RogueLemming posted:Is this a joke? Are you seriously this irresponsible and selfish? Or just that big of an entitled douche?
|
|
#
?
Feb 15, 2014 16:49
|
|
|
|
| # ? May 4, 2024 01:31 |
|
|
RogueLemming posted:Is this a joke? Are you seriously this irresponsible and selfish? Or just that big of an entitled douche? I thought the same thing when I read that, maybe not as mad. Although I make about half that and have 5x that amount in federal and private loans i plan on doing PSLF as a nurse. You oughta hear the medical residents complaining about their loans.
|
|
#
?
Feb 15, 2014 18:21
|
|
|
spwrozek's reply covered the information needed. Let's keep the thread focused on advice and not the can of horrible worms that is the state of the industry. That topic is not for this thread.
|
|
#
?
Feb 15, 2014 19:51
|
|
|
Sab669 posted:I've been out of school for a while and am sick of making an array of payments monthly. At that point, you'd be down to 3 loans at hopefully lower rates. Prepay one payment if you can, then just pay all 3 on the same day every month for the next however many payments. It's not ideal, but it's probably the best you can do.
|
|
#
?
Feb 15, 2014 20:14
|
|
|
fivetwo posted:Alright, IBR is only going to help you if you max out your pre-tax 401k, health insurance, FSA, and other things of that nature. It's going to be really hard for you to qualify for the partial financial hardship you need to benefit from IBR without significantly reducing your income.
|
|
#
?
Feb 16, 2014 01:15
|
|
|
For the IBR 25 year forgiveness, does it have to be a continuous 25 year period? Or do you just have to make 300 IBR payments in total that can be spread out in more than 25 years?
mongeese fucked around with this message at 21:14 on Feb 16, 2014 |
|
#
?
Feb 16, 2014 21:10
|
|
|
I know that going on deferments or forbearances does not count toward the payments. As far as I'm aware, the payments need to be actual consecutive payments for whatever amount is due (even if that amount is $0).
|
|
#
?
Feb 16, 2014 22:03
|
|
|
Alright, so I have a question about the public service forgiveness program. I currently have $43,736 in student loans consolidated with FedLoan Servicing. I've been in public service since June 2012. When I started making payments, that was before consolidation and I had a salary of $67,500/mo. and my minimum payment on the standard 10-year repayment plan was like $531 or something per month, which would have wiped out the loan in 10 years anyway, so public service forgiveness wouldn't have mattered. I tried to do IBR but I think I didn't qualify because I was on track to pay it off with the 10-year standard. In October 2012 I took a different public service job with a salary of $62,500 (in an area with much lower cost of living), and I consolidated soon after that. When I consolidated, it put me in a 25-year repayment plan with a minimum monthly payment of $321.54. I pay more than the minimum each month, though I haven't been paying the full $531 from before due to saving up to pay for my wedding last year. My understanding is that you can't do public service forgiveness unless you're in a 10-year standard repayment plan or income-contingent, and FedLoan is telling me that with income-contingent repayment, it's telling me I'd have a starting minimum payment of $581.91/mo, which doesn't seem good. Is there any way I can take advantage of public service forgiveness and keep a payment that's like $400 or lower, or should I just throw as much money at my loan as possible to make it go away? I don't think very much would end up being forgiven either way, but I'll take what I can get.
|
|
#
?
Feb 17, 2014 03:47
|
|
|
Well that sucks. I was hoping that if you make, say, 40 actual payments and then don't renew IBR for one year and then make another 260 IBR payments after that year, then it would all count towards the 300 total payments, but seems like if it has to be continuous payments, then you will just have to restart the 25 year period.
|
|
#
?
Feb 17, 2014 03:49
|
|
|
Mons Hubris posted:My understanding is that you can't do public service forgiveness unless you're in a 10-year standard repayment plan or income-contingent, and FedLoan is telling me that with income-contingent repayment, it's telling me I'd have a starting minimum payment of $581.91/mo, which doesn't seem good. Is there any way I can take advantage of public service forgiveness and keep a payment that's like $400 or lower, or should I just throw as much money at my loan as possible to make it go away? I don't think very much would end up being forgiven either way, but I'll take what I can get. It doesn't sound like you're in the income brackets that public service forgiveness was designed for, which is why your payments are coming out much higher. Definitely contact the servicer of your loans to make sure, but I think you're better off with another plan and just focusing on paying them down ASAP. mongeese posted:Well that sucks. I was hoping that if you make, say, 40 actual payments and then don't renew IBR for one year and then make another 260 IBR payments after that year, then it would all count towards the 300 total payments, but seems like if it has to be continuous payments, then you will just have to restart the 25 year period. Now that I'm not sure of. It's very possible that you could use IBR, get off the plan, then go back on and still have the payments from before count. Call the servicer to check on this!
|
|
#
?
