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Messages - TheCollegeInvestor

31
Private loans are issued by private banks, who set their own rules.

Federal loans are owned by the Department of Education, and since they are the lender, they can set the rules for those loans.

Just like if you drive a company car - the company can set the rules for the car. You can set whatever rules you want in your own car.

Now, I can see situations where, if banks need a bailout or similar, they can tie student loan relief to it.

And note, MOHELA is just a loan servicer. All they do is process payments and provide call center support. As you know, they aren't a lender, and they do all types of loans.
32
Ask a Question / Re: Navia Lawsuit
March 18, 2020, 11:05:36 am
Sounds like you mean the Navient lawsuits. They don't really apply to you. See this: Navient Lawsuits.
33
For Parents / Re: Consolidation, Forgiveness, ETC
March 14, 2020, 04:45:14 pm
Sounds like you have Parent PLUS Loans? If so, these are your loans 100%, not her responsibility. If you work in public service, you can get the loans forgiven after 10 more years of work.

She can't consolidate them into her name, but she can refinance them into a private loan in her name.

See this: Options for Parent PLUS Loans.
34
General Discussion / Re: Independent?
March 09, 2020, 09:46:34 am
35
IBR will allow your loans to be forgiven at the end of the loan term, even if it's a $0 payment. See this: Secret Ways To Get Loan Forgiveness.

Ascendium replaces Great Lakes, and they are a lender. Your loans may have transferred to them. I would contact them and confirm you're good with your debt, on IBR, etc.
36
Before working with any third-party, check out our guide to student loan scams.
37
Student Loan Forgiveness / Re: IBR Loan Forgiveness
February 19, 2020, 09:13:06 am
No, it's from when you started the repayment plan, not from when your loans originated.
38
Student Loan Scams / Re: Alumni advocate assistance
February 14, 2020, 08:49:31 am
You should check out our guide on common student loan scams.
39
I have a question - why don't you fill out the paperwork manually and send it certified mail? We recommend doing this for changing your repayment plan. You can select PAYE, and you can select you're doing it off-cycle to have an immediate change.

By sending it certified mail, you'll also have confirmed they received it.

This starts giving you a paper trail if they keep making mistakes.

If they fail to change your repayment plan based on that, you need to file a complaint with the ombudsman and move in that direction.
40
Student Loan Scams / Re: pretty sure it's a scam
February 01, 2020, 08:29:42 am
Your only luck may be with a program called Borrower Defense to Repayment. However, since you already received a settlement, you likely won't also get your loans forgiven.
41
Ask a Question / Re: IBR payment cap
January 26, 2020, 03:54:06 pm
Yes, the cap applies regardless of filing status. Note: the 10-year standard plan also counts for PSLF.
42
You need to do some math. Check this article: Math Behind Married Filing Separately for PAYE. It might save on loans, but in many cases the higher taxes don't always make it worthwhile.
43
Yes, you can switch repayment plans to any qualifying repayment plan and not impact your PSLF eligible payments. You might find this article helpful: Married Filing Separately for PSLF
44
Navigating Repayment / Re: consolidation
December 31, 2019, 12:50:30 pm
Navient is a Federal loan, which has options such as income-driven repayment. You simply need to apply and you could have a payment as low as $0 if you don't make much money. Forbearance is a terrible option - get on an income-driven repayment plan.

All you have to do is call and ask for this, fill out the paperwork, and you're set (you just need to re-certify your income annually). You can also do it online at StudentLoans.gov.

If you refinance, you lose access to these plans. So while you may save on interest, you likely wouldn't be able to afford your new loan.