Some reminders about student loan interest deductions Student Loans |
- Some reminders about student loan interest deductions
- Warren, Pressley push Biden to cancel student debt before payments resume
- Nearly $100k in student loans forgiven due to being a public service employee. Is it still worth it to seek Borrowers Defense to recoup previous payments made to a sketchy for-profit school?
- How Long will they Delay Payments on Student Loans?
- Advice on upcoming loan repayments
- is it too late to do fasfa / css stuff for college tonight?
- Borrower defense to repayment response?
- Please help me understand my loan
- Education costs and benefits in the USA
- Refinance While In School?
- Resubmit Borrower’s defense after mass denial under Devos?
- How to verify new loan serviced isn’t changing my monthly payment?
- Considering private loans as a last resort. Is it possible to get them without a co-signer.
- Advice for Loan Refinancing? Or tips on how to find a good provider?
- Urgent Help Please
- How has student loan debt impacted your relationship with your parents?
- Nelnet Auto Debit Question
- Trying to understand graduate student loans
- College Ave Vs Sallie Mae
- Would the Fed increasing interest rates in March cause private refi company rate to jump?
- Certify Student Services- A Student Loan Forgiveness Program
| Some reminders about student loan interest deductions Posted: 28 Jan 2022 08:20 AM PST The Department of Education posted this useful information on how to get information about the interest deduction. If you need more info i strongly suggest reading publication 970 at www.irs.gov POSTED DATE January 25, 2022 AUTHOR Federal Student Aid ELECTRONIC ANNOUNCEMENT ID LOANS-22-03 SUBJECT Loan Servicing Information - Reporting Student Loan Interest Payments for 2021 As tax time approaches, we want to share general information with the financial aid community about our reporting of student loan interest payments. If a borrower made federal student loan payments in 2021, the borrower may be eligible to deduct a portion of the interest paid on the borrower's 2021 federal tax return. Student loan interest payments are reported to both the Internal Revenue Service (IRS) and the borrower on IRS Form 1098-E, Student Loan Interest Statement. Below we provide information about reporting student loan interest for 2021 through three basic questions and answers. Under what circumstances do federal loan servicers report interest payments on IRS Form 1098-E? As required by the IRS, federal loan servicers must report payments on IRS Form 1098-E by Jan. 31, 2022 if the interest received from the borrower in the tax year was $600 or more. If a borrower paid less than $600 in interest to a federal loan servicer during the tax year, the borrower may visit his or her servicer's website for the exact amount of interest paid during the year and, if needed, to request a 1098-E. How many 2021 1098-E's should a borrower expect to receive? Most borrowers who paid $600 or more in interest during 2021 will receive one 1098-E. Borrowers who had multiple servicers in 2021 may receive two or more 1098-E's. If a borrower has questions about 2021 1098-E's, direct the borrower to his or her current federal loan servicer's website for assistance. What are the different scenarios that may apply to 2021 1098-E dissemination? The two scenarios outlined below cover the vast majority of federal student loan borrowers: Borrower's Current Servicer Was Only Servicer in 2021: In this case, a borrower's current federal loan servicer will provide the borrower with a copy of his or her 1098-E if the interest paid in 2021 was $600 or more. The servicer may send the 1098-E to the borrower via U.S. mail or electronically. Borrower Had Multiple Servicers in 2021: In this case, each of a borrower's federal loan servicers will provide the borrower with a copy of his or her 1098-E if the interest paid to the individual servicer in 2021 was $600 or more. If the interest paid to each individual servicer is less than $600, but totals $600 or more across servicers, the borrower may request a 1098-E from those servicers. Each servicer may send the 1098-E to the borrower via U.S. mail or electronically. [link] [comments] |
| Warren, Pressley push Biden to cancel student debt before payments resume Posted: 28 Jan 2022 09:43 AM PST I'm happy to see the pressure continued to be pushed on this. I'd love to see Warren use the letter against Biden. If Biden refuses to make the letter public, it must mean that the letter confirms the President has the authority to forgive student loans. I mean how could it not? The administration has forgiven student loans for a variety of reasons since he took office. [link] [comments] |
