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Ask a Question / Re: Loan forgiveness for daycare providers

« on: December 11, 2018, 09:04:08 AM »

There isn't anything specific for that. If you form a non-profit to provide daycare for your community, then you could potentially qualify for PSLF (you'd also need to change repayment plans and make sure you have the right loan type).

You might find this interesting: https://thecollegeinvestor.com/22123/non-profit-for-pslf/

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Navigating Repayment / Re: REPAYE Questions

« on: November 19, 2018, 06:37:28 AM »

I always use the repayment estimator on StudentLoans.gov. The reason for the gap is that it estimates your income will rise, and you'll pay off the loan in 138 months - before you receive any forgiveness.

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Navigating Repayment / Re: REPAYE Questions

« on: November 17, 2018, 07:46:27 AM »

The catch is the government is banking on you getting pay raises, which would raise your payment, which would in turn lower or eliminate the amount forgiven.

Your starting salary is $40,000, and it won't likely stay there.

When I did the math, I never saw a repayment at $60 per month (based on $28,000 loan and $40k income, and family size of 1 assuming you're single). It was $182 per month, and you had no projected forgiveness (meaning the loan would totally be paid off in 162 months).

If you stayed on the standard plan at $286, you'd pay the loan off 3 years earlier, and save about $6k in interest.

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Student Loan Scams / Re: Hopecredit.net Legit?

« on: November 11, 2018, 09:44:36 AM »

We've never heard of this firm, but that doesn't mean anything. Before working with any third party firm, fully understand what you're getting.

It's unclear what your friend may have done based on what you said. Did he refinance his loans? Did he change repayment plans? You need to be aware of your options and know what you're paying for.

Read this, it might help: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/

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Ask a Question / Re: Credit while rehabilitating?

« on: November 08, 2018, 08:56:24 AM »

Sadly not much. However, once you're out of rehabilitation and on a payment plan, the default is removed from your credit report.

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Ask a Question / Re: Rehabilitation

« on: October 30, 2018, 01:32:46 PM »

Not much - it's based on a formula. You can fill out this form here and see: https://ifap.ed.gov/dpcletters/attachments/GEN1409OMB1845n0120RAP.pdf

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Ask a Question / Re: Rehabilitation

« on: October 30, 2018, 06:29:29 AM »

Here's the steps to get out of default: https://thecollegeinvestor.com/22174/student-loan-default/

Rehabilitation will require 9 payments before you can get on an income-driven repayment plan. You need to see what these payments would be and make sure you can afford them before you start. The worst thing you can do is start the process and then stop after 3-4 months.

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Ask a Question / Re: I am retired and paying student loans still

« on: October 29, 2018, 09:05:26 AM »

There's no specific forgiveness program for you, but if you're on an income-driven repayment plan (which you probably should be), your loan payments may legally be $0 per month and you'll also see your loans forgiven at the end of the repayment term.

Check out all the options here: https://thecollegeinvestor.com/21541/different-ways-to-get-student-loan-forgiveness/

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Student Loan Forgiveness / Re: Deferment and forbearance as qualifying payments

« on: October 29, 2018, 09:04:13 AM »

You can find this specific answer straight on StudentLoans.gov from the Department of Education here: https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven/questions

Basically, economic hardship deferment months do count towards income-driven repayment forgiveness.

Other types of deferment (including in-school, disability, etc) and forbearance don't count.

Also, if you're considering PSLF, no types of deferments or forbearances count.

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Student Loan Scams / Re: Mission Hills Federal

« on: October 29, 2018, 09:00:35 AM »

If you consolidated your loans at a bank/credit union (Mission Hills Federal Credit Union I'm guessing), you now have private student loans and they aren't eligible for any Federal loan forgiveness programs.

I would contact the bank and see what repayment plan you're on and what your options are.

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Ask a Question / Re: Transferring Parent Plus Loan from one lender to another

« on: October 27, 2018, 07:24:53 PM »

You can refinance the loan into a private loan in just your name. However, it might be tough to qualify on your current income.

Here's lenders that do it: https://thecollegeinvestor.com/17101/options-if-you-cant-afford-your-parent-plus-loans/

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