Ed Office of the General Counsel hires Toby Merrill, founder of the Project on Predatory Student Lending Student Loans |
- Ed Office of the General Counsel hires Toby Merrill, founder of the Project on Predatory Student Lending
- I did it!!!
- Loans Advice
- 125K in private looking to consolidate
- Will payment be recalculated after forbearance?
- 4 Credits.. Can I get a loan?
- Refinance Private Loans - Eligibility
- Documents for Defense for Repayment
- Should I refund my COVID payments?
- Paying down loans before grad school
- First-Generation College Student Seeking Guidance
- Should I consolidate my student loans?
- One semester loan for community college, transferring to a 4 year
- Refinancing
- Anyone graduated from law school?
- Guide to setting current college student up for loan repayment success
- PSLF-IBR how to get a decent monthly rate while paying other debt and not being totally broke
- Help! No knowledge of student loans
- Question about Art Institute, borrower's defense, and FFELP loan.
- Nurse loan forgiveness
| Posted: 07 Jul 2021 05:05 AM PDT A new hire at the Education Department is another in the growing number of experts who have fought alongside Massachusetts Sen. Elizabeth Warren to reform the student-loan debt system. Toby Merrill, founder of the Project of Predatory Student Lending at the Legal Services Center of Harvard Law School, was hired as the Education Department's Deputy General Counsel in the Office of the General Counsel on Tuesday, according to a press release. The Project represents low-income student-loan borrowers in predatory lending cases against for-profit schools, and according to its website, Merrill has represented borrowers in cases that resulted in almost $1 billion in student-debt cancellation. Notably, her work has caught the eye of Warren, a prominent Democrat pushing for President Joe Biden to cancel more student debt. Another Warren ally — Richard Cordray — joined in May as the head of the Federal Student Aid office, and while he has not publicly commented on cancelling student debt, he has, like Merrill, shared much of Warren's agenda throughout his career. [link] [comments]  |
| Posted: 07 Jul 2021 06:54 AM PDT I graduated in May of 2017 and entered repayment in January of 2018 right after I had just started my career. My last payment is processing but all loans are now showing $0! In total, I paid $31,663.92 (only $2,497.70 of that being interest) I recognize that I am extremely lucky to have come out of a 4 year (state) school with about the average (plus all federal) but I have also worked my ass off to almost double my salary in the last 3.5 years (started at 33k/year, just hit 60k in March). My first year of repayment I only paid slightly over the minimum. Then, I started paying almost double that (around $700/month) in 2019. Last year, when the interest rates were changed to 0% I went to work. I was fortunate enough to keep my job (albeit with a 10% salary cut for ~9 months) and I kept attacking my loans. In 2020 I averaged about a $1000/month payment and that increases to an average of $1500/month for the last 7 months. I also want to note that while I still have my expenses like a car payment, insurance, etc. I do not have a rent payment as I live with my boyfriend (he pays rent, I buy all the groceries, cook, clean etc.) But we do also live in a LCOL area. I say this so other people reading do not get discouraged when they have more expenses than me. That said, I'm just SO excited to have this off my back. I don't know if it would help anyone but I would be glad to answer any questions anyone might have!! This community has been a great support and I'll be honest I lurked here just about every day to stay motivated 😊 [link] [comments]  |
| Posted: 07 Jul 2021 08:36 PM PDT Hey all, so I'm a triplet and my sisters are both going to a reg college and I'm going to community college. My mom still has student debt so she can't co-sign a loan and my dad can only co-sign one loan, and he doesn't have a high enough credit or so he says. FYI I don't know anything about loans, or finances. As a concerned caring brother id really like to help my sisters out. If we can't get another loan for my sisters, then my mom said she'd sell the house which I really don't want her to do since we've lived in that house all our lives. Another thing I should mention is my parents are divorced. I'm concerned and stressing about this even though it's not my problem. So is it true that he can co-sign two loans? Is there any other way we can get two loans for them? I'm just confused and concerned. I have enough money for my college from work, so I'm pretty much set. Help would be very appreciated! [link] [comments]  |
| 125K in private looking to consolidate Posted: 07 Jul 2021 07:19 PM PDT Thanks for any advice that comes my way! I didn't get a lot of financial aid and had to put all my tuition on private and government loans. I want to consolidate my private because the payments are going to be insane. I have 125K in private and make 33.5K (private school teacher) before taxes so I keep getting denied. Should I try and do multiple consolidations? I know I can put some into forbearance but since I owe so much I'd like to explore all of my options. Thanks again! [link] [comments]  |
