Borrower Defense applications denied in mass. Student Loans |
- Borrower Defense applications denied in mass.
- CFPB Takes Down Another Debt Relief Company. Spoiler Alert - the end of this post will burn your buttons
- Zero rate - can't tell which loan was at what rate prior to CARES
- Should I completely pay off my unsubsidized loan right now? If so will it affect my credit?
- I need 13k in student loans to pay for my last semester of undergrad
- PSLF - What to do with 100k+ extra cash already saved up for it?
- Where do you guys get student loans under 4% that are fixed rate?
- Question in Canada
- Consolidation
- If students had refinanced their loans to a private lender, can they considered private student loans? Trying to figure out if Bidens forgiveness program would count for refinanced loans.
- If my friend is legal and her parent is illegal is it possible for them to apply for private loans after they used up their federal loans?
- First gen student lost in loan planning
- Errors on NSLDS
- Question about student loan interest and payments
- Will I still be in the grace period if I don't accept my loans for my Senior Year?
- Could someone explain this to me.... Student loans on my credit report show that they have been transferred and paid and also when I checked the past amount due it showed ZERO!!
- Can I put an estimated salary from a job letter?
- Clueless soon to be Grad, help with refinancing federal loans
- Borrower Defense / Helpful link
- Taking a non-PSLF job; new strategy?
- Studentaid.gov help please!
- Questions about loans
- Taking Out New Student Loans During This Pandemic
- Nelnet asking for proof of name change 8 years later?
| Borrower Defense applications denied in mass. Posted: 08 Jul 2020 06:57 PM PDT Over the last several years a group of student and parent borrowers that all attended a CEC owned for-profit school. To saw we were misled is an understatement. There are about 500 of us who filled out BDTR applications with hundreds and hundreds of pages of documentation. Over the last two days over 100 of us were denied. Fail to make a claim and lack of supporting evidence. Sort of at a loss of what to do now. [link] [comments]  |
| Posted: 08 Jul 2020 12:48 PM PDT So - yay - another dirtbag predatory debt relief company off the streets! And punished - oh - wait... "FOR IMMEDIATE RELEASE: July 8, 2020 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU TAKES ACTION AGAINST STUDENT-LOAN DEBT-RELIEF BUSINESS AND ITS OWNERS FOR TAKING ILLEGAL ADVANCE FEES WASHINGTON, D.C. - The Consumer Financial Protection Bureau (Bureau) settled with Timemark, Inc., a company based in Deerfield Beach, Florida, that provides debt-relief services to consumers with federal student-loan debt, and with its owners and officers, Timothy Lenihan, Sr., Mark Nagler, and Casey Gassaway. The Bureau alleged that the defendants charged illegal advance fees in violation of the Telemarketing Sales Rule (TSR) to consumers who were seeking to renegotiate, settle, reduce, or alter the terms of their loans. If entered by the court, the proposed order memorializing the settlement will permanently ban defendants from providing debt-relief services and impose a judgment totaling approximately $3.8 million in consumer redress and civil money penalties. The Bureau's complaint, which was filed in federal district court for the Southern District of Florida, alleged that from 2016 through October 2019, the defendants used telemarketing campaigns to convince more than 7,300 consumers to pay up to $699 in fees to file paperwork to reduce or eliminate their monthly payments for their federal student loans, through loan consolidation, forgiveness, or income-driven repayment plans. The U.S. Department of Education, however, offers these options to student loan borrowers for free. Moreover, under the TSR, it is illegal to request or receive any fees for debt-relief services sold through telemarketing before the terms of the debt are altered or settled, and the consumer has made at least one payment pursuant to the new arrangement. The Bureau alleges that the defendants violated the TSR because they requested and received payments from consumers within a few days, or at the latest, within 30 days of their enrollment-before the terms of the debts were altered. If entered by the court, under the terms of the proposed order, the defendants would be permanently banned from providing debt-relief services. The order would impose a judgment on the defendants, jointly and severally, in the amount of about $3.8 million for consumer redress. Full payment of this amount will be suspended if, within 10 days after the order is entered, Timemark pays $5,000, Nagler pays $7,000, and Gassaway pays $10,000. The full amount of redress was suspended because of defendants' limited ability to pay more based on sworn financial statements. The defendants would also be required to each pay a $1 civil money penalty, in light of their financial circumstances. Whenever the Bureau collects a civil money penalty through an enforcement action, that penalty is deposited into the Bureau's Civil Penalty Fund. Assuming continued available funds, the Bureau will work to provide full redress to eligible harmed consumers from this fund." [link] [comments]  |
