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  • February 18, 2018, 05:43:01 PM

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Ask a Question / Re: interest is insane
« Last post by TheCollegeInvestor on February 13, 2018, 07:49:48 PM »
So first off, what repayment plan are you on. The fact that your payment is changing (and your loan balance isn't reduced much) tells me you're either on an income-driven plan, or a graduated plan. Confirm this as a starting point. If you're on a different plan, what is your monthly standard 10 year repayment plan amount and can you afford that?

Second, what can you reasonably afford to put towards your loan each and every month. Not a variable amount - what can you guarantee (and extra is bonus)?

Third, stop forbearances and deferments - those are what's killing you. Your plan of putting 5-6 in forbearance is a bad idea. It's going to cost you a lot in interest.

Forth, are you potentially eligible for any forgiveness programs, such as PSLF?

Fifth, why haven't you consolidated (don't do it if you qualify for PSLF, but if you don't...)? It won't change anything with your underlying loans - just make it easier to manage as a single loan versus 7.

Spitballing here without the answers to all my above questions, I'd simply consolidate them get on the highest repayment plan I could reasonably afford each month (ideally the standard 10 year plan). Then I'd work hard to earn more and pay more towards the loans each month.

If you consolidated your $66k worth of loans today, you could get:
- Standard 10 Year plan roughly would cost you $700/mo
- Standard 30 year plan would cost you $430/mo
Student Loan Scams / Start Fresh Program
« Last post by cheriturn on February 08, 2018, 11:20:03 AM »
Wondering if anyone has received any communication from Start Fresh Program? My son (who is in Thailand currently, so I'm managing any required financial communications) recently got an email from a Kimberly at Start Fresh Program. He sent it to me to check out, as the email claimed that company had consolidated his student loan debt and it was time to recertify to remain in the Loan Forgiveness program. He was confused as he had consolidated his student loans, but directly with Navient, and had never heard of Start Fresh.

I called Navient and confirmed that he wasn't due yet for recertifying his loan (on deferment currently), for another 8 months and he was currently in good standing. The guy at Navient had never heard of Start Fresh Program. I also tried to call this Kimberly and try to find out how they had my son's info, and why they claimed they had consolidated his loans. Got voice mail, left a message, and shortly after that, the person from Start Fresh called me back. Unfortunately, my phone doesn't work well at my workplace and I missed the call. Kimberly left a voice mail message, so I could call back but don't know if it's worth it. Although, I would like them to remove my son's email from their list.

I looked them up online and it appears that Start Fresh is a document prep website. Just irritating that they claim they did this work for my son, since they did not. I guess this is a heads up - evidently this is another one of those document prep 'services' that want money for something a person can do easily on their own.
Ask a Question / interest is insane
« Last post by shomethemoney on February 07, 2018, 07:30:39 PM »
Okay folks, my first time on this site, hoping to glean some wisdom from you all.
I am working on paying off my grad school debt which, upon graduation in 2010, or more like 2012 after the initial post-grad no payment period, was around $62k.
Since graduation I've been working decently paying jobs, gotten married, and have had 2 kids.  I've paid over $22k since 2012 and my principal is now over $63k. 


Okay, I haven't sat down and gone through every little calculation to work this out, but I understand that interest can be a MoFo.  I've had my fair share of debt issues- paid off large credit card debt, etc.  Currently my husband and I have no revolving debt except these student loans.  We pay *everything* on time, and besides a few stints of forbearance here and there when we were struggling with high FedLoan payments, I've been making payments ranging from $300-700/month.  Now Fedloan wants to up my monthlys to $1100+.  I can't deal with this.

Still, is it seriously possible that $62K worth of student loans with an average interest rate of 7%, that I could pay $22K in 6 years and my principal has actually INCREASED??

I have 7 loans with Fedloan.  I'm considering putting 5-6 of them in forbearance while I dedicate all of my monthly payments to one particular loan so that I *know* I will slowly be paying that one loan off, and then continuing with the rest in the same way as each gets paid off.  I feel like this is more effective than simply paying a bunch of money each month that just goes into interest on this huge lump sum and doesn't actually pay anything off.    Can anybody confirm whether or not this is truly effective?  I know I could work through the math, but honestly the fixed interest rates confuses me and makes it difficult for me to really calculate exact numbers.  I tried asking the Fedloan counselor over the phone today about this and she couldn't explain it.  All she could tell me was my daily interest rate (which, duh, changes each day as the principal changes), so this is not *super* helpful, but kind of to give me some reference points, at least.

Okay, I think this is enough info for smarter people than myself to give some feedback on.
Thanks in advance for any advice!