| Will payment be recalculated after forbearance? Posted: 07 Jul 2021 10:59 PM PDT Quick question, guys: two years ago, I started making payments on my student loans (42K, federally-own, amortized for 10 years). I called my loan servicer early this year to check in on things; we discussed payment options, payoff dates, etc. Surprisingly, the representative told me that my monthly payment would be recalculated once forbearance ends, according to the balance there be by September 30th. Too, he mentioned that the amortization period would NOT be reset to 10 years. Great news, I thought. Fast forward to June 11th. As I have been making payments consistently, I called again regarding my potential new payment. This time, I chatted with a different agent. Shockingly, however, she had no idea what I was talking about. She told me my payment would remain the same, but the amortization period would be reduced to five years (because of all the payments I've made). I called a third time a few days later to ask again. I ended up talking to a third representative! To my fading fortune, neither did this third person know about post-pandemic payment recalculations. He invited me to call again towards the end of September, when more details come out. Was I lied to the first time? will payment be recalculated after forbearance? EDIT: Grammar. [link] [comments]  |
| Posted: 07 Jul 2021 10:40 PM PDT Hey everyone. I noticed that in Spring 2022 I will technically only be taking 4 credits. I have to take Respiratory 102 with lab and then I have clinical which doesn't count towards my credit hours. I was offered both subsidized and unsubsidized federal loans already, but I don't want to accept if I'll run into problems when they see I'm only registered for 4 credits. Any suggestions are appreciated!! Side note - I have 4 hours of lecture and 2 hours of lab, so I'm unsure why it's only considered 4 credits. [link] [comments]  |
| Refinance Private Loans - Eligibility Posted: 07 Jul 2021 09:54 PM PDT I have 4 private student loans totaling about $99,000. All with Citizens. They have high interest rates so I'd like to refinance to reduce the rates and monthly payment. Avg rate 7.5-8% Total Loan Balance = $99,000 The current loans are co-signed. I want to refinance with no co-signer. Credit score is about 680. Annual salary is $87,000 I am wondering if the community thinks I will be able to successfully refinance these loans? Should I refinance all or leave one loan out to potentially throw the savings at to pay off quicker? Can provide more info to those interested and O appreciate any help. [link] [comments]  |
| Documents for Defense for Repayment Posted: 07 Jul 2021 08:16 PM PDT I was wondering would documents showing my wages being garnished help my case? If so where would i find those? [link] [comments]  |
| Should I refund my COVID payments? Posted: 07 Jul 2021 07:29 PM PDT Hi! As back story, I currently have a little over $75K in federal loans. At the beginning of COVID, I had about $81K, which means I paid roughly $6K during COVID to my federal loans. This effectively paid off one of the loans, which was about $1K of the $6K. After I realized federal loans would be in deferment for quite some time, I swapped over to paying off my private loan, and I've successfully paid off about $11K of that loan this year, and have about $22K left. In terms of interest rates, my federal loans range from a 3.76%-6.6% for the 17 separate loans (bachelors and masters degree). My private loan is about 3.5% variable. I also have my half of a car loan for about $8K, and a personal loan for about $13K, and then varying credit card debt of roughly $15K. I'm trying to really get myself in proper order with my financial situation, and just started at a better paying job which will hopefully help. However, I suppose my question would be if it would make sense for me to request a refund of my COVID payments, and use that to pay toward my private loan, or any other of my debts, or if since we are so close to going back into repayment for federal loans, if I should leave it there and just continue tackling my other debts how I have been? Thank you in advance! [tldr; should I request federal loan refund on covid payments to put toward other outstanding debts, and which one should I put it toward if so?] [link] [comments]  |
| Paying down loans before grad school Posted: 07 Jul 2021 12:45 PM PDT I'm at $25k for federal undergrad loans. I am starting a 1 year graduate program for accounting this fall and I'm wondering how concerned I should be with these. I have $25k in savings and I want to hold onto a decent cushion while in grad school. I have an assistantship lined up which comes with a $4,500/semester stipend and a tuition waiver. I also have grants lined up so I will likely not be taking any additional loans out, just need to cover cost of living and CPA exam fees. I paid down $5k last month because I want to save on interest in case the rates start up in September. I have about $6k in unsubsidized loans and I am thinking about knocking those out completely so no interest accrues. Any input would help. Thanks! [link] [comments]  |
| First-Generation College Student Seeking Guidance Posted: 07 Jul 2021 02:44 PM PDT Hello, all! I'm a first-generation college student and, while I do my own research, am ignorant of the in's and out's of college. I started community college in Spring 2020. I'm 28 and am just now a sophomore at 32 credits. I'm aiming for a BS and, if there are no hiccups with the plan, I will transfer to a four-year school in the Fall of 2022. At that point, it will take several more years to complete the BS at this pace. I work full time making 38k in a field completely unrelated to my major. It's simply paying the bills. Here's what I would like guidance on: getting it done faster. I currently pay 100% of tuition and books with Pell Grants. Would dropping to part-time with work, taking out a loan, and increasing my credit load be a wise decision? Are there other options? Thank you! [link] [comments]  |
