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Messages - TheCollegeInvestor

Navigating Repayment / Re: National Budget Planners
July 23, 2020, 03:29:22 pm
Read this article and use the guidelines to decide for yourself: Student Loan Scams.
General Discussion / Re: stressed out
July 23, 2020, 03:28:29 pm
See this guide to your options for parent PLUS loans: Parent PLUS Loans.
Student Loan Scams / Re: Docuservice
July 15, 2020, 09:38:05 am
You might read our guide and assess for yourself if you can trust them: How To Spot Student Loan Scams.
For Parents / Re: retired with student loans
June 22, 2020, 11:17:21 pm
Those are your basic options, unless you want to work with your children to help you as well. See this: Options for Parent PLUS loans.
Ask a Question / Re: HELOC for Student Loans or Not
June 18, 2020, 05:14:29 pm
Not really a fan of doing it. You're shifting the risk from yourself (which, yes, sucks, but there are a lot of programs and options), to your home (with no options except to lose your home).

You didn't say what type of loans you have - which definitely shifts the decision. Federal loans is likely a hard no. You give up income-driven repayment, loan forgiveness plans, and hardship options - like right now during Covid-19 Federal loans are paused with 0% interest. That's amazing.

Also, what if (in the unlikely situation) they do pass loan forgiveness - even partial. They aren't going to offer that on your HELOC. Only for Federal loans.

Private loans are a maybe, but you have to ask yourself if the risk is worth it.
Please feel free to share your stories below. We have removed the posters contact details to prevent spam.
No, we don't negotiate debts and it's rarely a recommended approach we see so I don't have any good wording for you. I'm sure you can research it though.
It sounds like they are good on the amount. I would ask again if they would remove the default and push it. If they don't budge, it's your choice on what to do.
See our full guide to the William D. Ford Act here.
You can call and ask if you're certain you owe on the loan and know the situation is legitimate. You can also write them as well, your choice - but mail processing takes longer.

A letter or email with the exact terms of the settlement agreement is what you want - and it should say delete loan credit history or loan default from credit reporting bureaus or similar.
If you can afford the lump sum, you can offer a "pay for delete". If you can afford the lump sum, only agree to it in writing if they delete the default from your credit report.
If his loan is in default, it would be handled by one of the contracted debt collection agencies. See this list here: Federal Student Loan Debt Collection Companies.

You might also find this guide handy in helping him to figure out what happened: Top Student Loan Scams.
Student Loan Forgiveness / Re: New balance
May 11, 2020, 06:22:30 pm
The Federal loan limits don't change. Since these loans are forgiven, you can borrow up to the max (understanding that it won't ever be forgivable again).

See this: Student Loan Borrowing Limits.
Student Loan Forgiveness / Re: New balance
May 11, 2020, 01:45:01 pm
If you want to go back to school AFTER the 3 year monitoring period, you can only take out new loans unless:
- You obtain a certification from a physician that you are able to engage in substantial gainful activity
- You sign a statement acknowledging that the new loan cannot be discharged in the future on the basis of any injury or illness present at the time the new loan.

Basically, you can't get a second round of TPD.

I'm not quite sure what you mean your "available balance renewed to your original balance".