted: 02 Apr 2020 05:18 AM PDT Just wanted to give everyone an update. My wage garnishes have been stopped as of paycheck dated 4/3/2020. I wasn't given any communication as to if they will be issuing back pay to 3/13/2020 to when it was originally supposed to start. I will update when I receive information on this. [link] [comments]  |
| Update on timing of cares act waivers Posted: 01 Apr 2020 08:06 PM PDT Politico is reporting that the ED has stated they are looking to implement the waivers by April 10th. They will be retroactive to march 13th. All autopay on eligible loans should be stopped by next week. [link] [comments]  |
| Automatic forbearance from the COVID-19 stimulus? Posted: 02 Apr 2020 05:52 AM PDT So I've been checking my FedLoan account a ton, just to see everything updating and I noticed today that all my loans were marked in forbearance. I didn't apply for emergency forbearance, and I'm a little worried about getting my payments counted for PSLF. Has this happened to anyone else? Your time in forbearance doesn't count toward PSLF right? [link] [comments]  |
| AMA today on education related cares act provisions Posted: 02 Apr 2020 06:56 AM PDT You guys may want to tune in. It's being done by a Bloomberg reporter I know very well. It won't be all student loans but I'm sure some of it will be. I believe it's at 1 pm eat. My guy Andrew...he's wicked smaht so I'm sure there will be good info there [link] [comments]  |
| Posted: 02 Apr 2020 06:25 AM PDT I got a letter from Pennsylvania higher education assistance agency saying that unless I took actions basically they would take my tax refund, I don't earn any money so I guess they are referring to the federal refund of 1200 that everyone is entitled to. Anyone else get this, know what it means or what to do? [link] [comments]  |
| Posted: 01 Apr 2020 02:22 PM PDT Given that 15 days provision. If anyone has any information or confirmation (specifically from FedLoan servicing for me) please feel free to share [link] [comments]  |
| Not sure if this is actually a loan or just a payment agreement, but I have a question about it Posted: 02 Apr 2020 01:43 AM PDT Ok, this may get long and convoluted, so I apologize in advance. A few years ago, my wife decided to go to college to get her Bachelors from a large online private "not for profit" school where the classes are done one at a time in an extremely accelerated manner of approximately one per month. A bit after a year (and having taken a few interspersed months off due to external needs), she reached out to Financial Aid to see why they hadn't sent her expense disbursement (where they send you money for books etc) as expected. They came back telling her that she wasn't going to be getting one, because when they looked at her account, she was actually going to be short about $1,000 for her current class, and that she wasn't eligible for the next loan disbursement until after the next class, which they would require her to pay both the shortage and the next class fee before the first day of class, to the tune of approximately $2500. When she questioned it, she was told her 2 options were to either pay it, or drop out. Nevermind that (at least in our opinion) Fin Aid was responsible for this error, not us. I think it's completely reasonable to assume that they should be keeping track of the finances to ensure that the student stays in compliance with federal student loan laws. In the end, she ended up having to drop out obviously, since we don't have that kind of money to burn, and they adjusted things, and said that she owed around $1200 when all was said and done (part of the grants and loans had to be sent back due to enrollment level when recalculated). They kept trying to make her pay the entire amount at once for probably about a year, before they finally "relented" and allowed her to do a payment plan (of $150 a month, they wouldn't accept anything less). We paid that for about 6 months, and then had to stop because we just couldn't afford to keep paying. My question is this, without them suing her and getting a court order, can they seize our tax refund since it's not a federally backed loan (again, if it's really even a loan)? [link] [comments]  |
| Looking for advice on my next move Posted: 02 Apr 2020 12:21 AM PDT So I am lucky enough to still be employed during this pandemic with a steady job for a nonprofit hospital. I am currently on a Standard Repayment Plan with MyFedLoan with the hopes to eventually utilize the PSLF after 120 payments. I have seen a lot of different comments regarding what people are doing with their loans during this period and would like advice on what my move should be. My monthly loan payments are quite high so I was hoping to save a little more during this time if I could get away with it without digging myself a deeper hole with my loans. Should I continue making scheduled payments each month or request forbearance through september and then continue making payments again? If I do request forbearance will I not be able to qualify for PSLF as I had originally planned? Thanks for any help you folks can provide [link] [comments]  |