| Should I consolidate my student loans? Posted: 07 Jul 2021 01:35 PM PDT Hello! I'm a first-generation college student so I have very little exposure or support system for how repayment works or what the benefits to consolidating would be. I have federal loans all through Nelnet. These are the current amounts and interest rates: $ 3,656 - 4.29% I'm currently working as a freelancer so my income isn't very steady and I'm really going to start struggling to make payments very quickly if I don't find a job before the temporary payment suspension ends. [link] [comments]  |
| One semester loan for community college, transferring to a 4 year Posted: 07 Jul 2021 04:08 PM PDT I live by myself, and work 40 hours a week close to minimum wage with it barely covering expenses as it is. I'm 20 so moving in with either my Mom or Dad could still be an option, but I want to save it as a last option if any. To me it would almost be weird moving back in but if I have to I might just need to go with it. With going to school full time, my work hours would be cut down to 16 a week. I would not even be able to cover all of my expenses if I did this. I was curious if it was possible to get a student loan to help with the fall semester. I plan on transferring to a 4 year school after, and living on campus there, so I'm not sure how that would work. Going to community college is a redemption period for high school by the way, otherwise I'd just apply to a 4 year at this point. Both schools have similar tuition rates, but I've heard mixed things about loans transferring and don't want to get my self in a sh*tty situation doing this either. Would this even be a good idea? Thanks in advance EDIT: I do plan on taking loans out at the 4 year school [link] [comments]  |
| Posted: 07 Jul 2021 03:55 PM PDT I have 3 private loans through Sallie Mae from college. I would like to refinance to combine them and get a lower interest rate. Does anyone have recommendations on a company to refinance with who offers fair rates? -a stressed new grad [link] [comments]  |
| Anyone graduated from law school? Posted: 07 Jul 2021 03:45 PM PDT Graduated in May .. when should I worry about the payment plans and stuff? Did I wait too late? [link] [comments]  |
| Guide to setting current college student up for loan repayment success Posted: 07 Jul 2021 01:30 PM PDT Hello everyone, I am entering my third year at my in-state university (currently 30,000 in debt) and it looks as though I will end with 55,000 dollars in debt. Loans are taken out on my name and I am currently paying a monthly amount of around 30-50 dollars to get ahead of the repayment. I have a Roth IRA I have been contributing to regularly for almost a year, as well as a few investments (nothing fancy) and am hoping to pull the money from there to pay off my debt once there is enough? I would love to know how to get ahead of these and pay them off asap, or how to maneuver paying them off though investments etc? Thank you! [link] [comments]  |
| PSLF-IBR how to get a decent monthly rate while paying other debt and not being totally broke Posted: 07 Jul 2021 12:59 PM PDT Hey guys! I will try to make this straight and to the point as I am looking for advice regarding my unique situation! I currently work for government and was enrolled in PSLF. I have 80k in student loans and probably have about another 5 years until I finish the 10 year program but my concern is I make over 100k a year and with the 10% disposable income rule with IBR my monthly payment will be more than I can afford! The pause has allowed me to pay a great deal of cc and loans down but I'm not done yet and my fear is in September I will start to drown again! What options are available to me to make the payments feasible or put it on pause so I can get one more year of breathing room and then I will just have the students loans, utilities and mortgage; everything else will be paid within the year. Any suggestions, ideas, options are welcome! Thank you in advance for reading! [link] [comments]  |
| Help! No knowledge of student loans Posted: 07 Jul 2021 12:35 PM PDT Hi everyone! I began my freshman year of college Fall 2019 and the pandemic kicked us to online in March of 2020. I took a gap semester this past semester Spring 2021 because I started doing awful in online classes. Now, I'm trying to go back to school and my uni's financial aid office is telling me I have a balance on my account and can't register for classes until it is lifted. This made me realize I had never taken out loans to begin with. But, according to the FAFSA website, I have 1 in subsidized loan ($3,500) and 1 unsubsidized loan ($2,020) both from the Department of Ed/Mohela. Super confused as to where these came from…what do I do? Should I take out loans from Sallie Mae to pay for the balance? Help pls 😀 [link] [comments]  |
| Question about Art Institute, borrower's defense, and FFELP loan. Posted: 07 Jul 2021 11:06 AM PDT Hi all, I just found out about some of this and I am a little confused. My wife and I attended the Art Institute between 2003 - 2007. It was honestly a disappointing experience and the job placement aid was laughable, after I graduated I was being sent jobs for food delivery and retail jobs at the mall, nothing related to the field I had just graduated in, they constantly flaunted their industry job placement numbers etc. We are still repaying our loans, my wife finished hers but her dad still has over 10k left under his parent loan, we wanted to see if we are eligible for borrower's defense after the AI lawsuit and closure. From what I have read, our loans are FFELP and it looks like those do not qualify for the program. Would we have to consolidate these loans into FFEL loans in order to qualify? Or is it too late to try to apply for this program? [link] [comments]  |
| Posted: 07 Jul 2021 04:26 AM PDT Hello All, My wife was a frontline covid nurse during the pandemic. Are there any special loan forgiveness programs she may be eligible for? Thanks [link] [comments]  |
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