Prediction of the next three years Student Loans |
- Prediction of the next three years
- Why is the interest free period ending?
- Did anyone get an email from Fedloans saying they will not be transferring your loan to a different provider ?
- Received a Letter from Fedloan About a week ago that my Loan would be transferred to Nelnet in about 15 days , BUT ED has not yet emailed or contacted me about the Transfer ? Shouldn't they both Notify me ?!
- My father took out a PLUS loan for my college…. He deferred on the loan for 1.5 years due to being laid off from Covid; the bank then sold his loan, and now he owes more. How do we get the balance from the new lender to make it what it originally was?
- If I choose to resume payments will it also generate interest?
- Private loan question
- Are you a parent or grandparent that has assisted in paying for a student's college? Help the CFPB - get a gift card!
- What is the current interest rate for student loans? Canada
- Small quick loans?
- Interest subsidy but no history of payments for 17 months!
- Refinancing with Sofi - bonus
- Should I hold off paying student debt?
- When is the final day to send tax information for income driven?
- Refinancing Term Length Strategy
- Any lawyers within this forum want to weigh in on the redacted emails and memo regarding legal authority for student loan cancellation?
- Where should I refinance my private student loans?
- European universities and loan deferment?
| Prediction of the next three years Posted: 02 Nov 2021 09:38 AM PDT Biden is not going to cancel student debt until after payments restart and everyone is scrambling to pay their bills. Then right as the midterms are gearing up in midJuly he is going to put forth a bill to cancel however much per borrower. Democrats are going to vote for it and campaign on it hoping young voters with debt come out to vote in November. The bill won't go into effect until after the election because it will need to be built into the budget that won't pass a newly elected Republican Congress because democrats don't show up during the midterms. The amount cancelled will change as a compromise and won't go into effect until the following year at which point people will have defaulted on their loans because they can't afford the payments and there will be a clause that says if you default on your loans you will not be eligible for cancellation until you have 24 months of solid payments behind you. At which point there will be a new President either because of a primary challenge to Biden or a untied Republican Party where Trump does not run again as the nominee or an independent splitting the ticket. And the bill will be repealed or challenged in the Supreme Court where it will be ruled unconstitutional and everyone who had their loans cancelled will have them reinstated. [link] [comments]  |
| Why is the interest free period ending? Posted: 02 Nov 2021 09:33 PM PDT I am not ranting or trying to make a political statement, I just legitimately don't understand why we have an all or nothing debate about student loans. Conservatives say borrowers signed the papers and are now on the hook whatever the interest rates or state of income. Liberals just want to wipe out all student loans. Why can't there be a middle ground? I would happily pay back my entire loan as soon as I possibly can. The problem is I currently can't for various reasons and my loan is accumulating while I am UNABLE to pay it which means that when I do finally get a chance to pay it in 5 or 10 years, it will be a mountain of debt that feels unclimbable. Why can't we just wipe out the interest rate? It's not like they are getting it now anyways. Then every dollar I pay could bring down the balance. I could see my payments make a difference and would feel hopeful about the light at the end of the tunnel. I would even be ok with a set fee, say 5%, up front that is tacked onto the loan. It is the unlimited spiral of accumulation that makes me feel like there is no point in making a payment because I can't cover the interest in order to even try to touch the principle. Why even bother, right? And yes, there are programs to lower payments, but the interest still accumulates at 3%, 7%, 12%. "You can pay a low payment of $50 per month! (But you will actually accumulate an additional $100 in interest on your principle so your loan will be even bigger and harder to pay next month.)" I am in an income based payment plan. Have been for years. I now owe 10000 more than when I started, despite making my required payments. At this point, it feels like the government is trying to profit off of my lack of income. Do you see what I mean or am I crazy? [link] [comments]  |