| Is this the best payment approach to my large student loan balance? Posted: 01 Apr 2020 05:18 PM PDT I have $197k in loans. All federal. 6.8% average interest between my seven loans. I make $190k, but do not have great job security (especially now, obviously). I usually pay $3k/month to loans. While covid stuff is in effect, I am putting that money aside and plan to pay it all in one lump sum before interest kicks back in (if I still have a job then). I've been thinking lately about whether my current approach is the most efficient to my loans, and now have a little time to change plans if I want. I am on REPAYE, so my min payment is only around $170/month. I'm paying as much as I can per month on REPAYE (I have dependents, otherwise could afford more). Is this the best way to get rid of my loans while still being able to save some money, or I am missing something? Appreciate any advice or experience. [link] [comments]  |
| Posted: 01 Apr 2020 06:36 PM PDT Im kinda confused on the whole process to suspend payments. I have it through My Great Lakes and Ganite State Management. Granite state says theyre automatically doing it. Im not on auto pay for any loans, and my next MGL payment is on 4/11. So would i just not have to pay it? Is there a process to start to do the forbearance? Any help would be awesome! Also the care act stated no penalty , so would that mean no interest or just no late payment fee? Thanks! [link] [comments]  |
| Payment processed while in forbearance Posted: 01 Apr 2020 05:49 PM PDT Hope everyone is doing okay! My girlfriend and I were supposed to pay rent today. She has loans through Sallie Mae and called a week and a half ago to put them in forbearance because we faced a huge loss of income due to coronavirus. When going to pay rent, she realized Sallie Mae still took a payment out a few days ago even though she has confirmation of the forbearance agreement. Not only that, but they sent a letter dated March 27th 2020, and it states that the forbearance was approved for December 2019-January 2020. She wasn't even paying her loans in December so is this an error? We're both not getting any aid from the government for COVID, and now we don't have enough money to pay rent with the money we did have saved. Both of us are extremely stressed and financially screwed right now. What is the best strategy for getting her money back that was wrongfully taken out, especially since her bank account is now in the negatives? Thanks for your help everyone. [link] [comments]  |
| Posted: 01 Apr 2020 04:49 PM PDT I'm stuck between choosing between a FASFA and a Discovery (credit card) loan. The Discovery loan pays for it all and I don't have to repay it until I graduate, but the FASFA rates are lower. Are there any other pros and cons, or better yet, other options? [link] [comments]  |
| 529 to pay off student loans -Maryland Posted: 01 Apr 2020 12:13 PM PDT Hello all, since the SECURE act was passed late last year I was wondering if anyone has had any experience yet with contributing to a 529 in order to pay student loans. I've been thus far struggling to find relevant information on google whether or not this is feasible for me, as its a pretty new thing. Any advice related to if its feasible or personal experience is welcome! [link] [comments]  |
| Settle student loan during COVID-19 Posted: 01 Apr 2020 11:53 AM PDT Hi! Please don't judge me. I'm looking for advice on how to fix this and my anxiety and guilt is already enough. A private loan I took out in 2007 was deferred shortly after graduating in 2008. Long story short: My stepdad had co-signed for it, and I had been sending him payments while I lived/taught abroad, but my mom told me to stop sending him money since he wasn't paying on the loans and was hoping to file for bankruptcy. Stepdad and I had a huge falling out afterwards. By the time I was back on my feet I wasn't able to locate where the loan was. Recently my estranged stepdad sent a pack of mail and in it was a letter from that student loan (With American Coradius Int'l). They want to settle the debt. Right now it's at $41,719.07 They offered to settle at 20,880.00 over 24 months. I want to pay for it since my stepdad is on the line for it as well. I'm curious if/how Coronavirus has changed the rules of negotiation. I'd rather not drain my savings, but if I could probably settle for half or so of what they're asking, I might be able to do that while still leaving enough for emergencies. Do you think I could offer a full payment for less to get rid of the loan? I'm currently unemployed for the foreseeable future and I live abroad. All help is greatly appreciated! [link] [comments]  |
| My partner (American) and I (Canadian) both got emails about our student loans this week Posted: 01 Apr 2020 02:52 PM PDT NSLS emailed to tell me they automatically stopped all Canadian student loan payments with no interest accrued until September (phew!) In contrast, my partner was just "approved" for is a $224 USD monthly payment increase. It's still not enough to cover the monthly interest accrued, so the loan just keeps growing. She phoned and was (thankfully) told student loan payments are also being held in the US without interest until September, so she won't have to pay the increase until then. Sadly, she also got news yesterday that she is being laid off from one of her jobs due to COVID-19, so she's losing a third of her income. It doesn't look like she's going to be able to pay the old amount, never mind the new one. I'm hoping they'll re-evaluate her payments based on her new reduced income. Just to clarify, we have the same level of education in the same field (social work) from public institutions, so this wasn't any kind of extravagant spending on her part. Just an attempt to climb out of poverty via education and do a little good along the way. What's unique about her situation is that she's a permanent resident in Canada and has lived here for 4 years. We're wondering if it's even worth paying the partial interest on her US student loans any more. There's no hope of ever paying down the principle with our incomes. We don't want to destroy her credit in the US or have them go after her impoverished mother who co-signed the loans 12 years ago. Any suggestions or tips to navigate US student loans as a Canadian PR? [link] [comments]  |
