Apparently the ED has advised servicers of federally held loans to stop billing/sending notices of payments due in January Student Loans |
- Apparently the ED has advised servicers of federally held loans to stop billing/sending notices of payments due in January
- New Proposed COVID-19 Relief Bill Includes Forbearance Extension 12/1/20
- Finally paid off my student loans
- Loan Discharge Application
- Student loan stress
- CAN SOMEONE HELP
- Do you borrow money for one year’s expense or entire college expense for 4 years?
- OSAP took out 2 repayments in one day!
- Question regarding Graduate School Loans and Payment Plans
- Student loan issues- what are other recent graduates doing?
- I had an oh crap moment last week.
- When to refinance?
- Recent Grad $18k in Student Loans no Job
- Student loan refinance help
- Difference between PAYE and REPAYE?
- IBR Application Help
- NSLSC (Ontario) says I’m in repayment and is taking money from my account even though I paid off my loan
- Reminder - You can get a refund of payments made during COVID forbearance
- How can I get a $50,000 student loan and spend it mostly on myself?
- Help finding a loan refinance
- Advice ... is this a good idea?
- I will have to use student loans next year, can I get some tips?
- Navient Says Loans Aren't Federal
- IBR income recertification during COVID
- University Accounting Services (UAS): Shady people or just incompetent?
| Posted: 01 Dec 2020 05:27 PM PST I'm hearing they did so while the administration figures out what's going on with the extensions if anything. I'm also hearing they are trying to see if they at least have the authority to make people due in February rather than January under existing regulations. And no - i don't have a source to provide you at this time. Either trust me on this one or don't - it's the internet after all. If anything comes out officially i will of course post it. EDIT: Look at that - I wished for a source I could post and I get my wish. https://twitter.com/mstratford/status/1333945516170817538?s=20 [link] [comments]  |
| New Proposed COVID-19 Relief Bill Includes Forbearance Extension 12/1/20 Posted: 01 Dec 2020 11:04 AM PST
Obviously, nothing is certain yet, but this is a great incentive to contact your congresspeople and urge them to support this relief initiative - and don't forget to mention allowing deferred payments to count toward PSLF! [link] [comments]  |
| Finally paid off my student loans Posted: 01 Dec 2020 12:57 PM PST Just had to post here because I've been here for so long. As of today my final payment of $4500 has gone through to the remainder of my student loans. My starting amount was ~50000 and in five years I have finally paid them off. I went the avalanche method and just focused on all of my highest interest loans. For the past 3 years my loans were on forebearance because I was pursuing a master's degree which was employer funded(very fortunate for that) but I still continued to pay despite not accruing interest. Once Covid hit I took the time to build up my savings so I could just pay outright and still ahve a comfortable amount left in my savings. Once I finished my last semester I hit send on that last payment and now i'm officially free. [link] [comments]  |
| Posted: 02 Dec 2020 03:18 AM PST Dear Readers, I am a former student at Cornell University's Johnson School of Business. After 2 semesters, I got kicked out because of my GPA. Prior to enrolling, I was on a leave of absence from my prior employer as a result of symptoms of post-traumatic stress disorder. I didn't want to put my career on hold (I already have a gap on my resume) and decided to attend within a few months of returning from my leave of absence. I had spent the past 3 years preparing my application and working for a recommendation. This was a fast paced program, which condensed an entire semester's worth of work into a summer semester. I failed two classes in the summer, was put on academic watch for the fall, and subsequently could not handle the course load and was forced to withdraw. Now I am degreeless, jobless, and have $80,000 worth of loans that I need to repay. On top of that, I need to get back on track with my health, which this debt burden will not help at all. I have been seeing a psychologist since the beginning of the program, a psychologist prior to the program, and have paperwork for my leave of absence. Do you think I have a case for False Certification (Disqualifying Status)? Sincerely, Help578 [link] [comments]  |