Feb 17, 2014 15:52
|
|
|
For those with private student loans. I'm having a pretty easy time defeating them in court. In Texas they have to bring suit within 4 years of default (just like credit cards) and then prove they own the debt. They can almost never prove they own the debt. Strategic default might be a reasonable option depending on your state and it's laws. Edit: this isn't an advertisement, if you have questions I'll be happy to give you general, non-legal advice, answers.
|
|
#
?
Feb 17, 2014 16:28
|
|
|
I'm on IBR, and AES wants my renewal paperwork in their hands by the 25th or else I have to start paying $230/mo in April (right now my minimum is $0/mo & I pay $0 because we just don't have the money). They don't offer any sort of digital option, so it has to go snail mail. Anyway, they obviously want a copy of the taxes. I actually had a little bit of income near the end of 2013 (nowhere near enough to be required to file, it was around $400) & don't need to fill out the alternative form. However, my husband is dragging his feet on filing & I don't think he's going to do it in time for me to get the taxes & renewal forms to them. He really would have to file today or tomorrow before the post office closes in order for me to get them there in time. What should I do here? Can I just send them a copy of my W-2 & the alternative form, or will that cause problems because we file jointly (whenever he gets around to doing it)? I really hate this time of year because I never feel like I remember how to fill out the IBR forms & I'm going to screw something up. They say they must receive my forms by the 25th, but then the very next sentence says the forms must be returned within 10 days of the deadline. So which is it? Is it the 25th, or up to 10 days after the 25th? And then further down it says if I don't provide the forms/etc by the deadline then the interest will capitalize. It does say I may be able to e-file through studentloans.gov, so I guess I can try that if he waits too long to file. They make it sound easy enough. It sounds like it's just filling out the forms online & then using their IRS retrieval tool thing.
|
|
#
?
Feb 18, 2014 19:23
|
|
|
spwrozek posted:Last two years I have more than doubled the cap. If the government wanted to actually do something to help people they would allow full deduction of interest of student loans. Oh, my god, that would be incredible. Would be a life changer for me - would give me well over another $1000. I definitely was WAY over $3k in student loan interest last year, if not over 4.
|
|
#
?
Feb 19, 2014 23:15
|
|
|
mitztronic posted:Oh, my god, that would be incredible. Would be a life changer for me - would give me well over another $1000. I definitely was WAY over $3k in student loan interest last year, if not over 4. I have a single lender (Dept. of Ed./Ed Financial) who's two loans by themselves go over the limit. They account for over 2/3 of my current debt (over $60k,) and about 2/3 of my monthly payments, as well. They are nice and "locked in" at a generous 7.625% (compared to 3.375 and 3.5% for my other two.) My two low interest loans were both from my undergrad days and, aside from the deferment when I was in grad school, have been steadily payed off for almost ten years, now. The high amount, high-interest loan was from a year and a half of grad school. My monthly payments to my high interest loan is about 90% interest. So I'm only reducing my principal for that loan by about $300 a year.  In theory, my two smaller loans should be payed off in less than ten years, especially since I hope to start putting a little more money towards them (just doing the min. payment now,) and then I can take all the money I WAS putting towards them into the big loan to finally start actually reducing the principal. I'm guessing there's nothing to be done about the large loans now owned by Ed Financial to get that interest rate down? Edit: Holy drat, I should have looked at my repayment plan options earlier. I can get an IBR and reduce the monthly payment by over $100. Interest is still high, but it's a start. DrBouvenstein fucked around with this message at 21:00 on Feb 21, 2014 |
|
#
?
