3.5 year later my Borrowers Defense is finally getting "reviewed" Student Loans |
- 3.5 year later my Borrowers Defense is finally getting "reviewed"
- $23.3k in loans and $28k in savings, what's the best method to pay for my loans?
- Large student loan debt that's been hidden from for years. If you have a few moments, please help!
- Filing complaints against FedLoan for gross incompetence, negligence, and mismanagement
- Retroactive forbearance and credit report
- Can I get my transcripts?
- Stop contributing to retirement and focus on loans instead?
- Anyone else’s state not allow them to get more than one loan from the same company?
- Enrolled in Non-Degree Program so Not Eligible for Federal Loans
- Refinance after 1 year of forebearance on private loans (Sallie Mae)
- Accidentally paid twice for one month - Sallie Mae
- Upcoming Freshman, no co-signer and parent reluctant to try to apply for Parent PLUS Loans
| 3.5 year later my Borrowers Defense is finally getting "reviewed" Posted: 28 Jun 2020 09:01 PM PDT Hey all, I was one of those that went to DeVry when they were advertising their 90% job placement rate that was determined (and admitted by them) to be a lie. I figured the borrowers defense would have been an open and shut case. I submitted all the information needed in Jan 2017 and waited... A few weeks goes by and I call to check, it's all been submitted just waiting for review. A few months go by, still waiting to review. A year goes by....still waiting. I pretty much gave up calling and figured it will just wait in limbo until DeVos gets the boot. Then the lawsuit came about from people upset that there had been no decision made, the lawsuit won't force anyone's approval, but it will force them to start reviewing and making some decisions, however that won't go through until Oct 2020 and even then could take another 18 months....ugh Well, recently I started looking for a house and of course the lender brought up the loans saying it's a really ugly mark on my credit and I would have to do something about it before getting approved, I figured I would just be living in my apartment rental for the next two years. Out of a whim I decide to call up the borrowers defense and check the status, I called on Thursday 6/25 and they said "It's in review" I was a little shocked and asked "since when?" he said it had just been started 6 days ago. Fingers crossed it won't be too much longer, but there's finally light at the end of the tunnel! He mentioned to me that since the lawsuit was brought up they have started going through them a lot quicker. I did see someone on imgur post his rejection e-mail, but his attendance dates didn't fit the timeline of the lawsuit, so there's still hope for me. I'll update if I hear anything, just wanted to give a little hope to those that are still waiting and waiting...and waiting.... [link] [comments]  |
| $23.3k in loans and $28k in savings, what's the best method to pay for my loans? Posted: 28 Jun 2020 02:56 PM PDT Hello everyone! I just graduated college with my Bachelor's this last month and I am completely ignorant of how loan repayment works. I have 2 types of loans - Stafford ($19,560) at 5.05% interest and Perkins loans ($3,800) at 5% interest - that totals up to $23,360 with accrued interest as of today. Stafford loans breakdown: Direct subsidized: $19k Direct unsubsidized: $500 + $60 of accrued interests My monthly expenses are ~$1000 ($750: rent + utilities; $200: food). I will have a job until early August and I'm hoping to secure another after my contract ends. By the end of August, I will have a total of $32k including my monthly costs. Here's my thought process as of now: pay the $500 Unsubsidized Stafford loans and the $3,800 Perkins loans, which will leave me with $19,000 in loans that don't kick in until January 2021 and a total of ~$27k. If I don't end up getting a job after my August contract, I would need a minimum of $12k in my savings to cover until my lease ends on July 2021. So, the amount that I really have in my savings account is $15k ($27k in savings - $12k in yearly living expenses). My question is: would it be wise to use $10k to pay for the rest of $19k in bulk and have a cushion of $17k in my savings account if I don't get a job for the following year? I would start my repayment options after the grace period on Jan 2021, but even the concept of repayment plans are still unclear to me. If my math is all wrong or if my entire reasoning is plain stupid, please please let me know. I regret not taking financial literacy classes while I was in college and I'm just starting to learn from the ground up through this subreddit. Thank you! [link] [comments]  |
