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Student Loan Scams / Re: Document Prep Solutions
September 18, 2019, 01:30:46 pm
No matter what path you choose with your loans, make sure you understand what is actually happening. Refinancing your loans is a path for some, as well as simply changing your repayment plan. If you need a 20 year repayment plan, refinancing is likely NOT a good option.

As for whether you should do it yourself or use a third party, read this first: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/
It will slightly negatively impact your score - but it's due to the balance and credit utilization aspect.

Continuing to make on time payments, as well as layering in other credit (like a credit card, etc) with on time payments, will keep your credit score in the high 750+ range.

If you're below that, utilize a free service like Credit Karma and understand what other areas may be negatively impacting your score.

If your only debt is this student loan, that's the dominant factor right now. That will evolve over time.
Ask a Question / Re: taxes hurt my wife's repayment
September 11, 2019, 09:44:12 am
Student Loan Scams / Re: RePaye
September 08, 2019, 12:04:52 pm
See our response in your other post.
Navigating Repayment / Re: Repayment
September 08, 2019, 12:03:26 pm
We can't tell you anything about this company, but we have created a guide you can use yourself to judge whether you should use a third-party company to help with your student loans: What To Watch Out For When Using Third-Party Student Loan Companies.
When you say "standard plan", that isn't 20 years. That's the Extended plan: https://studentaid.ed.gov/sa/repay-loans/understand/plans/extended

IBR, which you said you're on, can also be 20 years.

If you consolidate, you reset the clock on IBR, but that's a foolish move because any balance on your loan is forgiven at the end of the repayment term. See this: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/

I think you should check your NSLDS file, make sure you understand exactly where you stand with your loans, and always realize when you speak to a representative at your loan servicer, they are simply a call center employee - not a financial planner. They will try to answer your question, but if you don't ask it correctly, they will likely give you information that isn't helpful.
Ask a Question / Re: Loan Taken Over By myFEDLoan
September 06, 2019, 07:47:50 am
Did you certify your employment for Public Service Loan Forgiveness?
I would take screenshots, keep your documentation, and file a complaint here: https://feedback.studentaid.ed.gov/s/?language=en_US
I'm confused on the ask here.

What loans do you have? Are you considering re-consolidating again?

The standard 10-year plan pays off your loan balance in the 10 year period of time, and it's typically the plan with the highest monthly payment.

There are different 20 year options - the extended plan, which pays off the balance in full by the 20 year mark. There is also the income-driven plans, which you may be on one already. Those give you forgiveness of any remaining balance at 20 or 25 years based on your loans.
They should send a letter if you opt for paper statements, or an eNotice if you have electronic statements. Is there anything in your FedLoan secure mailbox? Sometimes the email may go to spam and you need to check your secure mailbox on their website.
Have you already applied for TPD Discharge? If so, you won't go into default.

Second, there is no soft deadline. If you submitted it online, it's time stamped. And if they don't honor it, you file a complaint with the ombudsman. If you mailed it with proof of delivery, you have the proof.

Note: You only go into default after missing payments for over 320 days, so you really don't have to worry about wage garnishment in any circumstance unless there is missing information here.
Every law/change that happens with student loans has a start date. Teacher Loan Forgiveness is 1998.

Public Service Loan Forgiveness is a viable option - even though it takes longer, it's total forgiveness that's tax free!

You may need to consolidate those old loans to qualify, but it's a solid plan. Check out the full guide here: Public Service Loan Forgiveness.
General Discussion / Re: Default d Student Loan
August 26, 2019, 09:48:27 am
It sounds like you were on a rehabilitation plan at some point, but didn't finish it or didn't get your loans transferred back to a loan servicer. You need to pull your credit report, understand who holds your debt, do all contact in writing via certified letter, and maybe even consult a lawyer who understands student loan debt.
If you send a random payment to Mohela, they divide it amongst your loans. if you go online, you can make specific individual payments to specific loans - and specify what you want the payment to go to.

It's very similar to this: https://debtfreeinsunnyca.com/blogs/dfisca/fedloan-how-to-make-an-extra-payment-on-an-individual-student-loan
1. If you don't make a full payment, capitalized interest is first. nothing is capitalized unless you change plans.

2. You can make payment to specific loans on your Mohela Dashboard. Click make additional payment, and pay the amount. if you pay off the entire loan, everything is moot.

3. Once you pay off the loan, and make big progress on the second, file your taxes jointly. It makes your payment higher than normal, but on the tiny remaining balance you should be fine. You never have to hold your breath and wait - you can do the math yourself here and see what your payment would be: https://studentloans.gov/myDirectLoan/repaymentEstimator.action#view-repayment-plans