Feb 21, 2014 20:39
|
|
|
I have about 14,000 in subsidized and unsubsidized Stafford loans. Luckily I just received an inheritance large enough to pay it off and I'm thinking about just paying it off all at once. Is this a good idea and is there a smart way to go about this? (I can just pay it off right?)
Pekinduck fucked around with this message at 21:49 on Feb 21, 2014 |
|
#
?
Feb 21, 2014 21:47
|
|
|
Pekinduck posted:I have about 14,000 in subsidized and unsubsidized Stafford loans. Luckily I just received an inheritance large enough to pay it off and I'm thinking about just paying it off all at once. Is this a good idea and is there a smart way to go about this? (I can just pay it off right?) Yes, pay it off! You may be able to do so by making a payment on the servicer website. Make sure to account for accrued interest by getting the payoff amount, don't just pay principal.
|
|
#
?
Feb 22, 2014 02:05
|
|
|
Elizabeth Warren is proposing some new legislature soon that will allow people to refinance high interest loans at a lower rate. Which I guess kind of helps some people. I'm not sure if it will really do much for me, because as far as I know the only way I am ever going to get rid of these loans is to stay on IBR for the 25 years. I dont think a few percentage points is going to help when you have 6 figures of debt. Now, a dollar cap on interest per year or an increase on deductions... that would be a big loving change. Neither of which will ever happen. http://elizabethwarren.com/blog/they-did-everything-we-told-them-to-do
|
|
#
?
Feb 22, 2014 02:07
|
|
|
DrBouvenstein posted:I'm guessing there's nothing to be done about the large loans now owned by Ed Financial to get that interest rate down? Assuming all that you have are federal loans, you can actually consolidate the lower interest ones with the higher interest ones and get a rate in the middle. If the higher balance is at the higher rate, this might save you money in the long run, but definitely crunch the numbers hard before you do something like that. You could always be "sneaky" about it and pay down the lower interest ones until they're almost done, then consolidate for the lower rate anyway...
|
|
#
?
Feb 22, 2014 05:25
|
|
|
Wiggy Marie posted:Assuming all that you have are federal loans, you can actually consolidate the lower interest ones with the higher interest ones and get a rate in the middle. If the higher balance is at the higher rate, this might save you money in the long run, but definitely crunch the numbers hard before you do something like that. It's a weighted average.
|
|
#
?
Feb 22, 2014 16:18
|
|
|
Yes, you basically take the average of the two rates and add 0.8% (if I remember correctly, that is). We had quite a few people with higher interest rates consolidate to get those higher rates lower because the higher rate was on the higher balance. We crunched numbers with them (even had a spreadsheet to help us do it), if the higher balance is at the higher rate it generally does save money in interest over the long term.
|
|
#
?
Feb 22, 2014 16:53
|
|
|
Roger_Mudd posted:It's a weighted average. Wiggy Marie posted:Yes, you basically take the average of the two rates and add 0.8% (if I remember correctly, that is). We had quite a few people with higher interest rates consolidate to get those higher rates lower because the higher rate was on the higher balance. We crunched numbers with them (even had a spreadsheet to help us do it), if the higher balance is at the higher rate it generally does save money in interest over the long term. That's not a weighted average. A weighted average would mean that the higher balance has a bigger effect on the resulting interest rate. So if someone had $10,000 @ 2% and $75,000 @ 6%: Your method would result in [(.02+.06)/2]+.008 = 4.8% on $85,000. The weighted average would be [(.02)(10,000)+(.06)(75,000)]/85,000 = 5.5% on $85,000.
|
|
#
?
Feb 23, 2014 18:17
|
|
|
RogueLemming posted:That's not a weighted average. A weighted average would mean that the higher balance has a bigger effect on the resulting interest rate. So if someone had $10,000 @ 2% and $75,000 @ 6%: There you go, then. In my defense, it's been over 4 years since I worked with the servicer.  Either way, it's possible to figure out what interest rate you would end up with through the servicer websites. They will calculate it for you. Some of them have calculators and everything. http://www.finaid.org/calculators/loanconsolidation.phtml Here's a good one through Finaid.org. Wiggy Marie fucked around with this message at 18:26 on Feb 23, 2014 |
|
#
?