| Large student loan debt that's been hidden from for years. If you have a few moments, please help! Posted: 28 Jun 2020 08:04 AM PDT Disclaimer: I'm posting on behalf of my husband, with his consent. My husband has a lot of student loan debt. He has about 110k with Discover Student Loans and about $25k from "Dept of Ed/Nelnet". His mother is the cosigner on these loans. She told him she had been making payments to keep everything current, but we recently found out she hasn't made a payment in years and she has changed all the contact information for everything so we hadn't heard a peep about it until he checked his credit report. We have been working for a couple weeks now to get all the login information so we can check out the accounts and see what to do. On his credit report, the Discover loans were closed April 2018 and they say they've been "Charged off as bad debt, profit and loss write off". The dept of ed/nelnet loans are also closed (April 2020) and they say "Collection account. Student loan permanently assigned to government." On their websites, the Discover balance is still visible but we are unable to make any payments or access payment details. The Dept of Ed/Nelnet ones say they've been paid off, so I'm guessing they might've been purchased by a collector. We haven't been contacted by any debt collectors so we have no idea where to even go to try to start repaying. We also do not make much money, maybe $35k combined on a normal (non-covid) year. Basically, even if we do manage to track down these loans and start repaying (assuming that's what we are supposed to do?), we can't even afford to pay the monthly interest. What are our options? We tried reaching out to a debt consolidation company but they wanted us to pay for their services and they couldn't even help with all the loans. Is he in "default" or is that long gone? Do we want income-based repayment? The debt consolidation company said something about waiting until we get taken to court then settling for a more reasonable amount? That seems sketchy to me, though. It's a very confusing terrain to navigate, especially being thrown in like this completely unprepared. The biggest thing we know for sure is that we want to get the Dept of Ed loans handled first before they start taking our tax returns and garnishing wages. But is it already too late to consolidate (or whatever it is we are supposed to be doing here)? Thank you so much for your time, it's really appreciated. Any help is welcome! [link] [comments]  |
| Filing complaints against FedLoan for gross incompetence, negligence, and mismanagement Posted: 28 Jun 2020 10:49 AM PDT What are my options for filing complaints against my student loan servicer, and what are the likely outcomes? I've had FedLoan as a servicer for 5ish years. They manage my undergrad loans, grad loans, and PSLF payments. I can confidently say that every single time that I've engaged with them, they have messed something up. Every. Single. Time. I have to ride their tails to get them to correct their mistakes. My only regret is that I only recently (past year) started to carefully document every single call and correspondence. The most recent incident was a multi year long gaslighting endeavor in which they tried to convince me that I'm still in school even though I graduated YEARS ago. I called half a dozen times to get my loan status change to the appropriate status. They told me it wasn't their fault, and I had to contact my university and Department of Ed multiple times. After asking for an audit for perhaps the third time, FINALLY they took responsibility and said they made a mistake and missed the original graduation documentation from my university sent years ago. I can easily list off 6 or so other incidents just like this one demonstrating their gross incompetence and negligence. If I hadn't been hounding them with phone calls, who knows how long this wouldn't have gone on. I'm beyond fed up. I'll do anything at this point to report these fraudulent companies. What are my options? Also, I've asked them for my account files and notes from each correspondence, but they refuse to give them to me. They told me to take it up with dept of Ed. Do I have a legal right to these notes that document their repeated mistakes? [link] [comments]  |
| Retroactive forbearance and credit report Posted: 28 Jun 2020 06:04 PM PDT Six months after I graduated in 2015, I was dumb and broke and didnt pay my student loans. Fast forward to early 2016, when I decided I needed to do something about it. I contacted the loan company and asked for a year long forbearance. FEDLOAN retroactively made the date it was active to the first payment I missed. My issue is this: despite numerous attempts to dispute the findings with the credit bureaus, the six months of payments I missed show as late payments on my credit report. Now, FEDLOAN won't provide me documentation that my loans were in forbearance at that time. My logic is that since my loans were in forbearance at the time, technically they shouldn't count as missed payments. Has anyone dealt with the same? Is that not correct since it was retroactive? Is there anyone you can recommend speaking to try and get these off the report? I've tried calling, emailing and sending certified letters to FEDLOAN, but have never received an explanation or my records. [link] [comments]  |
| Posted: 28 Jun 2020 05:54 PM PDT A few years ago I got depressed and messed up and stopped going to classes, during this time I was dealing with major anxiety issues also. So the end result was me flunking out. At this point in time I had no where to live and no job. I was barely able to keep a roof above my head and food in the fridge. So I wasnt too worried about my credit or future. In the past few years I have started to find a career path that I am interested in. This would require me to go back to school. During this time I owed my college about 5K and I was not able to even make minimal payments. This turned into the debt going to a debt collector, I am working on paying this off and my student loans are slowly being dealt with. I am curious about me being able to go back to school. From what some friends and family have explained is that the college no longer holds the debt, so I should be able to have my transcript and go to a different school. Can anyone confirm this? Sorry for the long explanation. [link] [comments]  |