| Posted: 01 Dec 2020 06:27 PM PST I'm 23 and recently graduated from a state school 1.5 years ago with around $112,000 in private debt and $12,000 in federal loans. To say I'm stressed is an understatement. The private loans each range between 7.5-9.5% interest. Paying through a co-signer (my dad). I got a degree in engineering and am making $60k a year (pretax). I live at home with my parents. But they want to move to a lower income state in a year and a half. While they'd be okay with me moving in with them, they seem to prefer they live on their own as the pandemic has lowered their income. And there's risk I won't be able to find a job if I move in with them anyway due to the job market right now. I'm just super stressed out about these loans. It's a mental burden that I wish I was more aware of before taking these loans. I fear I'll be barely able to live paycheck to paycheck, won't be able to find a wife who'll support my debt, and simply live a bad life without a chance to retire. At least I have $20k in savings. But soon I'll probably have to move out, I'm even helping my parents pay part of their mortgage ($300/month). Being in this much debt is super stressful. I'm not a big spender either outside of my bills. I needed to do this rant, but just need some support as for the best way to tackle these loans. [link] [comments]  |
| Posted: 01 Dec 2020 11:54 PM PST So my mother has a high school diploma and that's it. At one point she took a couple community college coyrses, but dropped out. And they were paid for by financial aid. A couple years ago we got a notice saying she owed money on student loans... We asked to see the documents and came to the conclusion that my father (who's now deceased) forged her signature to get the money from these loans and never told anyone. Several other people agreed with our conclusion. In order to start the long process of contesting this, we need to find official documents from 1991 with her signature to compare it to the signature on the loan. But I can't figure out how to get access to any of these documents. I'm 22 and I've been trying to help my mom with this for years but I'm overwhelmed, and I love her but she's no help in this situation lol. We really can't afford the to make the payments when they restart. And I'm just having a difficult time dealing with this mess on my own. Any advice, suggestions, etc would be greatly appreciated. I really just want to fix this so we can stop worrying about it. [link] [comments]  |
| Do you borrow money for one year’s expense or entire college expense for 4 years? Posted: 01 Dec 2020 08:05 AM PST |
| OSAP took out 2 repayments in one day! Posted: 01 Dec 2020 05:43 PM PST HELP PLEASE! I got a letter from NSLSC saying that my loan repayment was about to start and it would be 65 dollars a month which is pretty doable for me. I went to send my rent and to my dismay, i was -10 dollars when i know i have money. Yesterday they took the 65 dollars but then took another 880 dollars on the same day. I've been on hold with them for almost 2 hours and i'm in tears. Toronto is on lockdown and i'm not working right now and I need every penny I have. Does anyone have any advice? I feel so defeated right now! [link] [comments]  |
| Question regarding Graduate School Loans and Payment Plans Posted: 01 Dec 2020 07:49 PM PST I currently have $160,000 of graduate school loans. The salary for my first job out of grad school will be around $180,000 after the bonus. My loan repayment starts January 2021 and my job also starts January 2021. I would like to know which repayment plan is the best to take if I want to do the avalanche method. My large loans have interest rates ranging from 6.0 to 7.6%. I have a few leftover from another program I was in (a few thousand) with an interest rate of 3%, so that loan to me is negligible. Is there a benefit to choosing the Graduated, Extended Level and Extended Graduated where I have lower monthly payments and thus, more freedom to put the rest of my salary towards a higher interest rate loan? Or should I just stick with a standard repayment plan and pay a little extra towards the highest interest rate loans? Under the standard repayment plan, my monthly loan payment is around $2000. [link] [comments]  |
| Student loan issues- what are other recent graduates doing? Posted: 01 Dec 2020 07:18 PM PST I graduated earlier this year but trying to break into my field in a pandemic has been impossible, needless to say. I am employed, but I don't feel I am in a position to start paying back loans. I have looked over the repayment options (my loans are all federal, no personal) and am wondering if there is another option. Is there a way to stop payments until I find a higher paying job or at least until Spring? If not, which repayment option did y'all find best? [link] [comments]  |