| Housing Refunds paid with student loans Posted: 01 Apr 2020 02:37 PM PDT This probably isn't the best place for this, but I'm wondering if anyone knows what happens to the refunds for housing/meal plan that was paid for with student loans? I had to move out from uni due to covid19, and pell grant covered the majority of tuition and fees and I took out student loans to cover housing on campus. I moved out last month and apparently my school hasn't started processing refunds yet, and it'll take another 2 weeks to start hearing from the housing office. Does anyone know if this housing/meal plan refund would go right back into the US Dept of Ed? Will it be deducted from the total amount of ed loans I currently owe? Or is this coming back to me? [link] [comments]  |
| Parents think that they can transfer Parent Plus Loans to me, the student. Posted: 01 Apr 2020 01:39 PM PDT So it pretty much boils down to this. Recently I've realized that my parents keep mentioning on top of my in progress computer science degree debt totaling up to what looks like 26k-28k over 4 years, that I apparently need to add 8k on top of that estimate. For the past 1.5 years, I don't understand what the eff they were talking about, until I read up on Parent PLUS loans after looking over my billing amount on MOHELA, that they were talking about the PLUS loans. I have brought up to my mother that PLUS loans can't be transferred unless it's done through a private lending company, and she is convinced otherwise. I don't intend on accepting a transfer loan when I've never had to go private as a result of my own work, and I didn't necessarily "earn" that potential interest rate, since most of my loans are all between 5-7%. I'm not sure what to do, since this is going to come to a head at some point. Honestly I feel pretty salty since over the past 4 years, I have slowly started to realize that my parents did not prepare for my college funding, as my dad wasn't involved in the process and my mother had to figure everything out, and I especially do not care for this extra 8k, because if my parents had worked together to do a better job of preparing for this, we likely wouldn't be in this scenario in the first place. [link] [comments]  |
| Is it possible to get Financial Aid from two different schools throughout the year? Posted: 01 Apr 2020 12:06 PM PDT I'm getting my degree from one school and I got my financial aid package from them, but I was curious if it was possible to use the Pell Grant on another school over the Summer. I figured that since, I am only using the grant once per semester, I could use it for the fall and spring at school A while using the grant over the summer at school B. Aside from federal and state aid, can I redirect scholarship money to multiple schools like this? [link] [comments]  |
| Posted: 01 Apr 2020 11:47 AM PDT I have a two loans parent plus loan $53,556 $17,384 6.410% $17,357 7.210% $18,698 7.90% Nelnet Loan $16,558 $4,276 6.8% $6,214 3.8% $6,166 4.6% I would like some advice on taking advantage of this interest free period. I thought of making my same payments: $613 for parent plus and $300 for Nelnet or applying all this money to my parent plus loan with the highest interest for the next six months. My fiancé advised me of putting all the money towards my Nelnet loan to pay this off faster so I can snowball and I just don't know if this is the right call. [link] [comments]  |
| Posted: 01 Apr 2020 09:45 AM PDT I'm a Pre-Med student and am planning student loans for the rest of my college and medical school career. Student loans offer "deferment up to six months after graduation"... does that include medical school, or is that six months after obtaining my Bachelor's? [link] [comments]  |
| Question about the interest rate on my federal student loan Posted: 01 Apr 2020 09:36 AM PDT My student loan is with Nelnet. I am kinda confused at the moment. My interest is still accruing although I thought the federal loans are at zero right now? Can someone explain this to me. I am kinda lost [link] [comments]  |
| Received phone call about my Federal Student Loans, is it a SCAM? Posted: 01 Apr 2020 08:48 AM PDT I live in USA, The caller ID flashed on my phone for a second with a phone number from Georgia, USA. I received a voicemail from another number though in New York. Some guy left a message about recent changes with the federal student loans. Gave me an 877 number to call. He had a standard American accent. So I called and talked to an Indian guy (Indian accent but very good English) who told me about the "William D Ford" act and "income based repayment plans" I gave him a rough estimate of my student loan amount, and he said I would be eligible. Then he said he could look into it for me if I provided my email and DOB. I said I wouldn't give anything out so he said "thanks and have a good day" and that was all. Does this sound like it could be a scam? I would like to prevent anyone from falling for it if it is. [link] [comments]  |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment