Is there a way to get my money back? Student Loans |
- Is there a way to get my money back?
- If you were in charge of student loan reform, what would you change?
- Nelnet calling me multiple times a day telling me my payments will resume.
- Friends are considering taking out Federal loans to pay off terrible private loan. Is this legal?
- Is it better to pay SL debt in a lump sum or to make payment? Someone said lump sum hurts your credit.
- New servicer not honoring next payment due date
- $13K Student Loans
- Move Out to HCOL or Continue to Live at Home (70K debt)
- Student Loan Disbursement
- Take out student loans ?
- Who should I use for housing expenses during college ?
- Another servicer transfer - this one for defaulted Direct Loans
- Should I pay off my loans?
- Thoughts on redacted memo/2022 midterm election
- Best student loans as of right now?
- How to get off ex wife's school loans?
- Out of options and money to continue my program next semester
- Any disadvantage of applying loan payments to next months?
- Quick question about applying for student aid out of province (Canada)
- No advocating default
| Is there a way to get my money back? Posted: 05 Nov 2021 08:44 PM PDT Context: I went to TMIKY (The Medical Institute of Kentucky) from Nov 2018 to Mar 2019. The school that I attended is no longer accredited and, soon after I graduated, no one wanted to hire me because of the school's lack of accreditation and overall bad reputation. At the time, I was young and was actually pressured into signing a private loan contract with them. They would let you drop out until halfway through the program (the internship did not start till this point, so you did not actually know whether or not you liked what you were doing until you were no longer able to get a refund). The "tuition" was about $10,000 for 16 weeks. I have been trying to work with my loan company for the longest time (Scratch/Meritize) and I feel that I ultimately got scammed. I have tried to get a hold of the school for months and they never answer. I cannot even get a hold of my transcript, having no proof of me actually going to that school. Is there a way that I can possibly talk to someone to help me appeal this? I apologize for my words being all over the place; I ultimately feel that paying $10k for a practically invalid certificate is absurd. Any help would be much appreciated! [link] [comments]  |
| If you were in charge of student loan reform, what would you change? Posted: 05 Nov 2021 10:03 PM PDT |
| Nelnet calling me multiple times a day telling me my payments will resume. Posted: 05 Nov 2021 07:27 AM PDT They keep calling me, sometimes multiple times a day. I get calls at 10am and 9pm. It's always the same prerecorded message telling me payments will resume soon. Sometimes it's totally silent and then it hangs up. I'm current on my loan and they're still harassing me. Anyone else have a similar experience [link] [comments]  |
| Friends are considering taking out Federal loans to pay off terrible private loan. Is this legal? Posted: 05 Nov 2021 06:34 PM PDT My friend has a terrible variable rate (9.5%) on his private student loans ($19k), and is considering taking out more Federal loans to pay it off. I think we all know Federal loans inherently have better benefits (Income Driven Repayment options, the small chance that it will be forgiven, not to mention it would be a lower, fixed rate), but I don't see this option ever offered up around here. Mathematically, that is the best option for him, and he said he gets enough offered that this is possible. Is this as simple as it sounds or are there potential repercussions that I'm not aware of? [link] [comments]  |
| Posted: 06 Nov 2021 12:34 AM PDT |
| New servicer not honoring next payment due date Posted: 05 Nov 2021 11:56 PM PDT My student loan was previously serviced by GSM&R, and has now been transferred to EdFinancial. While serviced by GSMR, I was fortunate enough to make multiple sizable payments that applied in a way that I was "paying ahead", meaning that my next due date was extended pretty far. My next payment due date in my GSMR account showed to be sometime in 2024. Now that my loan has been transferred to EdFinancial, my next due date is showing to be September 2022. I just sent an email pointing this out and asking to restore my next due date to its state at the time of transfer, but was just wondering if anyone else has dealt with with, and I guess a heads up for anyone who may be in the same boat to check for this. [link] [comments]  |
| Posted: 05 Nov 2021 09:45 AM PDT Since the start of the pandemic, the student loan interest freeze has been a tremendous help for me to make a dent on my loans. Unlike most, I was fortunate that I wasn't laid off so I was able to keep paying off my loans with the interest freeze intact. That meant I was able to pay over $12K since April 2020. My balance is down to about $13K. I don't anticipate loan forgiveness so I'm plugging away as best as I can. I just worry the interest reinstatement will slow down some of my progress. Any advice on forging ahead? [link] [comments]  |
| Move Out to HCOL or Continue to Live at Home (70K debt) Posted: 05 Nov 2021 12:38 PM PDT Hi Everyone - long time lurker of this sub. I am in my early 20s, and lived at home (privileged for the opportunity) for the past year due to the pandemic. However, I have a little fear of missing out (FOMO) since I was planning on moving into a city and starting my career like my peers who are reaping the benefits of the social aspects city life brings for young professionals. I currently have 30K saved to pay down my federal loans a portion of my 70k balance when January's interest deferrment ends. For reference, I make ~80K pretax a year. My question is, how did you weigh deciding to live with your parent's (and save money) vs. starting your 20s and moving out (but extending the loan paydown period)? Have you felt similarly with living at home while peers have already left home? I will be moving to HCOL area (think NYC, LA, etc.). Any advice is appreciated, and from lurking this sub, people's debt paydown stories are inspiring and motivating. I hope to pay down my debts in the next 2-4 years. [link] [comments]  |
