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Messages - TheCollegeInvestor

1
Student Loan Forgiveness / Re: PSLF and Consolidation
November 30, 2022, 09:03:10 am
It depends on what loan type you have. If you consolidated pre-2010, it's highly likely you still have an FFEL Loan. FFEL Loans aren't eligible. Only Direct student loans.

The easiest way to understand what loan types you have is to go to StudentAid.gov, login, choose MyAid, and you'll see everything listed.

If your loan starts with "Direct", it would qualify if Biden's proposal goes through.

If your loan starts with "FFEL" or "Federal Family", it doesn't qualify.
2
It depends on what loan type you have. If you consolidated pre-2010, it's highly likely you still have an FFEL Loan. FFEL Loans aren't eligible. Only Direct student loans.

The easiest way to understand what loan types you have is to go to StudentAid.gov, login, choose MyAid, and you'll see everything listed.

If your loan starts with "Direct", it would qualify if Biden's proposal goes through.

If your loan starts with "FFEL" or "Federal Family", it doesn't qualify.
3
The only loans that are eligible are loans held by the government. Perkins loans are typically held by your college, so they're not eligible unless you consolidated them.

That doesn't make you disqualified. You'll simply be eligible for $20k on your direct loans. If you have less than $20k in Direct Loans, they'll wipe out your entire loan and you'll just be left with that Perkins loan.
4
Sadly, you appear to have a Spousal Consolidation Loan. There are only about 1,000 borrowers left with these, and they are consistently left out of all programs and features.

You can get IBR with these loans, but its unlikely to get past credit under the waiver.

The best bet is to contact your congressperson and asks them to support Elizabeth Warren's bill that would allow these loans to be separated and then you can each do as you want - consolidate, change repayment plans on each of your loans, etc.
5
If your FFEL loans are privately held, you would need to consolidate into a direct loan to qualify. See this guide: How To Handle FFEL Loans.
6
It's counting the time in repayment. Time in deferment/forbearance may count as well.

It sounds like your loans will be a part of the IDR waiver, which should take effect at the end of the year. This will check your payment counts and should provide relief if you qualify. See this: IDR Waiver.
7
Initial reports are that, yes, you can consolidate your FFEL loan and qualify for Biden's loan forgiveness plan. However, it's not finalized yet. If you're worried about it, wait for guidance. But for most people, consolidating an old FFEL loan is beneficial in pretty much every instance.
8
Student Loan Forgiveness / Re: PSLF and Consolidation
August 28, 2022, 11:59:29 am
If you currently have Direct Loans, you don't need to consolidate. You only need to consolidate if your loan type is FFEL.

The PAYE loans are clearly okay. The two IBR loans must say "Direct", not "FFEL". If they say "FFEL", you need to consolidate those two.

Since you have direct loans already, the only action steps required by you are making sure that you're filling your your PSLF application completely for all covered months.
9
Ask a Question / Re: Angry, frustrated and confused
August 23, 2022, 07:41:52 am
Sadly, there is nothing to be done as of now. They're jointly both your loans, and there is no way to unwind that. See our guide here: Spousal Consolidation Loans.

However, there is a bill in Congress that has hopes - so you should talk to your Congressperson (write, email, call), and let them know they need to support this bill.
10
General Discussion / Re: Proof of Income
July 19, 2022, 08:33:27 am
Typically by providing copies of your tax return.
11
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".
12
You might find this article helpful: Is Your Student Loan Assistance Company A Scam?
13
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.
14
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.
15
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.