| I had an oh crap moment last week. Posted: 01 Dec 2020 03:21 PM PST Maybe this has been brought up already. With student loan payments being on pause for how many months now, was there any discussion or changes make to filing taxes for 2020 in regards to Losing the 2500 interest paid on student loan deduction? I (assuming others as well) made no changes to withholdings on my paychecks to counteract losing that deduction. So my oh crap being I've got to come up with that extra cash I wasn't planning on. [link] [comments]  |
| Posted: 01 Dec 2020 09:04 AM PST I graduated in May 2020. I just got my first job at the beginning of November (shoutout covid & our economy for that gap) and my pay is ~$37,000 a year. I have 2 Wells Fargo loans totaling ~$62,000 with 4.99% V and 7.74% F interest rates. and 1 Earnest at ~$21,000 at 7% F. Repayment on Wells Fargo starts on 12/16/2020 and Earnest in 2/2021. I've tried to research this but can't seem to find a good answer. When am I able to refinance these loans? From what I understand, I need to make a few payments on them before I can refinance. I'm really only looking for someone to confirm that I need to wait a few months before I'm able to refinance. I'd obviously like to knock the interest rates down ASAP. [link] [comments]  |
| Recent Grad $18k in Student Loans no Job Posted: 01 Dec 2020 06:46 PM PST Recently just graduated with $18,870 in student loans. ($13,750 Sub $5,000 Unsub) School informed me that i need to do the exit counseling. Got to the select a plan part and i'm not sure what do to. Was not able to secure a job out of school so as of right now my income is $0. Any help or guidance on what plan i should select? Standard would be $195/month Graduated: $109-328/month REPAYE: $0/month PAYE: $0/month IBR: $0/month ICR: $0/month [link] [comments]  |
| Posted: 01 Dec 2020 06:04 PM PST Anyone know of student loan refinance company that allows a co-signer without me having to meet a minimum qualification? I am rebuilding credit and my husband has perfect credit. Looking to refinance high interest student loans. [link] [comments]  |
| Difference between PAYE and REPAYE? Posted: 01 Dec 2020 02:11 PM PST Hey everyone! Just wondering if someone can explain any major differences between PAYE and REPAYE? I am currently trying to navigate the process of beginning repayment and am trying to decide between the two! Thanks in advance! [link] [comments]  |
| Posted: 01 Dec 2020 05:49 PM PST Because it's hard to find any definitive info anywhere, hopefully someone can help! Here is the situation: I just got married and we also just discovered that my wife's job qualifies for PSLF, so we switched her to an IBR (PAYE) which she is on as of today. I'm a teacher, so I also qualify for PSLF, but I am just finishing my master's now, so I'm currently in grace until March, so they put my IBR request on hold. I just started my full time job last year (2019), but as I am a teacher, I only had 4 months of an actual salary. The first 8 months I was subbing/doing part time jobs, so despite my salary being 60k, I only made about $30k in 2019. I'm trying to estimate what my payment would be so when we get our W2s next month, I can do the math regarding MFS vs MFJ, but my payment amount depends on if they use my 2019 return (where I made about $29k) or my 2020 return (where I've made about $60k). Because they already have my application, will they still use my 2019 stuff, or will they make me update it with my 2020 return info? Or should I just hold off on filing altogether until I get placed on an IBR (I requested PAYE-I definitely qualify based on my 2019 return and my loan amount)? I'm usually an early filer, so if I should just wait I can suck it up this year, but for subsequent years, can I re-certify my income in January before I file, and will the annual certification date change to January, or is the annual certification always due on the anniversary of the FIRST certification (does that make sense?) So for example, they will certify my income in March 2021 when my grace period ends and I'm put on an IBR. If in 2022 I want to do the re-certification before I file taxes in January (only 10 months after the initial income certification) will I still have to re-certify in March 2022, or will I be good until January 2023? Additionally, once you are on PAYE, can you be kicked off? Or will you still remain but just pay the cap of whatever the Standard payment would be? [link] [comments]  |