| Zero rate - can't tell which loan was at what rate prior to CARES Posted: 08 Jul 2020 07:16 AM PDT I am planning a larger payment before the interest free period goes away but I can't seem to find which loan had the highest rate prior to the forbearance. Does anyone know a way to find that information? My servicer is great lakes. I also checked studentaid.gov but they both show zero, which while nice doesn't let me plan things well with calculators either. Update I was able to find it by viewing the actual statements before covid hit. [link] [comments]  |
| Should I completely pay off my unsubsidized loan right now? If so will it affect my credit? Posted: 08 Jul 2020 11:47 PM PDT Hello! I am currently an active student with about a year and a half left of schooling before I graduate. This past year I had to take out an unsubsidized loan which was a bummer as it's incurring interest already. Obviously my initial thought is to pay of this loan ASAP because of the interest. BUT I recently heard that if you pay of a loan it brings down your credit score (I'm not sure by how much) which is what I am worried about. See my credit score is not bad it's in the 700-750 range based off of FICO but that being said... There's a couple of ways I could go about attacking the loan. (also please forgive me I'm a noob when it comes to personal finance and credit) Should I completely pay of this loan in one big payment (I am currently in a position to do so) and take a hit to my credit score? Or should I pay it off slowly? Would this help not ding my credit? Another idea I had was to just ALMOST pay the loan off, I'm talking like 5 dollars or less left on the loan, so that the interest on the loan is very minimal but that way I still keep the account open for credit reasons. Am I even allowed to do this option?? Thank you all for your time! [link] [comments]  |
| I need 13k in student loans to pay for my last semester of undergrad Posted: 08 Jul 2020 09:21 PM PDT My parents kicked me out so I need to find a way to pay for my last semester. I've already exhausted all my federal loan options and still need 13k to pay my tuition. I work part time to pay for rent, food, books, etc and I'm trying to save up money to reduce the amount of loans I have, but it seems like private loans are my only option right now. I don't have anyone willing to cosign and my credit score is 750-60 so I'm not sure if I'll be able to get private loans to cover my tuition. edit: Also I know the interest rate will probably let be really high for private loans but I haven't taken out any other loans and it'll be my last semester. Do I even have a chance in getting this much in loans? [link] [comments]  |
| PSLF - What to do with 100k+ extra cash already saved up for it? Posted: 08 Jul 2020 09:13 PM PDT My brother and I took out a humungous amount of student loans (that our Parents took Parent Plus loans out for) to the point that we have to rely on our father's PSLF 10 year work in a public-sector job to pay off those loans. I calculated those 120 minimum payments to be a total of roughly $110,000, and then the rest of the balance would be forgiven. So essentially, if I save up to 110k, I'm debt-free essentially, since I can just give this cash to my parents, and they can use it to pay off those 120 minimum payments in the future. The question is, with this $110,000 in extra cash lying around - is it better to keep it completely liquid by saving it as cash in a savings account (so that those 120 minimum payments get paid off no matter what) - or would I be better off investing some or all of that money in a low-risk investment (or maybe a small portion in stocks and other higher-return investments). While it would be nice to enjoy the peace of mind knowing that with that pile of $110k in cash, I'm essentially debt free. However at the same time, it seems like a waste for that cash to sit around while my parents are waiting 10 years to make those 120 payments. Would it better to invest that and get higher returns with the risk of losing a huge chunk if those investments go bust. Or would you rather just keep it purely in cash during those 10 years? [link] [comments]  |
| Where do you guys get student loans under 4% that are fixed rate? Posted: 08 Jul 2020 08:54 AM PDT If you refinanced and have a student loan under 4%, how did you get that awesome rate? Credit score and salary range? Any other factors that contribute to such a low fixed rate? The lowest I've gotten was a 4.55% for 15 yrs on 38k. Credit score: 740 - 760 11 years of credit history. No missed payments Salary: 69K [link] [comments]  |
| Posted: 08 Jul 2020 07:07 PM PDT Just applied for student loan funding in Alberta, Canada. Does anyone know if they base your acceptance on your current credit score? Mine isn't the greatest but I've recently been accepted to University. [link] [comments]  |