| Stop contributing to retirement and focus on loans instead? Posted: 28 Jun 2020 10:13 AM PDT I still have 130K in student loans from grad school. I try to pay about 2K a month to my loans and contribute about 1.5K a month to retirement (my company does a 3% match). The 0% interest has been super nice (loans normally avg 5.8%), I'm hoping they will extend it! Should I just be contributing the match to my retirement while returns have been terrible and putting all my extra money to student loans? Thank you so much for your advice! [link] [comments]  |
| Anyone else’s state not allow them to get more than one loan from the same company? Posted: 28 Jun 2020 11:34 AM PDT In Michigan, I guess you can only take out one loan at a time per company. So every single semester I have to find a new company to take out a private loan with! It's so frustrating trying to find a new one that will approve me with the lowest interest rate I can find. [link] [comments]  |
| Enrolled in Non-Degree Program so Not Eligible for Federal Loans Posted: 28 Jun 2020 03:51 PM PDT Hey y'all, I'm looking for advice on which private lender is the best for my situation. I am a 27 year old with a bachelor's degree in music already under my belt. I am going back to school for a Music Therapy Equivalency program, which is unfortunately categorized as non-degree seeking since I'm only taking the music therapy specific classes to qualify me for an internship and my board exams. This means that for my university I am not qualified to receive Federal Loans, so I must resort to private lenders. Since I am an adult with a pretty good credit score (around 730ish last time I checked) does anyone have personal experience with a private lender that would be good for my situation? I had a lot of scholarships for my undergrad, so this is all very new to me. Any and all help is so appreciated! [link] [comments]  |
| Refinance after 1 year of forebearance on private loans (Sallie Mae) Posted: 28 Jun 2020 10:06 AM PDT Hello everyone,🌎 Currently I have over 20k in private loans with Sally. I am about to go work a simple modest job that makes me minimum wage for the next year or so due to limited working opportunities in my area. The plan is ultimately to use disaster forbearance for a year since I did technically lose a job to the covid. I will be saving up that one year as much as possible with the modest job. Then I was hoping to refinance the private loans with a third party (like SoFi) after that one year forebearance. This is mostly due to Sallie charging me over $800 a month in payments (which they refuse to lower). I want to know if this is even possible as I will technically be having a stable job during the forbearance. What do you think? Is this even possible? Appreciate all responses😀 [link] [comments]  |
| Accidentally paid twice for one month - Sallie Mae Posted: 28 Jun 2020 08:29 AM PDT Hi guys, I'm hoping someone here has done the same thing and can help me out. I have student loans through Sallie Mae and typically make my payment a few days before it's due. I paid the other day as I was going into work, and kept checking my bank account to see if it had gone through - as of today, it still hasn't. This morning, I got an email from Sallie reminding me to make my payment, so I figured that my previous payment wasn't pushed all the way through and I went ahead and paid again. After I made that payment, it took me to a screen where I could see all of my past payments, and here I realized that my other payment did go through as well. So now I'm out $320 when I should only be paying $162. Has anyone else done this before and gotten their money back? Sallie Mae is closed on Sundays, and I wasn't able to get ahold of my bank to put a stop to the transaction. I really don't want to pay double the amount for this month because I have other bills to pay. [link] [comments]  |
| Upcoming Freshman, no co-signer and parent reluctant to try to apply for Parent PLUS Loans Posted: 27 Jun 2020 09:42 PM PDT Hey everyone, So, I know you have to try to get federal loans first, but my mom won't try to apply for Parent PLUS Loans, she says that she knows she will be denied because her credit score is WAY under 600. It seems like my only option is private loans, since if she doesn't apply and get denied; I can't even get an increase in the amount of federal loans I can get as a dependent undergrad. I seriously am at a loss of what to do. I have no other co-signers (my dad and I have a rocky relationship and I have no other close family) and I've taken out what I can in loans and have utilized all possible scholarships. My tuition is due August 1st and I'm not even sure WHEN to take out student loans. My college offers payment plans, but even that confuses me. I've never been taught how to be financially literate and I'm basically teaching myself since my mom has the worst financial literacy. Thanks everyone. [link] [comments]  |
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