| Posted: 27 Jan 2022 03:06 PM PST (This is a question about Borrower's Defense, more than PSLF.) Having 100% loan forgiveness is -90% incredible, -5% frustrating because we should all be able to experience this, and -5% "Wow! Can't believe my dystopian country puts education and healthcare behind a paywall." It may look like I'm looking a gift-horse in the mouth, but it's not a favor. I worked 10+ years in public service for this. If you were me, would you cut your losses or fight for some refunds from those implicated schools that contributed to my getting into this mess in the first place? [link] [comments] |
| How Long will they Delay Payments on Student Loans? Posted: 28 Jan 2022 06:12 AM PST I feel like this isn't being talked about enough - I only heard they were getting delayed again because my lender emailed me - but with student loan payments being delayed again, what do we think will be the end result? I really find it hard to believe one day it will just go back to normal given how "temporary" government policies are never really temporary. Biden mentioned numerous times on the campaign trail forgiving different amounts and with Democrats chances in midterms super low (75% chance of a red sweep according to betting markets), I wonder if Biden makes a hail mary attempt with student loans. [link] [comments] |
| Advice on upcoming loan repayments Posted: 28 Jan 2022 09:57 AM PST My current situation is I have 30k of federal loans under my name and my father has 200k under due to parent plus loans. Currently I make 90k a year but I could see it moving up to 140k a year, 3 years from now If I play my cards right and don't become complacent. I know I'm irresponsible for this but currently I'm pretty clueless on how the whole repayment process is going to pan out. My dad is 70 and has almost 0 income so I'll have to pay the loan that is under his name as well. What's the best course of action I can take to prepare myself for what's to come. [link] [comments] |
| is it too late to do fasfa / css stuff for college tonight? Posted: 28 Jan 2022 06:50 AM PST pretty much im not getting any aid but i didnt know that i had to fill it out for parent loans.. also if u have any tips ^ thanks:) [link] [comments] |
| Borrower defense to repayment response? Posted: 28 Jan 2022 10:32 AM PST Obviously getting a response takes a long time at best, but does anyone know if you ALWAYS get a response even if the answer is no? Also, when I looked into it last the file size they allow for evidence was really small, and my PDF of evidence is way too big even when super condensed, so do they ever contact you for more evidence once they get to your application? Like, could I submit a mini-PDF of "top ten reasons this place sucked" and then send them the rest at a later date while they're investigating? Or is it a one and done thing where I'm only going to get those "top ten reasons"? I'm 95% sure I qualify because my college was a dumpster fire, but I'm just trying to get a sense of how the process actually goes. [link] [comments] |
| Please help me understand my loan Posted: 28 Jan 2022 10:22 AM PST Hi everyone, I am reaching out because I just need someone to explain to me in plain English how much I will be paying monthly for my loan and over the course of several years(the total). This is for a coding boot camp I will be attending ( I understand you can learn to code on your own which I have done and I am ready for a more structured approach ). The loan is through a company called Climb and is for $15,700. It says I qualify for a loan with an interest of 13.15% to be paid over 36 principal and interest payments of $557. With a $785 initiation fee it says my total APR will be 16.6%. Does this mean I'll be paying a total of $20,052 ($557*36)? How much will I be paying in total ? [link] [comments] |
| Education costs and benefits in the USA Posted: 28 Jan 2022 08:30 AM PST ok nothing serious, just my morning caffein buzz 2 cents. Take it with a grain of salt. I've been thinking, students across the country are pressured to go to college, so they can advance their skills that can be applied to the work force, so they can get jobs to support the eonomy and themselves. [link] [comments] |
| Posted: 28 Jan 2022 07:00 AM PST Going to try to make a long story short: Started and prematurely ended undergrad 2014 to 2017, racking up 50k in private student loans with Sallie Mae at a ridiculous interest rate (due to my parents awful credit). Switched career paths and started school again part-time in 2018 online. I just started my final year (I graduate Dec 2022). Because I've been in a new school for 48 months, my Sallie Mae loans automatically come out of deferment. I also work full-time and part-time at a gross income of $45,000 a year. I also own a rental property with income from that; however, I can't seem to find a lender that will refinance these loans. I called SoFi and explained that I'm plenty capable of paying the payments, I just want *less* interest because I know I can get it (credit score of 750ish). Has anyone here had any luck with any particular lender on refinancing while in school? Thanks in advance. [link] [comments] |
