Devos resigns! Student Loans |
- Devos resigns!
- An explanation of the supposed "covid discharge"
- Seriously: How did this OP manage the be the one single person in the entire country who got magical $20k "Coronavirus 19" student loan discharge by the Department of Education?
- Paid Off!
- How to do a total lump sum repayment with Nelnet?
- UAS SUCKS
- Student loan is charged-off Settlement Advice
- End of my IBR era
- Taking a leave of absence with loans - very confused
- Opt back into CARES act student loan benefits - Retroactively?
- I'm at a loss at what to do.
- HELP! To pay or not to pay?
- So I will start med school this fall at my state school. The total calculated cost is around 66k a year with tuition and everything else. Any tips of how to pay off loans?
- What exactly is refinance?
- Student Loan Repayment Plan Tax Question
- Payment Plan/PSLF help
- Identity used to file fraudulent unemployment claims, need to freeze credit reports. How will that affect grad school loans?
- Student loan discharged for those of you saying it’s a scam here is proof I received a letter also.
- Requesting the refund was surprisingly easy!
- Possible to take a full academic year off without financial consequences?
- My school account says that I should be over funded a little over two thousand dollars. This is for the 2020-2021 FAFSA. I was wondering, will that be all at once or are they gonna split it up?
- Just graduated, when are payments due?
- Student Loan Entrapment - High Cost Private Education (60k/yr)
| Posted: 07 Jan 2021 06:02 PM PST Per the wsj. https://twitter.com/JMitchellWSJ/status/1347360527916392448?s=19 I'm the Betsy again! Edit: Too good not to share. American federation of teachers press release regarding this announcement. https://www.aft.org/press-release/afts-weingarten-betsy-devos-resignation-education-secretary [link] [comments]  |
| An explanation of the supposed "covid discharge" Posted: 07 Jan 2021 04:51 PM PST So in this post https://www.reddit.com/r/StudentLoans/comments/kroqnb/20k_loans_forgiven/ Op claimed to have received a "covid" discharge. As there is no such thing I, and others, wrinkled our noses and cried "scam!" Well - after asking OP some questions i'm here to clarify that while there is no such thing as a covid discharge, OP's screen shots are not forged. Here's what happened. Under the CARES Act, if a student withdraws for covid related reasons, the school was instructed NOT to do what's called a return of title IV calculation and not to return or cancel any financial aid funds like they would normally be required to. Normally, if you withdraw before completing 60% of the semester, they have to calculate how long you were there and return the difference. So if your loan was ten grand for the semester, you withdrew after only 10% was completed, they'd have to return $9K to the feds. with that said, most schools refund policies are very different from the financial aid refund requirements - so it's common when a student withdraws for money to go back, but the student ending up owing the school a balance. often there's a no refund policy after just a couple of weeks into the semester so in the example i gave above, in normal times, the 9K would have gone back to the feds and the student would owe the school a bill of 9K. With so many students withdrawing or schools ending the semester due to covid, congress was trying to prevent this situation so for a finite period, if the student withdrew due to covid no return of title iv calculation and subsequent refund was required. In addition, the feds would treat those funds like they WERE cancelled so the student wouldn't owe that money. the idea being they shouldn't have to pay loan funds for schooling they didn't receive. Like i've said many times, the relief provided under CARES is like nothing i've ever seen before. Final piece of the puzzle. Because a loan refund or cancellation triggers other things, for ease of processing, the feds instructed the servicers to just treat it like a loan discharge. It's not a loan discharge - it's something unique - but for system and processing purposes this fits in the discharge slot so that's how they were instructed to handle it. the wording on the letter could be clearer so misunderstandings like this didn't happen - but it is what it is. OP withdrew during that semester, and that triggered this. So - in short - this only applies to students who withdrew from school due to covid related circumstances and only if such a withdrawal normally would have triggered a refund of their loans. And it's not really a discharge - that's the tool they are using to make the books come out right. [link] [comments]  |