| Posted: 05 Nov 2021 08:54 PM PDT I recently accepted a student loan from Sallie Mae for 20k but the program I'm going to join is only one semester, how would the disbursement work? Would I get all the 20k or in portions? [link] [comments]  |
| Posted: 05 Nov 2021 08:40 PM PDT Hello, I have about 20,000 from my bachelors and I am considering going for my masters which would cost about the same, I would end up with around 40,000 in student loan debt but I was wondering whether it was worth it, any opinions are welcome as far as this goes, should I go ahead and do it ? [link] [comments]  |
| Who should I use for housing expenses during college ? Posted: 05 Nov 2021 02:39 PM PDT I do not have any tuition costs at my school due to a scholarship. The only thing I have to cover are textbooks plus housing expenses (aprox $850/month rent) I'm very lost on where I should apply for a loan/what kind of loan. Any advice/help/tips would be appreciated !! [link] [comments]  |
| Another servicer transfer - this one for defaulted Direct Loans Posted: 05 Nov 2021 07:52 AM PDT The ED announced today they were terminating the contracts for the collection agencies that service their defaulted loans (so this doesn't affect most defaulted FFEL or Perkins). Below is some text from the announcement. "Today, FSA informed the PCAs that on Monday, November 8, we will begin the process to recall approximately 5.1 million borrower accounts. This process will basically withdraw PCA's access to these accounts on FSA's Debt Management and Collection System (DMCS). Because we expect to transition the default counseling, debt collection, and related work to BPO vendors – some of which (or their subcontractors) are current PCAs – we also informed the PCAs that we will begin the process to wind down their contracts. This process will take several months. In the short term, MAXIMUS – which operates DMCS – will continue to assist borrowers via the Default Resolution Group (DRG) contact center. MAXIMUS is experienced in operating the DRG, and we are confident they will effectively support borrowers as they prepare for the payment pause to end after January 31, 2022. FSA will email borrowers to explain the change and let them know what they can expect. We are also alerting our other contact centers about the change, and when the time is right, we will update StudentAid.gov and other information once the PCA contracts officially end." *So if you have a defaulted loan watch your mail for info on who to work with moving forward. Also, if you have a defaulted loan, you should look into resolving it during this covid period especially. https://freestudentloanadvice.org/past-due/federal-loan-default/ * From Politico The Biden administration on Thursday moved to terminate the contracts of companies that collect defaulted student loans on behalf of the Education Department — the latest shakeup to the student loan program as officials prepare to restart monthly payments early next year. Rich Cordray, the department's student aid chief, said in a statement to POLITICO that the decision to end the contracts with the debt collectors was "part of a long-term strategy to improve defaulted federal student loan collections." The decision, he said, would allow the Education Department to "more effectively support borrowers who are at risk of defaulting on their student loans" and provide streamlined customer service to borrowers. The Education Department has for years employed outside debt collection firms who are tasked with recouping money from borrowers who default on their student loans, though the number of companies has recently shrunk. Department officials notified the 11 remaining debt collection companies on Thursday that it was recalling their existing student borrower accounts in the coming days and would soon end the contracts completely. Key context: The decision comes as the Biden administration is still deciding how to address the roughly 7 million defaulted federal student loan borrowers whose debt has essentially been frozen during the pandemic. That relief is set to expire at the end of January, and monthly payments and interest are expected to resume in February. POLITICO reported last month that Education Department officials are considering a plan that would automatically wipe out those defaults and provide borrowers with a "fresh start" when monthly payments restart. Senate Democrats have urged the Biden administration to adopt such an approach. Cordray told Congress last week that the agency's plans for defaulted borrowers are still under discussion. GOP pushback: Rep. Virginia Foxx, the top Republican on the House education committee, blasted the Biden administration's decision to end the contracts, arguing it would put the companies "out of business permanently." "The Department's action is yet another example of putting the preferences of their progressive allies over the needs of struggling student borrowers," Foxx said in a statement, which accused the administration of working in "bad faith" with the companies. Flashback: The Trump Education Department at one point also sought to phase out the use of dedicated companies to collect defaulted student loans. Many progressives welcomed that plan, but Congressional Republicans pushed back on the idea amid resistance from the companies. The Trump administration plan was effectively dropped as it ran into legal challenges and contracting disputes and delays over its broader plan, known as NextGen, to overhaul federal student loan collection. The Biden administration is rethinking that plan and hasn't yet announced a replacement long-term strategy. What's next: Officials said that the millions of defaulted borrower accounts would be handled "in the short term" by Maximus, which already has a contract with the Education Department to manage defaulted loans. (Maximus is separately in the process of taking over a different batch of non-defaulted loan accounts from Navient). Eventually, the department said, officials plan to manage defaulted student loans through using a cadre of specialized contractors and subcontractors who focus on different aspects of loan servicing and debt collection — rather than assigning them to a single debt collector. Those various contractors — which the department calls its Business Process Operations vendors — were named by the Trump administration last year but have not yet ramped up to full operation. "It is our ongoing commitment to put students and borrowers at the center of FSA's work and ensure they are supported and not taken advantage of by servicers or collection agencies," Cordray said in a statement. [link] [comments]  |
