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Messages - TheCollegeInvestor

1
General Discussion / Re: Proof of Income
July 19, 2022, 08:33:27 am
Typically by providing copies of your tax return.
2
The amount you use from the 529 plan for qualified room and board costs must be less than or equal to what is included in the COA. So, it looks like you're exceeding the amount of $12,760 allowed. If this is on-campus housing, you can use the full amount of the costs, but it doesn't sound like it since you said "landlord".
3
You might find this article helpful: Is Your Student Loan Assistance Company A Scam?
4
1. Once you apply for PSLF, your loan will transfer to MOHELA. You don't get a choice - so I would pick it just to save yourself another transfer later.

2. After you complete consolidation, you need to apply for PSLF covering all your past payments that qualify. That's it. It will take time to process.
5
Correct - $10k is for tuition are K-12 schools. But there is no limit on tuition paid to colleges for college credit. If this is a college class paid to the college, if you receive college credit (regardless if you receive high school credit as well), the $10k limit doesn't apply.
6
Ask a Question / Re: Parent plus loan
June 06, 2022, 08:43:31 am
I mean, this isn't a student loan issue, but more of a theft issue. You need to let him know that this was student loan money and excess payments need to be returned and paid back. If he refuses, you might need to take him (or even your daughter sadly) to small claims court to get paid. It's messy - so hopefully you can resolve it nicely.
7
Tuition is allowed at any accredited school. If these are college courses that get college credit (Some students do this), the 10k limit doesn't apply.
8
No they aren't pausing anything - they are simply way back logged because of all the waivers and it's taking time. Plus, with everything paused, they don't have a rush because no refunds will be due.
9
Parent PLUS Loans only have one parent borrower. So if he's the borrower, the loans will be discharged.
10
Based on your story and loan age, you either have a private loan (because you said you refinanced), or you actually meant you consolidated, and you still have old FFEL loans. These loans did not qualify for the CARES Act forbearance. Only Direct student loans qualified, which originated after 2007.
11
1. No, she cannot consolidate your Parent PLUS Loan into a consolidation loan in her name. There's a lot confusion surrounding consolidation and refinancing.

Consolidation = free government program, where you combine multiple federal loans in your name to a single loan in your name.

Refinancing = taking out a private loan. This loses all benefits, including PSLF. However, you can consolidate your loan into her name.

2. You would elect a repayment plan about a month before repayment begins. Note, payment pause may also be extended further, so no reason to jump the gun here.

3. You must be on an income-driven repayment plan, such as IBR, to qualify for PSLF. Simply not having qualifying employment doesn't change anything - she just won't get PSLF credits until she starts eligible employment.
12
Are the current debt forgiveness programs restricted to debt held by the US government or does it apply to private lenders as well?

Only debt held by the U.S. Government. There are no loan forgiveness programs for private loans (but there may be student loan repayment assistance programs offered by states or companies that could be applied towards private loans).

If it applies to private lenders, how can they be forced to forgive and is the government writing them a check to cover?  They cannot.

If the government forgives, where is that money coming from or is it just adding to our Federal debt?
It would be adding to our Federal debt. It's simply shifting the liabilty from individual Americans to the Federal govenment.
13
Q1. It will take a few months to get everyone's account sorted in the migration. If you check back, you might see your data updated. And assuming you have Direct Loans (not FFEL loans), then yes, payments restart in May. However, if you have FFEL loans, your payments may have never been paused. If you're not seeing the correct data, you can file a complaint at NelNet, and then the student loan ombudsman.

Q2. You likely haven't updated your income in 2 years. You need to login/call and re-certify your current income to get an accurate repayment amount - if you don't recertify your income annually, your payment will default to the standard 10-year amount (which is likely much higher). You can do this on StudentAid.gov as well.
14
You didn't borrow that much - what likely happened is when you were in default, collection fees and costs were continually added to the loan. Then, when you got out, everything was capitalized (meaning it was added to the principal balance). Sounds like this cycle happened twice.