| Posted: 01 Dec 2020 08:49 AM PST I've already paid off my entire loan. Even when I go onto the website it says I owe them $0.00 and "congratulations, you have fully paid off your student loan" yet their system is acting as if I'm still in repayment (even though I paid off my loan BEFORE my repayment period had even started) and they took money out of my account! [link] [comments]  |
| Reminder - You can get a refund of payments made during COVID forbearance Posted: 01 Dec 2020 01:30 PM PST Just wanted to post a friendly reminder as I only just remembered this myself, and today I requested a refund of the one payment I made during the interest freeze. Here's hoping the forbearance is extended. [link] [comments]  |
| How can I get a $50,000 student loan and spend it mostly on myself? Posted: 02 Dec 2020 12:43 AM PST If Joe Biden is going to wipe out up to $50k in student loans, I want in. What's the easiest way to get a 50k student loan and spend it mostly on myself? I have been self-learning Spanish and French for a few years. I'm thinking a couple of "language learning semester abroad" kind of things would suit my case. One in Latin America, and the other in Europe (Spain and France)? Maybe even a language learning semester at sea! How can I make this happen? What websites should I explore to research the paperwork I will need to fill out? What will the process look like? I've never taken a student loan before and have no clue about the process.
About me: Middle age, middle class, in the mid-west (USA). Graduate Degree. Employed. If I were to spend a year abroad, I can feasibly adjust my job so that it's completely online. If you have any more questions, please ask. [link] [comments]  |
| Posted: 01 Dec 2020 01:22 PM PST I did not graduate. Does anyone know where to start looking at how to refinance student loans? All the places ive been wont let me because i didnt graduate. A quick Google search led me to a couple places but all said i had to be a graduate to refi. [link] [comments]  |
| Advice ... is this a good idea? Posted: 01 Dec 2020 10:24 AM PST My boyfriend just got his masters degree about 7 months ago. He's got a great paying first job considering no real professional career making about 73k. Some poor financial planning has landed him with nearly 350k in student loans mixed private/public .... His parents are advising him to do a interest only prepayment plan for the year bc he has no credit history and hope to refinance after showing that he's made payments on time ... blah blah blah I can't help but think this is a dumb idea. He's still going to have his principal and accrued interest haunt him. His reasoning for this is bc he can't afford his payments as is. He is saying his scheduled payments as of now (assuming he doesn't do interest only payments) would be at 2700-3200. If that's true he'd barely be able to afford rent in our HOCL area. Can someone explain to me the logic of interest only ? And what the negatives/positives of doing this might be? Thanks in advance reddit :) [link] [comments]  |
| I will have to use student loans next year, can I get some tips? Posted: 01 Dec 2020 04:19 PM PST Hi! So next year (2021-2022) will be my last year of college, and I will have my bachelors degree. I went to community college for two years, entirely on pell grants and this year, I transferred to a four year college. My pell grants didn't cover everything, but I was able to pay for everything else out of pocket (My leftover tuition & books were only ~$600). I filed my FAFSA about a week ago, and since my parents income increased, I am no longer eligible for pell grants and will most likely have to use student loans. I am looking for scholarships, but I don't volunteer, or have any extracurricular activities. I have a 3.5 GPA and I'm a WOC, but that's it. I'm currently looking at using ~$8,000 of student loans. Are there any tips anyone can offer me? [link] [comments]  |
| Navient Says Loans Aren't Federal Posted: 01 Dec 2020 10:17 AM PST Earlier this year, when student loan payments were put on hold, I noticed that my payments were still being withdrawn from my account. Navient told me, on two separate occasions that because of the type of loans I had, my account didn't qualify for the protections that went into place and I had to either keep making my payments, or apply for a one time emergency relief to place my payments on hold for however long (I think it was 3-6 months). At the time, I just took their word for it, but I'd like to find out for sure, for a couple of reasons. First, if there's any chance that some sort of student loan forgiveness comes into play under the next administration, I would obviously