| Posted: 07 Jan 2021 11:30 AM PST Letter explaining that the discharge is for the "disaster" that is "coronavirus19" here: https://imgur.com/a/PJG6VlS OP followed up with screenshots of the lender's portal showing their new after-discharge balance. OP confirmed they've only been out of school for 2.5 years and are currently enrolled in grad school, nor did they apply for any relief programs that may exist. So it wasn't any standard currently established relief program. IF SOMEONE IS GETTING DISCHARGED A RANDOM $20K I - AND I AM SURE ALL OF US - NEED TO KNOW HOW. EDIT: It's not a scam. And it's not a discharge. Answer here: **https://www.reddit.com/r/StudentLoans/comments/ksra6k/an_explanation_of_the_supposed_covid_discharge/ OP just wasn't explaining their situation fully. [link] [comments]  |
| Posted: 07 Jan 2021 09:47 PM PST Paid off just before the new year and almost forgot to come and make a commemorate post until I saw a credit alert today. It was a modest amount of less than 30k, and took me a little over ten years. It was pretty wild to see throughout life of the loan, the interest I paid in total was OVER 1/3 of the principle! Rate was 6.8%. [link] [comments]  |
| How to do a total lump sum repayment with Nelnet? Posted: 07 Jan 2021 09:23 PM PST I have very graciously been given a large amount of money from a family member specifically to pay off my student loans. I am wondering if someone can explain how to go about a total lump sum repayment so I can forget about them? I am not interested in advancing my monthly payments, I want to just do either a total pay off of all of my loan groups, or 7 out of the 8 of them and continue to make monthly payments on one group, whichever is easier. The amount of money given to me will only fully cover 7 of them, and I personally have some savings that will pay the last but I am not interested in using that unless it will make the total repayment process significantly easier. I'm familiar with the Nelnet website but I don't fully understand how everything works, so I'm truly terrified of accidentally making a massive payment not in the way I want to. I found some info on this subreddit but it was from a few years ago so I want to make sure i have up to date info. I'm guessing I will have to call them to do this but exactly what do I ask for? I am a first gen college grad and dont really have any guidance in this area from family. Thank you in advance! [link] [comments]  |
| Posted: 07 Jan 2021 08:25 AM PST Anyone else have issues with UAS? My account is constantly past due when it isn't and they initially entered my loans in wrong and reported to credit agencies that I was past due for a loan that had the wrong repayment start date. It was fixed but dealing with them is so frustrating and it seems like every time I call to fix something, it never gets done. My question is, would Perkins loans fall under the possible student loan cancellation? I'm not banking on it but if not for sure, I would love to maybe refinance just to get away from this shit service. For reference, my total loan amount is $6,700 with an interest rate of 5%. I believe I would be a good candidate for refinancing, my credit score is a 730 and I am fortunate to have steady employment. Thanks in advance! [link] [comments]  |
| Student loan is charged-off Settlement Advice Posted: 08 Jan 2021 12:31 AM PST Long short, the covid situation had me unemployed for a long while and I am now chargedoff for my 45k student loan. This happened literally 3 months ago. My lender (wells fargo, yes this is a private student loan) is now selling their student loan business to nelnet. Wells fargo is not very keen on settling, so is it in my best interst to wait until the debt is sold to nelnet, and Can I even settle since this happned less than a few months ago? Thanks /r/studentloans [link] [comments]  |
| Posted: 07 Jan 2021 12:58 PM PST So today after 11 years of annually recertifying IBR, Nelnet tells me I no longer qualify for a reduced payment under IBR. My debt to income ratio forced me to qualify 🙌 to pay the full monthly payment. /s. I've managed to pay down $80k in principal during that period and there's no interest to capitalize. Not much changes since I had planned to keep overpaying anyway. But this is the lamest financial milestone I've experienced so far in my life. I'm staring down the remaining $68k balance. Smh [link] [comments]  |
| Taking a leave of absence with loans - very confused Posted: 07 Jan 2021 07:07 PM PST I was going to take a leave of absence for this semester but I've been receiving conflicting information on if I would still be counted as "in-school" with my school or not, which I need to be for my federal subsidized loan. Has anyone here taken a leave of absence while with loans? How did it work out? [link] [comments]  |