| Posted: 05 Nov 2021 07:11 PM PDT I have around 7,000 in combined federal subsidized and Unsubsidized Loans. I'm in a position where I have a fairly large savings and decent income and can have them paid off in about 10 months. I'm 21 years old for reference. The ones that have interest will start accruing this January. Should I pay them off as quickly as possible or a strategic payment plan to show more payments for my credit? I have a 736 credit score and am wanting to do the most efficient and strategic route I can to help my score or deter it from lowering. [link] [comments]  |
| Thoughts on redacted memo/2022 midterm election Posted: 05 Nov 2021 09:48 AM PDT So my general thoughts on why would the Dept of Ed pretend they didn't write the memo for months and than redact all of it? It seems to me that it says that the president can forgive loans. If he couldn't I just think he would say so. So that either means he doesn't want to or he's saving it for a politically advantageous time. I believe this will be the 2022 Midterms due to the fact that the party in the white house tends to lose seats in the following midterms and the Dems are becoming more unpopular due to not passing the legislation they promised. So I think Biden's going to dangle it as a carrot to get young people out to the polling place. So I actually think the 10k forgiveness around the midterms might happen. Def no the 50k though. [link] [comments]  |
| Best student loans as of right now? Posted: 05 Nov 2021 10:38 AM PDT As an independent student, I have a credit score (according to credit karma) of 740. My federal loan offer was insanely low and I'm going to have to take out a private loan. I looked up discover and saw some pretty good reviews. Just wondering if anyone has had any experience with them or other loans Thanks [link] [comments]  |
| How to get off ex wife's school loans? Posted: 05 Nov 2021 04:31 PM PDT Hopefully this is allowed here. Was married. Co signer on ex's school loans. She quit and left me while I was sick. Healthy now (so far, and thankfully). Now officially divorced. How can I find out all the loans I am a co signer on? Also,how can I get off the loans (other than her refinancing all the loans as a way to start fresh? She's supposed to refi... But she's been "working on it" aka lazy for months) [link] [comments]  |
| Out of options and money to continue my program next semester Posted: 05 Nov 2021 02:59 PM PDT I'm in my community college's Diagnostic Medical Sonography program in my first semester. I had a federal loan (and listed as dependent) so I have a limit of 6,500 for the entire year. My first semester cost alone for tuition and books was $4,500 and I used all of it. This semester I have to take an extra class in the program so my tuition again is already over $4,500. So I looked to private student loans and my school isn't listed anywhere to even consider it. They literally told me to consider a payment plan or scholarship which is bs. I'm working less and have to quit my job for this program and I barely can afford gas. All the scholarships don't apply to me and not even enough to cover my tuition. I'm 23 and only have a fair credit score and i'm still paying off my credit card. I'm at a loss what to do and really don't want to be kicked from my program. It was so hard to get into :( [link] [comments]  |
| Any disadvantage of applying loan payments to next months? Posted: 05 Nov 2021 02:32 PM PDT Since there aren't payments due right now, when I make a payment it can either be applied to this month or applied to future payments. There's a box to check to not have it apply to future payments. I cannot think of a reason that I should be checking this box. It doesn't seem like it'd be paying any extra in interest or anything so can anyone please let me know if I'm missing something? [link] [comments]  |
| Quick question about applying for student aid out of province (Canada) Posted: 05 Nov 2021 02:06 PM PDT Hey! So I'm from Alberta and I'll be applying to go to back to school in BC in September 2022. From what I gather, if I were planning to return to Alberta I'd apply for an Alberta student loan. However, I'm (hopefully) planning to stay in BC after school's done and will be staying with family for the duration of the course. Does this mean I should still apply for Alberta student aid, or do I wait until my move is complete and apply for BC student aid? Thanks in advance for any help! [link] [comments]  |
| Posted: 05 Nov 2021 01:01 PM PDT I've been in default for a long time. I don't think i've made more than 3 payments on my loans since I graduated in 2011. I think it's time I do something about it but why? I do want to return to school in the coming years, will I not qualify for loans if my previous ones are in default? Is there anyway I can convince them to just charge me the principle? It's literally doubled in 10 years and I don't see how that would be any different if I had been paying this whole time. I don't make a lot of money. There was a couple years I made ok money bartending but I saved it and gave it to my future husband to buy us a house. [link] [comments]  |
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