Feb 23, 2014 18:24
|
|
|
Wiggy Marie posted:Assuming all that you have are federal loans, you can actually consolidate the lower interest ones with the higher interest ones and get a rate in the middle. I guess I'd have to do some math or something to see if overall that's the best solution, but my gut feeling is it's a bad move to lose the 3.5 and 3.375% rates. And my other other loans aren't federal...I don't think? Both are through private lenders that I got between 2000 and 2003. One is a non-profit company here in Vermont called "Vermont Student Assistance Corporation" (VSAC,) and the other is Sallie Mae. The VSAC loan says it's in Group C and the type is "Consolidation." I guess "Group C" means consolidation? The Sallie Mae loans are their "Signature Student" loans.
|
|
#
?
Feb 23, 2014 20:32
|
|
|
If I'm submitting my IBR paperwork for renewal (because it's the end of my IBR year), do I select that I'm requesting a repayment plan based on my income (and then check off IBR)... or do I select that I'm submitting annual documentation to recalculate under my current repayment plan? I'm assuming I'd want to check (b), but I don't want to do that & have it think my current repayment plan isn't the IBR I'm renewing, or something.
|
|
#
?
Feb 24, 2014 04:59
|
|
|
IdeoPhanthus posted:If I'm submitting my IBR paperwork for renewal (because it's the end of my IBR year), do I select that I'm requesting a repayment plan based on my income (and then check off IBR)... or do I select that I'm submitting annual documentation to recalculate under my current repayment plan? I'm assuming I'd want to check (b), but I don't want to do that & have it think my current repayment plan isn't the IBR I'm renewing, or something. If IBR is your current repayment plan, it sounds like B is the way to go.
|
|
#
?
Feb 24, 2014 15:42
|
|
|
Okay, thanks. That's what it currently is & this is just my annual reapplication or whatever it's called. Since it was due today I had it faxed over rather than paying $20 for next day air. I tried doing it online but the IRS verification (to pull my taxes) failed. First there was a proxy error, then it said my info didn't match the 2012 taxes, so I gave up. I tried again the next morning & at that point it appeared to be pulling the 2013 tax return finally, but it said my address didn't match (I typed it in exactly as it was listed on the pdf of our return). After trying twice it just stopped letting me enter my info & started sending me to the "doesn't match our records" page automatically. I also made sure to toss my loan servicer an email letting them know it was faxed & asking for confirmation that it got received (and sent to the proper person/department), and that I wasn't missing anything. I did the same thing last year after it (should have) arrived at their offices & received a response confirming. I figure it's better than leaving it to chance & then having things go wrong.
|
|
#
?
Feb 25, 2014 23:20
|
|
|
When I make a larger payment on my students though Sallie Mae, are they just applying the extra money toward the next months payment and charging the corresponding interest? Or can I actually save money by paying my loans offer earlier? I ask because I paid extra last month, and my minimum payment is lower this month.
|
|
#
?
Feb 27, 2014 01:09
|
|
|
EN Bullshit posted:When I make a larger payment on my students though Sallie Mae, are they just applying the extra money toward the next months payment and charging the corresponding interest? Or can I actually save money by paying my loans offer earlier? What they do is stupid as poo poo but here it is. They apply it to the balance but keep you on the same payment schedule. So say you pay $100 a month and are $1200 ahead of the minimum. You can not pay for 12 months and you will accrue interest but not get any late fees. You used to be able to pick which one you wanted to make it even more confusing... They also just had a survey to try to confuse us Even more... So basically keep making payments and extra payments and get away from those idiots.
|
|
#
?
Feb 27, 2014 01:35
|
|
|
So if I pay all but $1, then stop paying for years until that one dollar is due, will it accrue the same interest as if I had been making minimum payments that entire time, or will I owe the interest that grew and compounded on that single dollar?
|
|
#
?
Feb 27, 2014 01:54
|
|
|
It will be interest on the $1 for years and years of you wanted. So yeah just pay it off and get that letter saying you are good to go.
spwrozek fucked around with this message at 02:06 on Feb 27, 2014 |
|
#
?
Feb 27, 2014 02:02
|
|
|
EN Bullshit posted:When I make a larger payment on my students though Sallie Mae, are they just applying the extra money toward the next months payment and charging the corresponding interest? Or can I actually save money by paying my loans offer earlier? It's called being "paid ahead." Just pay the same every month and ignore the bill if it's decreasing (but check to make sure the amount doesn't change). You can also call them and ask for it to be removed from your account, so that the bill stays the same every month. Interest accrues daily based on the current principal, so every day you don't pay is a day you accrue interest on the balance as-is.
|
|
#
?