| Resubmit Borrower’s defense after mass denial under Devos? Posted: 28 Jan 2022 06:59 AM PST My wife fell victim to the Art Institute's recruitment and Navient's loan practices back in 2004. She meets pretty much all the criteria for forgiveness under Navient's settlement, except we're not sure she was in default of the loans for 7 straight months. She was most certainly in forbearance for several years cumulatively, but I think at most she was 2-3 months delinquent at a time before bringing the accounts current. We had applied for the borrowers defense back in 2016, and it sat under review for several years until she got a denial right around the same time as thousands and thousands of people got denied en masse. I'm wondering if we should hedge our bets and resubmit another borrower's defense, or if people know if there's a way to simply ask for another review of the existing defense? Or if there's another path we should be taking. Thanks for all the great information I've gotten on this sub over the years! [link] [comments] |
| How to verify new loan serviced isn’t changing my monthly payment? Posted: 28 Jan 2022 06:12 AM PST I have $15,500 left in student loans currently being serviced through FedLoan with a standard repayment plan. I got an email that my servicer is changing to Mohela in February. I've already downloaded all of my important documents (payment history, notices of loans being paid in full, etc.) but I'm worried/have heard that Mohela has changed people's monthly payment amount. My loans have been in forbearance since I graduated in July 2020. I have no clue what my monthly payments are and never have. I've tried calling FedLoan to get the monthly payment for each loan and they say they don't have that information because of forbearance. They sent me a letter that's supposed to have a breakdown of my interest rates and monthly payment, but when I got it it had zeros in all fields because of forbearance. Basically, I have no way of verifying that my new loan servicer hasn't changed my monthly payment. Is this something I even need to be concerned with? If it is, how can I protect myself? Any additional information and suggestion are appreciated! [link] [comments] |
| Considering private loans as a last resort. Is it possible to get them without a co-signer. Posted: 27 Jan 2022 09:10 PM PST I'm an 18 yo HS Senior and may need private loans for the college I go to. Could I get them without a co-signer? My mom has bad credit and I don't have anyone else to ask. My mom added me as an authorized user on her credit card and is paying it off. Is that enough credit history or no? [link] [comments] |
| Advice for Loan Refinancing? Or tips on how to find a good provider? Posted: 27 Jan 2022 05:50 PM PST I've just reached the end of my deferment for my private loans, and already feel like I'm drowning a bit because of the interest. I'm looking for a new loan provider to allow me to refinance for a lower interest rate (and consolidated payments) I've missed a couple of payments already because of not having the money to pay the bills (which tainted my credit history), but just recently started working part time while interning (with the hope that I will find a salaried position soon that will allow me to do more than just make the minimum payments) If anyone can help point me in the right direction on how to tackle this, I would appreciate the tips. This is pretty well polluting my days and nights but am optimistic that there are steps I can take here. Here's my loan breakdown with the current interest rates for anyone interested: Private: Sallie Mae (Those F*ckers) $50,600 - 10.375% Firstmark $67,800 - 8.99% Federal: $2,186 - 4.45% $4,500 - 4.45% $4,500 - 5.05% $2,127 - 5.05% Thank you in advance for any help, tips, information, or recommendations 🙏🏽 [link] [comments] |
| Posted: 27 Jan 2022 05:29 PM PST I am a college student attending Georgia Southern; the financial aid office has just now told me that I need to come up with $6900 to cover the rest of my tuition. I have exhausted my federal loans, and I don't know what to do; I have until next Tuesday, and I don't have any solutions. I'm trying my best not to get sent home, but I don't know what to do; I have attempted private loans, but I don't know anyone with good enough credit for a cosign. If anyone could provide some urgent suggestions, it would be greatly appreciated. I really don't want to have to go home. [link] [comments] |