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| First gen student lost in loan planning Posted: 08 Jul 2020 09:58 AM PDT I apologize if I sound like I don't know anything, because I don't. Neither of my parents went to college and didn't grow up in America either so student loans are confusing. My situation: I just graduated college in May. I went to community college first and got scholarships for university, so I'm leaving school with about $15,000 in loans. I have 2 direct subsidized stafford loans and 2 unsubsidized stafford loans through Moehla. I just started my first job and will be making a good salary at $75K per year with potential bonuses (~$55K after taxes). My company also matches 10% (max at $81.25 per paycheck) to student loans. I moved back in with my parents after school, and wanted to stay here until I get my loans paid off, so besides gas/train money, retirement, groceries and some spending money, I do not have many other expenses. I used a loan calculator through FSA and they recommended I use the REPAYE (Revised Pay as You Earn) method, which would mean $470ish a month, and pay it off by March 2023. I would have to apply for REPAYE and am afraid of getting bamboozled by the government with interest, so would this be my best method? Would it be dumb to use one paycheck per month towards loans to avoid interest? I'm planning on putting at least 20% of each check into savings, but I keep hearing to focus on loans over anything so I want to get them out of the way ASAP. Any advice would be greatly appreciated [link] [comments]  |
| Posted: 08 Jul 2020 11:39 AM PDT Hi all, I recently downloaded my student loan data and noticed a few errors
Is this something I should call to fix with my loan servicer or should I call NSLDS? What are the implications of these errors? Thank you in advance!!! [link] [comments]  |
| Question about student loan interest and payments Posted: 08 Jul 2020 09:11 AM PDT I am a little bit confused on how my monthly payments are calculated and how the interest figures into those monthly payments. I currently have my student loans with Earnest. The original balance was around $71,000 and my interest rate is 5.5% on a 15 year payment plan. My monthly payment is currently $490/month. I am interested in refinancing this loan to get a better interest rate. My current balance is around $65,000. I looked around a bit to see what kind of rates I could find and here's what I found: SoFi: 15-year payment schedule, 4.661% interest rate, monthly payment of $511.01 Commonbond: 15-year payment schedule, 4.88% interest rate, monthly payment of 509.96 What is confusing to me is that I am now refinancing a lower principal balance at a lower interest rate, yet my monthly payments are actually slightly higher than they currently are with Earnest. Can someone help explain to me why this might be the case? Additionally, I started my loan with Earnest at the beginning of 2018. I've made every payment on time since then, so roughly paid about $15,000 so far, yet my principal balance is only down $6,000 from the original loan. Is this because most of my monthly payments are going towards interest? I can't quite wrap my head around the fact that my principal is only down by ~30% of the amount of money I have paid. Any info/guidance would be appreciated! [link] [comments]  |
| Will I still be in the grace period if I don't accept my loans for my Senior Year? Posted: 08 Jul 2020 08:34 AM PDT Hi all. Like the title says, I've been taking out Federal Subsidized and Unsubsidized loans for my past 3 years in college. However, I'll be entering my senior year this fall and with working at my internship and getting covid-19 relief fund (CARES Act), I don't think I'll need to take out any for my last year. Will this hurt me in any way? I am under the assumption that I will still be in the grace period since I'm a student. Just checking that I don't need to take out loans all four years for no reason. Thanks!! [link] [comments]  |
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| Can I put an estimated salary from a job letter? Posted: 08 Jul 2020 01:17 PM PDT I recently graduated in May and I have been trying to refinance my private loans for a lower interest rate. Since the forms ask for annual income, I have been putting ~ 12,000 which is how much I made this year through my internship as well as my campus job. My current credit score is about 710. I have been getting declined due to debt to income ratio as well as not having much cash flow (this was stated in one of the letters from being denied through Commonbond). Since my job will have a salary much higher than 12,000, can I use the salary listed on the offer letter for annual income? My job begins at the end of this month. thanks! [link] [comments]  |