**Yes I've looked into debt consolidation with SoFi, for example, and the possibility of being stuck with the fee if I somehow manage to pay debt back earlier is what's stopping me from doing it.**
Navigating Repayment / Re: RPAYE Repayment Strategy
« Last post by TheCollegeInvestor on February 03, 2018, 01:08:25 PM »
Hey Andrew,

Potentially - but the big flaw I see is where you'd get this extra cash to save. If you make enough money that your RePAYE payment isn't low, you're not going to have much of an interest subsidy (if any).

If your RePAYE payment is low and you get a big subsidy, well it's also because you're not making enough. If you're not making a lot of money, how are you going to save extra cash? Not to say it's impossible - but definitely tough.

Have you read this article on it:
Navigating Repayment / RPAYE Repayment Strategy
« Last post by AndrewMartin on February 02, 2018, 12:36:03 PM »
For the revised pay as you earn option, since it forgives all of your unpaid interest for 3 years for subsidized loans, and half the unpaid interest for unsubsidized loans, would it be a good tactic to pay the RPAYE amount for 3 years, and save additional cash on top of that, then pay that cash savings as a large lump sum amount toward the principal once the 3 year interest forgiveness period is up? Wouldn't that allow you to pay it off faster than paying interest and principal for the first 3 years?

I'm not sure if I'm explaining the idea correctly, so just let me know if I should try to more clearly phrase the question.
Ask a Question / Re: Nationwide Recovery Service, inc
« Last post by TheCollegeInvestor on February 01, 2018, 10:11:52 AM »
Hi there,

Once your loan is in default, it goes to a collection agency. Here's a list of the collection agencies that the government uses (but realize that some operate sub-companies with different names):

You can verify who owns your debt by following the steps in this article:

If they indeed own your debt, you would need to setup the rehabilitation agreement with them.
Student Loan Scams / Re: PREMIER STUDENT LOAN CENTER-Scam or legit?
« Last post by Papatom on February 01, 2018, 09:58:58 AM »
They a scam, any third party company consolidating federal student loans is a scam. It can all be done for free, even if your in default, at Stay away from third party companies, they have no affilation with the us department of education
Student Loan Scams / Re: just have been scammed by debt help group.
« Last post by Papatom on February 01, 2018, 09:57:21 AM »
Call your bank, have them chargeback the scam. More chargebacks, the scam gets shut down. Merchants dont let them have more than one percent in chargebacks a month.

Inform the US Department of Education office of attorney general

Inform the FBI at
Aidnest is a scam. It is Ran out of Cali and Bogata Columbia. Ran by tuan dinh duong and brian colombana. They have been running scams for quite some time. Their irvine address isnt real, they have a satelitte location at 16651 E4th Street in santa ana, ca. Theyll steal your social security number and make you pay them while they do nothing with your student loans. They will tell you they are directly affilated with the US Department of Education. They fake good reviews on the better business beuaru. They will lock you out of your loan accounts, steal your fasfa pin/US DOE login information, and not pay anything towards your loans. The money you pay AIDNEST DOES NOT GO TO YOUR LOANS IT GOES TO AIDNEST, STUDENT LOAN DEBT CONSOLIDATION IS FREE THROUGH FSA.ED.GOV. DO NOT TRUST THESE INDIVIDUALS

if contacted by aidnest, contact your office of attorney general, or the US Department of Educations Office of attorney general, and submit a report to

Stay  far far away from theses scammers, do not give them your bank account information, do not give them your social security number.

See this article on ripoff report for more information.
Ask a Question / Nationwide Recovery Service, inc
« Last post by leejay24 on February 01, 2018, 01:26:36 AM »
Hi, this may be a long post! Just a heads up.

Earlier today, I called my college and spoke with someone from their financial office about a rehabilitation plan for my defaulted loans. The person I spoke with mentioned that they would send out a letter to me about it and so forth. 

Now, recently, I received a letter from a debt collection agency called Nationwide Recovery Service saying that my defaulted federal loan was placed at that agency by my previous college. When I first called, I was greeted by an opening statement stating that I'd reached Nationwide Recovery Service. It then prompted me to enter my caller's extension number if I knew it, otherwise, press '0' and it would connect me to the next available agent. I then spoke with someone by the name of Jan Kaminski. She was very helpful, and seemed very friendly. As we kept talking, Jan explained to me the loan placed at their agency and what my options were (rehabilitation or consolidate). However, I realized that the loan Jan and i were discussing, was the same loan that I'd already spoken about with the person from my previous college's financial office. When I mentioned my earlier call to the financial office to Jan, she told me that they were supposed to send me in her direction rather than setting up a 'payment plan' with me. She then later told me to just ignore the letter that my previous college will send me and instead gave me all of the government sites in which I can properly locate all of my loans and consolidate them if I wish to do so.

This is my first time dealing with something like this and maybe I'm just being skeptical because I've heard so many scam stories, but has anyone had any run ins similar to this? Has anyone heard of Nationwide Recovery Service, and worked with them?

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