| Opt back into CARES act student loan benefits - Retroactively? Posted: 07 Jan 2021 07:43 PM PST Did anyone else opt out of Cares Act protected forbearance on Myfedloan and get back in? For context: I was unclear whether these $0 payments would could as qualifying payments under Public Service Loan Forgiveness and wanted forgiveness ASAP, so I opted out and kept paying. My bad for sure, but there was bad messaging on this at the time and I was a little overwhelmed with pandemic news and an infant etc etc to really dig into the details so went with what I thought to be the safest choice. Obviously staying in would have been a better choice. My question is whether anyone has been able to opt back in retroactively? I thought just suspending payments would be enough, that I would still be covered by the Act's protections, but apparently (after talking to myfedloan help) I actually gave up all rights to Cares Act benefits and totally booted from consideration in the program. It'd be great to get retroactive opt in back to last spring and get all my payments moved to credits on my account, but I would be glad with retroactive opt in to back to when I suspended payments a couple of months ago (and so I'm now past due). [link] [comments]  |
| Posted: 07 Jan 2021 10:47 AM PST Hello! I'll cut right to the chase-- I graduated in 2019. My mother did all of my FAFSA and student loans for me. She was a Branch Manager for 13 years so I assumed that she knew what she was doing. I am only paying interest payments right now at $647 a month. These are unsecured loans so I haven't even tried to reconsolidate for a lower rate. I have 2 loans that I currently pay from Sallie Mae:
At this point, I'm not even making a dent in them as I'm paying only interest. I make $15 an hour so between my loans and my rent, I'm using more than half of my paycheck. Through the app, Sallie Mae doesn't let me make principal payments so I'm not able to put anything extra in. What can I do? [link] [comments]  |
| Posted: 07 Jan 2021 03:34 PM PST Hello all, So here's my situation, I have 24.7k in loans right now, all federal. 9,186 sub and 15,539.67 in unsub. I have enough money to pay these loans in full with some left over, but I don't know if that's the right decision. I want to take advantage of this interest free period And pay without having interest accrual if I can, but I don't know if paying them all at once would tank my credit score. What do you guys think, should I pay it off in one lump sum or should I pay it off in large chunks so that I don't completely go broke. I live at home right now but I'm wanting to move out in May, my rent would be estimated at $500-$600 a month, I'm currently employed full-time and make $19 an hour. I've also been waiting to pay in case the forbearance gets extended or if any sort of loan forgiveness is passed, I would really beat myself up if they forgave $10,000 and I paid it already. Your advice is appreciated. [link] [comments]  |
| Posted: 07 Jan 2021 06:28 PM PST |
| Posted: 07 Jan 2021 11:51 AM PST A quick google search shows me that refinancing is when you change your current loan to a lower interest rate and get a lower monthly payment, hence more money in your pocket. Yet I have a few questions as I have never refinanced before.
Instead of refinancing, can I put down a large lump sum of money (specifically ask to be into the principle) to reduce the loan? Will that get my monthly payment lower to? Thank you very much! [link] [comments]  |
| Student Loan Repayment Plan Tax Question Posted: 07 Jan 2021 04:46 PM PST I know that the CARES Act has allowed employer-made student loan contributions to be untaxable for most of 2020 but does anyone know if SLP plan adminstrators usually send out a separate tax form or is this detail reported on the W2? I called the plan adminstrator and the rep sounded a little uncertain.. Thank you! [link] [comments]  |
| Posted: 07 Jan 2021 10:40 AM PST I need some guidance. I'm not sure if I can explain this well, but I'm going to give it a shot. I am currently in year 5 of PSLF payments. I came into this late, as I have had these loans since graduating from Grad school in 2007, but consolidated to do PSLF once I learned about it. Currently I am on REPAYE. When I consolidated and started on the REPAYE plan I made SIGNIFICANTLY less money than I do now, and I know since REPAYE doesn't have a CAP I may end up with crazy high payments here pretty soon. Every year I recertify using the previous years taxes (my recertification month is February), so when I recertified last year I used 2018 financials, this year will be 2019 (if we have to recertify, I'm unclear) and the following year will be THIS years income. I guess my question is, when should I change payment plans? I can do that right? According to the aid.gov calculator even at my highest possible income I will qualify for ICR, which is approved for PSLF. Do I wait until my recertification payment is higher on REPAYE than ICR? Can I do that? Am I making any sense? Happy to answer any questions. Thanks :) [link] [comments]  |
| Posted: 07 Jan 2021 10:30 AM PST Hey all, I was just notified by my employer today that my identity was used to file unemployment claims. I'm actively working full-time for said employer, so clearly those claims are fraudulent. I've reported the fraud to the FTC, followed through with local law enforcement, and pulled my credit report. Pretty straightforward. My issue, however, is that I was just accepted to grad school to pursue my masters. I'm going to have to take out student loans to pay for classes which I'm afraid may be affected by the next step of freezing my credit report. Does anyone have any experience with this? Should I still freeze my credit report? I haven't noticed any illicit activity and I check it frequently. Will a frozen credit report complicate my loan process? Thanks! [link] [comments]  |