| Posted: 02 Nov 2021 06:12 PM PDT Specifically, I got an email from them to check my Fedloans inbox. Checked out and it said that the Department of Education (ED) "determined it was not necessary to transfer your loan account". Anyone get the same email ? [link] [comments]  |
| Posted: 03 Nov 2021 12:40 AM PDT Hi , about a week ago I received a letter from Fedloan that in the next 15 days or so ( in about 7 days or so approximately from now ) I will be transferred to Nelnet as my new ED Servicer for my loan , Which is good I have heard and seen better Ratings about Nelnet. My question is , per Department of Education Announcement I read online , ED itself would also notify me of transfer before it happening at least 14 days before ( yes they do have my email and maling address ) ... So why I have Not received a notice from ED itself as well ? Anybody else in the same shoe , received the transfer of Servicer from Fedloan to Nelnet Notice , But Not informed by ED itself yet ? Shouldn't ED also notify me as per law ?! Since ED has not emailed me yet about the transfer of servicer, does it mean there might be a delay in transferring or it will go as Fedloan anticipated date for transfer to Nelnet ? Just confused. Thank you :) [link] [comments]  |
| Posted: 02 Nov 2021 10:49 AM PDT My dad took out a $30K PLUS loan to pay for my college many years ago; it was serviced through Commerce Bank. He got it paid down to $18K, and then Covid hit, he got laid off, and had to defer on the loan. During his payment deferment, Commerce Bank, without informing him, sold his loan to someone else, and the payments he's made on it never transferred… he now owes $30K total with the new lender they sold it to. I want to help him make payments on it but would like to know if it's possible to negotiate with the new loan lender to reflect the balance he actually owes, which is $18K. Should we also get a lawyer? [link] [comments]  |
| If I choose to resume payments will it also generate interest? Posted: 02 Nov 2021 11:16 PM PDT I may have screwed up. Like many of us, my loans were paused due to COVID. I have fortunately been able to continue to pay as normal though. Also, my company offers a benefit that will make a payment of $100 per month toward your student loans if you make a payment of at least $100 per month. I tried to take advantage of the benefit but it said the loan needed to be in active status. I thought about it and thought the interest might outweigh the $100 per month benefit, so I decided against it, but then it hit me, if I resume the payments now, will it start generating interest? or has interest been frozen until January 31? [link] [comments]  |
| Posted: 02 Nov 2021 03:27 PM PDT I am graduating in the Spring with a degree in Computer Science. Currently I have roughly $22k in federal loans, including next semester it will be roughly $26k. I have an extremely heavy course-load, so I am looking to take a loan out so that I can continue to pay rent. I have crunched the numbers, with the amount I work now (roughly 25-30hours a week) I am going to run out of money to pay my bills soon. I have tried to avoid loans as much as possible, attending community college for two years and paying the difference from my federal loans from my savings. However, my savings have run dry. I have no cosigner, my credit is decent, but the problem is lack of credit history/meaningful income (minimum wage). The only loan I have found so far is $5000 (The amount I've figured to pay my bills until May) at 11%. It seems very high, but I don't know much about private loans. However, I am in desperate need of a loan, I don't have many options at this point. The idea of being over $30k in debt makes me very nervous. [link] [comments]  |
| Posted: 02 Nov 2021 07:50 AM PDT I have been asked to post this by the Consumer Financial Protection Bureau. This is from a contractor of theirs working on new tools. Let's talk about paying for college Are you a parent, grandparent, aunt, uncle, or other family member who is considering or has helped to pay for a student's college education (including two- and four-year programs and training or graduate programs)? The Consumer Financial Protection Bureau (CFPB) wants to hear from you! CFPB is seeking individuals to provide feedback on draft products designed to help people like you navigate this complicated decision. Are you able to participate in one-on-one virtual interview for up to 60 minutes? You'll receive a $75 gift card in appreciation for your time! If you are interested in participating, please call Abt Associates at 888-839-8521 or email us at FamilyCollege@abtassoc.com to be scheduled for a time. [link] [comments]  |