| How has student loan debt impacted your relationship with your parents? Posted: 27 Jan 2022 08:19 PM PST This is more so for people who went straight from high school into college with no way to afford college besides taking out private loans cosigned by your parents. I struggle with resenting my parents for forcing me into student loan debt. My parents are financially illiterate and have provided no guidance other than, "go to a good school, get a good job" knowing they had no way of helping me finance college. Because of that I'm stuck with almost $150,000 in student loans and idk if I'll ever be able to pay them off. I really hate my parents for starting off my adult life this way before I had the knowledge or experience of how this was going to effect me the rest of my life. As a result I don't know if I can ever forgive my parents and have a normal relationship with them. To further contextualize the situation, I never wanted to go to college immediately after high school. I wanted to join the Air Force, learn a skill, and maybe pursue education later for free. In the meantime I would be financially stable as a young adult and could take care of myself. Both my parents were in the military and vehemently disagreed with me wanting to enlist out of high school like they did, claiming "we worked this hard so you could have better opportunities than what we had. We had to join the military because we had no other option." Ok well, what options did I have besides taking out private loans?? My dad made too much money to qualify for FAFSA, and I had no credit to take out any other kind of loan, so a private loan was all I could get. I didn't realize my parents were planning on kicking me out at 18 regardless of the path I chose. The only path they would help me with was if I chose to go to college. But here's the thing, I didn't know what I wanted to study and as a result I have changed my major several times. I took out loans not only for tuition, but for dorms or rent, and for food, utilities, school meal plans, textbooks etc. They couldnt help me at all besides cosigning my loans. And yes, i worked a part time job every semester. My parents forced me into a HEAVY financial investment at such a young age and I really don't know if I will ever be able to forgive them. My parents talk a lot of shit about their parents, but their own parents didn't set them back a hundred+ thousand dollars as they entered adulthood. Anyone else struggling with this?? [link] [comments] |
| Posted: 27 Jan 2022 12:37 PM PST My loans were just transferred from FedLoan Servicing to Nelnet. While trying to get everything re-setup, I wanted to enroll in auto debit. With FedLoan servicing, I could target specific loans for auto debit, and not have to have the every loan on the account paid that way. I was unable to find this setting on nelnet's website so I called and was informed that this option is not possible. Just wanted to check if that matches anyone else's experience? I'm beginning to wonder if I wasn't supposed to be able to have the setup I had with FedLoan. Any help is much appreciated! [link] [comments] |
| Trying to understand graduate student loans Posted: 27 Jan 2022 03:50 PM PST I want to make sure I understand this correctly. The maximum amount that can be borrowed is 138,500$ minus undergraduate loan amount? And does that maximum include grad plus loans? [link] [comments] |
| Posted: 27 Jan 2022 07:17 PM PST Hey yall, It's my first time applying for a student loan and I was wondering if anyone has feedback on either lender. Also, any information on which repayment process worked best for you would be greatly appreciated! I would be taking out about 30,000 for school so I want to make sure I don't get wrapped in with a bad lender. Thank You!! [link] [comments] |
| Would the Fed increasing interest rates in March cause private refi company rate to jump? Posted: 27 Jan 2022 06:46 PM PST Supposedly the Fed is likely to raise rates in March. Since the pause on loans goes until May, what do you guys think will happen with private refi interest rates? Just curious. [link] [comments] |
| Certify Student Services- A Student Loan Forgiveness Program Posted: 27 Jan 2022 05:03 PM PST IS STUDENT LOAN FORGIVENESS EVEN A REAL NECCESITY? I was contacted earlier this evening from a student loan forgiveness company and qualify for their program. The Claim: I'd been pre approved and qualified for the program. Upon research, I find that these are services to teach you how to do the documentation yourself, or they do all of the work for you because they know all of the sneaky loopholes to get you where you want to be cheapest and fastest. Seems legit. Or does it? [link] [comments] |
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