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  • April 24, 2019, 04:48:19 AM

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Messages - TheCollegeInvestor

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Ask a Question / Re: Is there relief for interest?
« on: April 17, 2019, 09:03:37 AM »
No, there isn't. If you're on an income-driven plan and that's why your interest has been growing, you'll see any remaining balance forgiven after 25 years. So, you're coming up on that milestone and it will all disappear.

Ask a Question / Re: Social Security offset garnishing
« on: April 17, 2019, 09:02:37 AM »
Yes, 15% is the most they can take of your Social Security, but other government payments are free game. For example, they can take 100% of your tax refund.

The offset will never make much impact on your loan debt, so you're usually worse off with the offset than rehabilitating your loans and getting on an income-driven repayment plan.

If Social Security is your only income, getting on ICR for your PLUS loan should make a big difference.  Read this:

Then read this:

Student Loan Forgiveness / Re: Teacher Loan Forgiveness
« on: April 14, 2019, 02:51:49 PM »
No, teacher loan forgiveness doesn't require direct loans or a certain repayment plan. In fact, Teacher Loan Forgiveness was started before direct student loans even existed.

General Discussion / Re: May be involved in a scam
« on: April 13, 2019, 03:16:00 PM »
We don't help you decide on any type of service whether you should pay or not pay. But you might find this guide we created helpful in making your own decision:

Student Loan Forgiveness / Re: Teacher Loan Forgiveness
« on: April 13, 2019, 03:14:18 PM »
It sounds like you're asking for Teacher Loan Forgiveness (TLF), but really wanting Public Service Loan Forgiveness (PSLF) - two different programs.

Based on what you wrote here, it sounds like you're on track for TLF - you're a special ed teacher at a title one school. After 5 years, that can qualify for you $17,500 in forgiveness.

PSLF is 10 years, any public service job. But it does require you to be on an income-driven plan.

Read this:

You can't go for both at the same time, but you can sequentially.

At this point, you need to to do some math. Should you stay another 2 years and get your $17,500 forgiven and then deal with the remaining balance. Or do you ignore the last 3 years and go change repayment plans to go for PSLF?

You also don't need to re-consolidate. You just change your repayment plan and certify your employment.

Read this:

Student Loan Scams / Re: Government Debt Relief
« on: April 03, 2019, 04:59:21 AM »
Once again, these are third parties that will help you with your loan paperwork. Being a scam and being not necessary are two different things, so just educate yourself before moving forward with any option.

Private Student Loans / Re: Unable to Refinance Private Student Loan
« on: March 28, 2019, 08:14:40 AM »
Best advice is to wait six months and try again. During that time, work on boosting your credit score and maybe side hustle to earn more (and bring down the loan balance a bit).

Navigating Repayment / Re: Targeting high interest rates first
« on: March 26, 2019, 01:33:29 PM »
It gets messy if you simply pay more each month. Your son will default into pay ahead status. That's annoying. What you son is doing by assigning the extra payments manually is the smart way to go.

You can totally change the repayment plan, but there will be minimal to no net benefit if the payment he's making doesn't change - just more work. The slight potential net benefit is the possibility to snowball - make minimums on everything and put all the extra towards the highest interest rate loan first. Then move through the rest of the loans. But I think if you did the math, the actual interest saved would be marginal at best.

Student Loan Forgiveness / Re: Pay Down Loans?
« on: March 24, 2019, 04:29:48 PM »
It's not a bad idea, but there are better ideas along the way:
- Use that extra money to eliminate any other debt you might have
- Make sure you get your full employer 401k match
- Contribute to an IRA every year
- Max your HSA each year

If you're doing those, then yea, put that extra money towards your loans.

How did you file? Do you have your proof that it was accepted? I've seen this message before when your tax return simply hasn't been filed yet.

Getting an acceptance on January 14 is rare because tax filing season didn't even open until January 28, 2019. They do process a small amount of test batches, but I'm talking hundreds of returns nationally, so very rare.

General Discussion / Re: Monthly cost
« on: March 20, 2019, 09:42:16 AM »
It can definitely be normal depending on your loan amounts and the repayment plans you're currently on.

If you're not already on an income-driven repayment plan (like IBR, PAYE) it could lower your payments to give you more cushion each month.

Read this:

General Discussion / Re: Filing Jointly After Certifying as Separate
« on: March 18, 2019, 08:46:36 AM »
She should recertify her loans when her income situation changes (i.e. you change your filing status). It may be less than a year, but that's the correct thing to do.

Student Loan Scams / Re: National Document Experts?
« on: March 13, 2019, 09:30:32 AM »
Remember, there's nothing this company (or any company) can do for you with your Federal student loans that you can't do yourself.

Whether you want to pay a third party company or not is your choice. We have a article here you may find helpful to vet any third party company:

Student Loan Scams / Re: Government Debt Relief
« on: March 11, 2019, 07:19:18 PM »
There are third parties that will help you with your debt. Read this guide:

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