$55.6 Million Student Debt Canceled for 3 For Profit Schools - Westwood College, Marinello School of Beauty, and Court Reporting Institute Student Loans |
- $55.6 Million Student Debt Canceled for 3 For Profit Schools - Westwood College, Marinello School of Beauty, and Court Reporting Institute
- Student Loan Forbearance Extension [Discussion]
- -93k in debt to worthless, a seven year journey through what I once thought was inescapable debt
- I f’ed up but it was a total accident for student loans
- Help I think I've been scammed
- Adding PSLF to loans on IBR for 8 years
- Filling out the FAFSA to consolidate Parent Plus loan?
- ITT tech loan forgiveness notification
- Loans while on leave of absence
- QUESTION: Loans w/out co-signer and no credit history
- Great Lakes Payments
- Forbearance extension
- Need help choosing private loan lender
- "Remember your Loan Codes" - What does that even mean??? (Consolidating)
- Student Loans when you've been unemployed?
- Overdue student loan options
- Student Loan Supplement to Income
- Is it possible for me right now to target my principle student loan balances for repayment and wait on the accrued interest?
- Has anyone let their loans fall into collections to settle for less?
| Posted: 09 Jul 2021 10:01 AM PDT Story: Business Insider - $55.6 Million Student Debt Canceled for 3 For Profit Schools Copied from article, in case anyone has access issues: President Joe Biden's Education Department on Friday made progress in its promise to reform the student-debt system by canceling student debt for three more groups of defrauded borrowers. The Education Department announced on Friday that it had approved borrower defense claims from 1,800 borrowers who attended the for-profits Westwood College, Marinello Schools of Beauty, and the Court Reporting Institute, resulting in approximately $55.6 million in relief. "Today's announcement continues the U.S. Department of Education's commitment to standing up for students whose colleges took advantage of them," Education Secretary Miguel Cardona said in a statement. "The Department will continue doing its part to review and approve borrower defense claims quickly and fairly so that borrowers receive the relief that they need and deserve." According to the press release, this is the first time the department has announced approved borrower defense claims for students who attended for-profit institutions other than ITT Technical Institutes, Corinthian Colleges, and American Career Institute since 2017. The debt-cancellation methodology created under Education Secretary Betsy DeVos, known as the "borrower defense to repayment, compares the median earnings of graduates with debt-relief claims to the median earnings of graduates in comparable programs. The bigger the difference, the more relief the applicant would receive. While President Barack Obama's Administration approved 99.2% of claims by defrauded borrowers, President Trump's Education Secretary Betsy DeVos denied 99.4% of those filed during her tenure. DeVos' method ran up a huge backlog of claims from eligible defrauded borrowers seeking student debt forgiveness; Cardona said that process did not result in appropriate relief determination and needed to be reversed. With regards to Westwood College, the department found that from 2002 to the college's closure in 2015, the school misrepresented students' abilities to transfer credits and misled students in finding appropriate career choices, leaving students "worse off" after attending the school. 1,600 of those students are receiving $53 million in debt relief. The department also found that Marinello Schools of Beauty "made widespread, substantial misrepresentations" on the type of education they offered, and 200 of those students will receive $2.2 million debt relief, and it found that the Court Reporting Institute misrepresented how long it would take students to complete the program, resulting in 18 of those students receiving $340,000 in debt relief. This brings total loan cancellation based on borrower defense under Biden to over $1.5 billion for nearly 92,000 borrowers. -------------------------------------------------------------- I have had a borrower defense claim against Westwood since 2017, so this news is potentially life changing. I'll let everyone know what (if anything) I receive about my claim after reading this story. [link] [comments]  |
| Student Loan Forbearance Extension [Discussion] Posted: 09 Jul 2021 05:33 PM PDT Can we please pressure the Biden Administration to take action in extending the forbearance period? The damn deadline is Sept 30!!! Bailout the people, not the corporations! Can anyone refer me to any groups that are talking about all this, thanks! -Mr.Tuff [link] [comments]  |
| -93k in debt to worthless, a seven year journey through what I once thought was inescapable debt Posted: 09 Jul 2021 07:41 AM PDT Here is an x-post from the /r/financialindependence subreddit, I made this post yesterday, and I owe alot to /r/studentloans for helping me manage my student debt. Like many of you, I was depressed, anxious, and oftentimes in denial about how much debt I was in. I lost sleep over this for years, but my story (so far) has a positive ending. I hope this inspires you in some way! [link] [comments]  |
| I f’ed up but it was a total accident for student loans Posted: 09 Jul 2021 08:57 PM PDT I applied for a discover student loan and my income is 1500/yr which is what I put on my dads a and I meant to put it on my discover loan but I put 15,000 on accident and accepted for a 5.5-8k loan and didn't realize until after that it said my income was 15k. Am I going to be prosecuted? What do I do? I'm scared shitless [link] [comments]  |