Feb 27, 2014 02:30
|
|
|
I think this is actually a good thing for the borrower. I just wish it was better-explained. Thanks, guys!
|
|
#
?
Feb 27, 2014 02:31
|
|
|
So I'm a silly goose and I'm working full-time this semester at an internship. I tried to take 2 classes but was having difficult balancing work/social/sleep/gym life and had to drop 1. This means I am below half-time, and entering my grace period. I do not want this, to say the least-- if I re-enroll in the fall, I think it will be just inside of my 6 month grace period, being in late August and I entered grace today or yesterday. Am I fine or will I have to begin repayment in the Fall? Thanks for any and all advice.
|
|
#
?
Feb 28, 2014 18:57
|
|
|
The grace period only expires if you go a full 6 months without attending at least half-time. If you're back even one day before it expires, the entire 6 months is reset next time you go less than half-time. It just has to be within that 6 months - you might want to check the final date, just so that you're aware. If the grace expires, though, you'll still be put back into deferment once the servicer gets your new enrollment status update - so you won't have to be making payments anyway.
|
|
#
?
Feb 28, 2014 20:35
|
|
|
Wiggy Marie posted:The grace period only expires if you go a full 6 months without attending at least half-time. If you're back even one day before it expires, the entire 6 months is reset next time you go less than half-time. It just has to be within that 6 months - you might want to check the final date, just so that you're aware. If the grace expires, though, you'll still be put back into deferment once the servicer gets your new enrollment status update - so you won't have to be making payments anyway. Wonderful, perfect answer. Thanks.
|
|
#
?
Feb 28, 2014 21:25
|
|
|
Hey student loan thread thanks for all the advice I've gotten out of here. Just wanted to let you guys know that my loan consolidation went through fine and everything is going great. Sallie Mae did manage to show one last bit of incompetence though. So when the loan disbursed and the money hit my old loans, my Discover and Citibank ones were paid off fully, but because of the shorter 10-day timeframe on the payoff letter from Sallie Mae my new loan sent them extra just to make sure there were no issues with payoff. My loans were like 70 bucks in the black and I contacted Sallie Mae on like the 10th to ask what they're gonna do with the overage. Like were they gonna cut me a check or send it back to the loan company or what. The reply told me that it'd go back to the loan company and I wouldn't have to bother with anything. So cut to a couple days ago and I get two checks in the mail from Sallie Mae. And I'm like, ok fine. I'm glad I got the money and I am now forever done with them but does no one at that company have any sort of basic competency at all? But I've got all my letters stating that any obligation to my old loans is now fulfilled, so I'm happy. Don't get a loan through Sallie Mae, kids.
|
|
#
?
Mar 1, 2014 20:23
|
|
|
Did anyone else who had private loans through Citibank and/or Discover get a letter saying that both companies failed to send out 1098-E forms between 2010-2012, and that you should amend your tax returns to reflect the missing interest? It appears both companies are in some legal poo poo, as the letter includes codes to redeem for free tax preparation at Jackson Hewitt.
|
|
#
?
Mar 5, 2014 06:08
|
|
|
EugeneJ posted:Did anyone else who had private loans through Citibank and/or Discover get a letter saying that both companies failed to send out 1098-E forms between 2010-2012, and that you should amend your tax returns to reflect the missing interest? I remember some nonsense about how they don't send out the 1098-E if you don't send them a form in the mail, and they also don't send it out if you paid less than a certain amount of interest. Which is ridiculous.
|
|
#
?
Mar 5, 2014 13:04
|
|
|
Discover's website for 2011 told me I had paid $3.00 interest, and I checked my return and that's what I had deducted. But now the letter is all "lol sorry it was actually $800"
|
|
#
?
Mar 5, 2014 13:56
|
|
|
|
| # ? May 4, 2024 01:31 |
|
|
Well I paid so much interest the last several years I blew past the cap on the amount you can deduct, so even if there's a difference for me it's not going to alter my return any. 
|
|
#
?
Mar 5, 2014 14:57
|
|