| Clueless soon to be Grad, help with refinancing federal loans Posted: 08 Jul 2020 01:12 PM PDT Hello! So, I graduate in August and expect to have to start paying student loans off eventually. My dad took out loans under the federal parent PLUS loans, and I took out some federally as well (sub/unsub). I am wondering if there is a way to refinance both loans under my name, I don't want to burden my father with my expenses from college. The sum of both loans is about $71,000, obviously the majority of it (about 46k) is under my dads name. Do I refinance? Or do I just pay both monthly statements each month? If I refinance, is it even possibly to take it from under my dads name? Any suggestions on how the hell to tackle this, and what would be my best route? I am sad I have such a large amount, hurts my heart looking at it and my parents know very little when it comes to these types of things. Any help is beyond appreciated. [link] [comments]  |
| Borrower Defense / Helpful link Posted: 08 Jul 2020 08:54 AM PDT This is a document in the Sweet v Devos case. In the link this might be helpful... Pages 157-168 on JPR Claims on your DTR. It has more info as well, just thought it was interesting. https://predatorystudentlending.org/wp-content/uploads/2019/11/Sweet-AR-Part-2.pdf [link] [comments]  |
| Taking a non-PSLF job; new strategy? Posted: 08 Jul 2020 08:25 AM PDT After 6 years of working towards PSLF (last salary was $51,000), my husband is now taking a job with a non-eligible employer (salary $65,000). He has about $40,000 in federal student loan debt. He could stay at this job for 10 years or 2, could end up back at a nonprofit, we have literally no idea. I have about $25k in federal debt, and once I'm out of school (2022), can continue working towards PSLF - there's very little chance I won't be working for a nonprofit/university after graduating. After graduating, I will have a way higher salary (probably will go from $30k/yr [how much I make in school] to $70k+, but we'll see). Our current thinking for moving forward is: - For me, remain in in-school deferment, continue on IDR/PSLF track after graduating - For him, get off IDR now, start throwing as much money at the loans as possible to pay off quickly? We also have a mortgage and are having a baby next month, so not quite sure what this will look like, but we will also have more income than before, so what do you think? Does COVID legislation affect anything? [link] [comments]  |
| Posted: 08 Jul 2020 11:29 AM PDT Hello! Back in May 2018, I started the process of taking out a student loan from studentaid.gov. I finished the sub/unsub entrance counseling but shortly after decided not to go through with the loan process. Since then, I've received annual emails from my school reminding me that I started the process, but I'm going to be an undergrad senior this year and have no plans to take out any loans. Is there any way I can cancel this process or do I just ignore it? I'm mainly concerned this will follow me after I graduate. Sorry if this is a dumb question, TIA! [link] [comments]  |
| Posted: 08 Jul 2020 10:54 AM PDT I am transferring to a 4-year and have been offered loans, but I want to make sure that I am making the best decisions that lead to the smallest amount to pay later. Keep in mind that I know nothing about loans.
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| Taking Out New Student Loans During This Pandemic Posted: 08 Jul 2020 10:07 AM PDT My fellow redditors, I am currently taking virtual Summer courses and have a pretty steep tuition statement (15k+) that is going to be due for payment soon. I was wondering if anyone had any advice on the best way to go about taking out a new loan (lowest interest rate, without FAFSA - I missed the deadline). Thanks in advance, your help is greatly appreciated. Love [link] [comments]  |
| Nelnet asking for proof of name change 8 years later? Posted: 08 Jul 2020 09:46 AM PDT I received a missed call from Nelnet today, so I called them back. They said I had two different names on my two accounts with them (Maiden and Married) and that I had to upload a copy of my driver's license or social security card as proof that my name was changed. I was married over 8 years ago and changed my name on all my loans then (still have the confirmation emails even). My maiden name is actually now my middle name now. At the time, I had Nelnet plus 2 other government companies - 1 was paid off and the other was transferred to Nelnet about 3 years ago. I'm looking and my online documents/everything on my account says my current last name. I'm on top of my credit like a hawk and it all is reported correctly, even the loans I've recently paid off. Additionally, I've been dumping all my extra money at these loans and the account they said had a different name will have the last of the loans paid off in the next 2 or 3 months. When I pointed this stuff out and said it sounded kind of fishy to me, the person just said that I had to update it because all their documentation needs to match. I offered to send a copy of the old confirmation e-mails but he said they had to have a copy of either my driver's license or social security card. Anyone else have this happen? It seems a little odd to me to have this issue 8 years after I was married. [link] [comments]  |
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