| Help I think I've been scammed Posted: 09 Jul 2021 05:58 PM PDT So I received this letter in the mail about reducing my student loans and to call the number. I assumed it was the government attempting to reach out to me to remind me about my loans. I called the number and they asked me to login into my FSA and send them my data. I did, and I received an email that some information was changed. I didn't think to much of it but that should have been my first red flag. They transferred me to another rep which was REPAYE. The rep mentioned all the benefits to the program and how there's a fee of $1,500 or $289.25 a month. But that I qualifed for forgiveness and $2,000 would be removed from my loan. He asked for my social and and bank information/routing. I gave that information willingly thinking this was a legit federal program. He had me sign some papers. I wish I would have seen this forum sooner but I didn't and I was stupid enough to give out my information. I called my bank letting them that I fell for a scam. They noted it and advised me to open a new account if I would like it as a precaution. They also told me they could freeze my account but I have upcoming bills to pay so I couldn't. So my question is what do I do next? The rep Teddy told me that I can cancel on the 12th and provided me a phone number they are closed until Monday. The only thing I can do is wait till the next week. [link] [comments]  |
| Adding PSLF to loans on IBR for 8 years Posted: 09 Jul 2021 05:13 PM PDT This might be a rookie question but I can't seem to find the answer. I graduated in 2014 with Direct and Direct Plus loans. Since graduating I've been on IBR and have been making my payments on time and recertifying annually. This whole time I've been working in the private sector. Now an opportunity has presented itself for me to work for the state government. Can I just add PSLF to my current repayment plan if I am hired with the state without ruining the progress on my IBR? What happens to my qualifying payments on IBR for the 20/25 year forgiveness if I later leave public service? Will the years I am on PSLF count towards forgiveness/IBR at the 20/25 year mark if I don't stay on PSLF for the full 10 years? Thanks in advance! [link] [comments]  |
| Filling out the FAFSA to consolidate Parent Plus loan? Posted: 09 Jul 2021 01:24 PM PDT Hi, many years ago I recall filling out the FAFSA for myself and I'm sure we did something for my mother to get a parent plus loan for myself. We've been advised that we can consolidate it and go for income-based repayment. I created an account for my mother at studentaid.gov, and it said to fill out the FAFSA to verify her social security. Trying to do so but the questions are all aimed at you know seniors in high school ("What will your degree be for the school year 2021-2022" etc). Is this the only way to verify her social? When we sign into studentaid.gov now it just says that we have limited things we can do from the dashboard because SSA is still verifying her number, which may take 1-3 days.....but, we haven't completed the FAFSA yet so I don't think they're actually verifying her social? So are we doing the right thing, filling out the FAFSA?! (side note: I did for sure create an account for myself at studentaid.gov, but if I did so for my mother I can't recall, not to mention but her email and phone number's changed since then) [link] [comments]  |
| ITT tech loan forgiveness notification Posted: 09 Jul 2021 12:59 PM PDT Two Questions: I am asking if anyone has received notification since Biden's announcement about ITT tech students loans being forgiven? My application has been pending since 2019, and I definitely meet the criteria. When I check the borrowers defense website, my app says pending but won't load when I click on it. I used to be able to review my application, but it seems I can't anymore. Is this happening to anyone else? Thank you in advance for any insight. Praying for all of us! [link] [comments]  |
| Loans while on leave of absence Posted: 09 Jul 2021 04:13 AM PDT Hi, I am enrolled in a graduate program but had to take a leave of absence because I have a premature infant in the NICU. Today I received a notice from AES that I have to resume payment on my loans starting in August because my status has changed to 'out of school'. I thought I was consider still enrolled while I was on the leave of absence, so I thought I wouldn't have to pay on the loans during this time. I can't pay them. I'm not working and my husband is on FMLA for the next several weeks. What are my options? I'm kind of freaking out. I guess I could remove myself from the leave of absence and try to work on my degree, but it's going to be really difficult for me to do while my life is a steaming pile of shit. Are there any other options? [link] [comments]  |
| QUESTION: Loans w/out co-signer and no credit history Posted: 09 Jul 2021 12:45 PM PDT I am going into my senior year of college this fall and my parents have decided that they are no longer paying for my college and are also refusing to co-sign on a loan. I have good scholarships and some money saved up, so I am only looking to borrow around 16k for the next two semesters. I don't have any credit history myself because my parents never let me get a credit card. Are there any loan options that don't require a credit score AND no co-signer? [link] [comments]  |
| Posted: 09 Jul 2021 04:02 PM PDT I'm wondering if this is happening to anyone else. I usually schedule a payments on every pay day usually a few days before. Recently I have notice that when I did that its not actually coming out. I always make sure when I am done scheduling my payment it says scheduled on that date. It happen to me last night I made a payment but its not being taken out today. I had to do a new payment that is set on Monday, but I do not think that is going to come out of my account on Monday. Is this happening to anyone else? [link] [comments]  |