| Student loan discharged for those of you saying it’s a scam here is proof I received a letter also. Posted: 07 Jan 2021 04:14 PM PST |
| Requesting the refund was surprisingly easy! Posted: 07 Jan 2021 10:11 AM PST Just thought you guys might enjoy some good news when it comes to student loans and the federal servicers. I have Great Lakes, and today I decided to request my payment amount for March-now. All I had to do was find the "contact us" number and answer a few identity questions then make my request. I'm really surprised how easy it was. I didnt even have to wait long for get a real person. Only annoying thing is itll take about 2 weeks for the money to come back to me. P.s. sorry for people who have less than stellar federal loan servicers and didnt have this experience. [link] [comments]  |
| Possible to take a full academic year off without financial consequences? Posted: 07 Jan 2021 12:16 PM PST I already took Fall 2020 off and I think I've already used up my grace period because of it. However, I'd strongly prefer not to go through online classes again. Despite our school being "ready" for online classes last fall, a lot of students are still thinking of taking Spring 2021 off, which makes me worry for what this semester will bring. Is there any way I can take this semester off again without having any financial troubles? If I do take this semester off, I'll just be staying at home without employment until my summer internship (if I even find one this late). [link] [comments]  |
| Posted: 07 Jan 2021 10:41 AM PST |
| Just graduated, when are payments due? Posted: 07 Jan 2021 12:44 PM PST Hey Everyone, I just graduated and it says that my student loans are due 7/2022. Does this mean that I need to start making payments at that time? Or will my school report to my loan distributor initiating the 6 month grace period? Thanks for the help! [link] [comments]  |
| Student Loan Entrapment - High Cost Private Education (60k/yr) Posted: 07 Jan 2021 11:49 AM PST Before I explain the situation I believe it necessary to give the description of the Student Loan I received and Timeline: ____ Opportunity Award (Need Based Grant)
Sequence of Events: 2016-17: $45k in need based scholarship 2017-18: $40k in need based scholarship 2018-19: $0 in need based scholarship 2019-20: $0 in need based scholarship Now on to the situation. While it cannot be ignored that in the description of the award it states that the award is not guaranteed each year, the circumstances that surrounded the non-renewal of my scholarship were suspicious and after talking to friends I felt it necessary to obtain additional information. For obvious reasons, I was ecstatic to receive this scholarship and attend a school that my family and I had no feasible way to afford. This was undoubtedly the exact reason I chose to go to this school. I had a paid deposit for another university that I had planned to attend before receiving this scholarship. Now, as I said above it is clear that the award is not guaranteed, it does say in the fine print that the " The amount he is awarded each year will vary depending on need." I think it worth noting that the drop from 2016 to 2017 was due to a sibling graduating from another college and no longer being a dependent, proving that there was a variability to the loan disbursement process. Now to the drastic change from 17 to 18. I opened up my financial aid package and obviously was appalled by the new cost of the university that I was attending. Over night, my cost of education had increased from ~45k to a total amount upwards of 130k. My families financial situation over that year had remained totally stagnant and if anything was slightly hindered by my fathers auto immune disorder diagnosis (nothing serious but caused him to miss work for a period of time). Ultimately, we learned that I was, in fact, not "eligible" for the need based loan as my family had a negative Adjusted Gross Income. The response we received was that I had been improperly awarded the loan (for 2 years) and since they had recognized their mistake they could no longer afford me any financial assistance whatsoever. The two arguments I see possible is the cost benefit analysis from attending the other school (i.e. what would have been paid for the other education) or remedy for pulling aid away for no change in my situation but for a clear error on their part. Ultimately, I felt that I was lured into a high cost education and they used 2 years as an in to recover a net gain from me in the end, at the very least I would like to ensure this is not a regular occurrence / happening to other students. I know it is complicated so I will try to answer any questions and thank you for any help given. [link] [comments]  |
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