like to take part. If my loans didn't qualify under the current changes, I am worried they won't qualify if some sort of forgiveness is enacted. Second, I'd just like to understand the difference, double check what Navient told me, and see if there are any options available to me if this is true to put myself in a better position going forward. My loans are all Stafford loans, 2 subsidized, 4 unsubsidized. According to Navient, they are some type of older loan that is no longer counted as federal? It didn't make sense to me, and the people I spoke to didn't inspire confidence in my that they knew what they were talking about. Loan types all show as FFELP, and there's a red note under the interest rate that says "Interest rates for federal loans are set by congress". Can anyone help shed some light on this, or point me in the right direction to research this further? I've been paying on my loans all year, which I don't really mind since I haven't been impacted too badly (they took away our 401k match and no raises this year but no layoffs, no reduction in pay or anything of the sort). But that extra $600 per month without an interest penalty would have been a nice boost to help pay some other things off this year. [link] [comments]  |
| IBR income recertification during COVID Posted: 01 Dec 2020 07:08 AM PST Earlier this fall, I read on this sub that income recertifications were not going to be required until next year. However, when I called FedLoan and asked in September, the rep told me I needed to submit as normal in October. I just got an email from FedLoan saying that my recertification was approved and my payment almost doubled. During this process, I did get an email from ED confirming that recertification is not mandatory this year. Is there any way to cancel my recertification and go back to my lower payment for 2021? I'm lucky to still be working, but keeping the lower payment for one more year would be a huge help for my finances. Complicating things, I'm also working toward PSLF and am afraid of losing qualifying months if I ask FedLoan to change anything. EDIT: My payment increase is legit and I'm not confused about that. It's a bigger jump than I expected, but my income did increase last year. Because of other changes in my household, it would be a HUGE deal to me to keep the lower payment for one more year, if at all possible. [link] [comments]  |
| University Accounting Services (UAS): Shady people or just incompetent? Posted: 01 Dec 2020 02:04 PM PST Like many others, I have a good chunk of student loans from undergrad. They range from Stafford loans, which I am repaying through Great Lakes, and Perkins loans which have ended up in the hands of UAS. I am now a grad student, so my loans went back into deferment last Fall semester. I have never had any issues with Great Lakes, as I simply sent in my paperwork and they are painlessly deferred until 2024 (or possibly longer, depending on how this dissertation goes). However, UAS has been nothing but trouble from the beginning. It took months into my school year to finally get my Perkins loans deferred, and I have just come to find out that they require that you call them every 6 months to have them check the national student clearinghouse to see if I am still a student. How did I find this out? By a random check in on my credit score that showed a drop of over 100 points due to delinquencies with the Perkins loans. Not through phone call alerts, email or snail mail -- but it took me checking my credit score to learn that I had delinquent accounts for loans that should have been in deferment. I called them up immediately, and they've assured me that they will rectify the deferment status with it also being retroactive (it literally took them a minute to check with the student clearinghouse while I was on the phone). That should also rectify the delinquencies on my credit score, but I lodged a dispute with Experian (and a complaint with BBB, where they have a B- rating) just to cover all my bases because that would be an absolute long term killer on my credit score. This seems like a super shady way to carry out student business, and a bad faith policy for recertifying student status (if it only takes checking the national student clearinghouse, why in the world do I need to call to have them check it?). I'll be calling every 6 months from now on, because lesson learned, but something about this just feels wrong. What are peoples thoughts? Does anyone else here have similar experiences with UAS? Please share if you do. Thanks! [link] [comments]  |
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