| Posted: 09 Jul 2021 04:34 AM PDT What are the chances that forbearance will be extended past 9/30? [link] [comments]  |
| Need help choosing private loan lender Posted: 09 Jul 2021 02:55 PM PDT Hello! This is ny first post here. I am going into college and I wish to apply for a private loan (deadline is 31st of august). I need about $7500 for my first semester and need a little help choosing a lender. My options are College avenue, PNC bank and Salli Mae. Im an US citizen and have not lived in the states for the last decade. Ihave a cosigner family member there (mid 700s credit score). Can anyone give me some tips on which to choose and which would be a better option? I think it would be better to go with a fixed rate and pay interest until i graduate. Please tell me what would be best. Thanks!!! [link] [comments]  |
| "Remember your Loan Codes" - What does that even mean??? (Consolidating) Posted: 09 Jul 2021 01:31 PM PDT I'm trying to consolidate 9 loans but I got to a page that listed all my loans with either a "G" or an "A" next to it. The text reads "the letter codes in the table above are how you should identify the specific loans that you should consolidate." Does that mean I should group them by letter and consolidate for two separate loans or bunch all 9 up and the codes come into play later? Am I able to make a separate consolidation request for group A and G??? [link] [comments]  |
| Student Loans when you've been unemployed? Posted: 09 Jul 2021 01:04 PM PDT Hi I've been unemployed for a year and a half now due to Covid. I'm trying to apply to student loan agencies but I keep getting declined, despite co-signing with my mother who has been working for 7 years. I'm afraid to keep applying since her credit score is only 600 and I don't want to lower it further. That leaves me with two questions.
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| Posted: 09 Jul 2021 12:44 PM PDT To begin, I know I've screwed up. Running from the fear, guilt and stress of your not paying on your student loans finally caught up with me. I decided to finally face my fears of reaching out to rectify being behind on my loans and I'm ready to move forward. I was wondering if anyone else has experienced this same situation. Was there anything you wish you had known or done when it comes to working with collectors? Are there any options out there? Questions to ask or opportunities to look for to make this easier? Any information would be helpful. Thanks! [link] [comments]  |
| Student Loan Supplement to Income Posted: 09 Jul 2021 12:28 PM PDT Hey everyone, Thanks in advance for any advice. My fiancé and I are moving in together in Chicago. I just graduated (no debt) and got a job making $60k pre-tax and she is attending a SAIC masters in the fall. She has very little (-10k) in undergrad student debt. Financial aid, scholarships and federal loans have covered her tuition with about $3k leftover. We are looking to take on additional private loans to assist with the high cost of living, but are not looking to borrow beyond our needs. Most likely in the $10-15k range per year for her 2 years of graduate school. Does anyone have any tips or advice on how to go about shopping for private loans and what we should know in advance before applying? Anything helps, thanks. [link] [comments]  |
| Posted: 09 Jul 2021 09:32 AM PDT I have 11 federal student loans at varying interest rates from 3.4% to 6.8%, totaling about $40k. I was just looking at them individually and saw that Navient conveniently breaks down the topline number for me into the current principle and the accrued interest. For example, if I look at my main list of loans, one of them says I owe $4,485.90. When I scroll down, it says that the loans is made up of a $3,620.57 "Unpaid Principal" and a $865.33 "Unpaid Interest". Is it possible for me to make a $3,620.57 payment towards the unpaid principal and leave the $865.33 for later, since that would stop any additional interest from accruing, or how does that work? Thanks. [link] [comments]  |
| Has anyone let their loans fall into collections to settle for less? Posted: 09 Jul 2021 08:45 AM PDT I am sure I'll get hate for this post. I am having a mental break and desperate. I have about $147K in student loan debt since 2013. I have made payments every month, but I can't take this hopelessness feeling like this will never work out for me. My mother took out a parent plus loan which is $114K in her name. I have a loan in my name for $33K but to me, that is manageable. The $114K with 8% interest feels impossible and never ending. I have heard stories that peoples loans get sold to collections after not paying for a period of time and then settle for much less. I want to do this. I know everyone will say I'm an awful child because it would screw up my moms credit. I know, I get it. But I'm desperate and it's just me in this, no one in my life is there to save me. So what would the harm be if I stopped paying it, let it go to collections, and I just pay what they offer to settle on? Am I making it sound easier than it really is? I couldn't call up the loan company and just ask if they would settle on a lower price correct? The loan would have to stop being paid and be sold off to collections to then be settled? My parents are 59 and 61, have their house paid off, close to retirement in the next 2-3 years. I know it would bomb their credit but.... I don't think they need credit for anything at this point in their life? Is there anything else that could effect them if I stopped paying and settled down the road? Again, probably going to get hate. Typing out of desperation. [link] [comments]  |
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