| What is the current interest rate for student loans? Canada Posted: 02 Nov 2021 10:06 PM PDT I'll be graduating in August and I know interest rate will be frozen until March 2023 but just want to know what is the interest rate like. When I looked online it said 2.45 but that seems so low. Some people I know are saying 7% 8% range this is Osap by the way. [link] [comments]  |
| Posted: 02 Nov 2021 08:56 PM PDT Can't make my student rental payment this semester. A few things changed and I'm at risk of being evicted. No cosigner, no private loans out. I tried SoFi but I only need about $2,000 and their minimum is $5,000. Any ideas? I asked to be able to save up and give it to my landlords and they simply said no. [link] [comments]  |
| Interest subsidy but no history of payments for 17 months! Posted: 02 Nov 2021 08:01 PM PDT I am planning to complete the PSLF and began making my payments back in 2013. I just got my borrowing company to send me a transcript of all of my payments. Most of the time the payment type was listed as "Payment" with my paid amount of around $500. THEN I was shocked to see that for 17 months between 2014 and 2016, the payment type switched to "Interest subsidy" as with an amount around $60 each month. For the life of me I know I did not stop paying my loans for 17 months! But during this period I did not see any of my normal $500ish payments that I do on ALL the other months' I need to do some digging tomorrow and calling but I'm panicking because that prolongs my 120 payments. And I just don't understand. Does anyone have any insight into this? I know there was a period of time around then where I switched payment plan types and went from a 10 year payment plan to the income-based repayment plan. Please help [link] [comments]  |
| Posted: 02 Nov 2021 07:24 PM PDT Has anyone refinanced with Sofi and gotten the bonus offer? Right now they are doing $500 and I would like to refinance one of mine and get the $500 to put towards it. Is there a downside here? [link] [comments]  |
| Should I hold off paying student debt? Posted: 02 Nov 2021 10:45 AM PDT Covid didn't effect me financially so I never stopped paying student loans, and have about 8k left. With the student loan forgiveness getting traction lately, should I wait and see the outcome since I'm already under the 10k mark that Biden has mentioned he wanted to forgive? My thought process was, since there is no interest until January could use that money for other things. [link] [comments]  |
| When is the final day to send tax information for income driven? Posted: 02 Nov 2021 10:20 AM PDT |
| Refinancing Term Length Strategy Posted: 02 Nov 2021 10:19 AM PDT I know I've read a few posts on here regarding a general strategy for picking term lengths with fixed rates, but I can't find them through searching. I have $100k in student loans from law school that I plan to refinance before January. (Not looking for warnings on not refinancing—I know the benefits of fed loans but my rates are 7%.) Is the general advice to do a longer term length initially in order to have a lower payment so that you can invest/save/make extra payments, etc? I think I read on here that it's better to do longer terms with lower payments when the debt amount is large initially, and then refinance again later for lower rates with lower terms to keep the payment roughly the same but (ideally) with lower interest rates. Does this sound right or do I have something confused? TIA! [link] [comments]  |
| Posted: 02 Nov 2021 01:38 PM PDT https://news.yahoo.com/read-redacted-student-debt-cancellation-172051689.htmlcancelation? It looks like a determination regarding student loan cancelation was made in April. Any hypotheses on what the determination was, based on the emails and limited information from the memo? [link] [comments]  |
| Where should I refinance my private student loans? Posted: 02 Nov 2021 12:23 PM PDT I took out my loans originally from Wells Fargo but my rates are incredibly high and it doesn't seem like banks are in the business of refinancing anymore. Anyone know anything about Splash or Credible? [link] [comments]  |
| European universities and loan deferment? Posted: 02 Nov 2021 08:01 AM PDT Does anyone have experience attending a European university (for graduate school, or otherwise), where their American private student loans could be deferred? I uploaded my document stating I was a full-time student, but Firstmark is "reviewing the school eligibility," and I'm terrified. Thank you! [link] [comments]  |
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